Obama's jobs program has been ginned up entirely for political purposes, to make the GOP look coldhearted and cruel.
But in fact, it is Obamanomics that is cruel. It has spent by some estimates $3 trillion on spurious job creation, "stimulus" and bailout schemes, and has nothing to show for it.
From the employment peak in 2007, we've lost 8.8 million jobs. We've only clawed back about 1.9 million of those. We're so far behind on job creation it's stunning.
Yet, here's what Obama offers: more of the same. Well, guess what? When you do the same thing over and over again, you get the same results.
Don't believe us. That's what the nonpartisan Congressional Budget Office says in its latest economic outlook. The CBO told the deficit-cutting "supercommittee" this week not to expect good times to roll anytime soon. It forecast that unemployment, now at 9.1%, will stay "close to 9%" through the end of 2012, despite trillions spent on "stimulus."
GDP growth, which CBO only a month ago estimated at 2.3% for this year, has been slashed to just 1.5% for this year.
Next year will be little better, with GDP now expected to grow at 2.5%, not the 2.7% estimated in August.
President Obama told NBC's "Today" on Feb. 2, 2009, "I will be held accountable" for the economy.
Please remember this the next time someone from the White House claims that things "would have been much worse" without Obama's economic nostrums.
This is plain nonsense. By his own standard, he should be held accountable. Clearly, things are worse because of what he did, and unless we change course soon, our economic skies will only darken
investors.com |
