Supposedly a forward-looking progressive, Obama proved to be America's first backward-looking regressive. His first official act in office was to increase federal borrowing, the national debt, and the deficit by nearly a trillion dollars to finance a supposed "stimulus" package, based on the proven failed Keynesian theory left for dead 30 years ago by President Reagan. Keynesian economics holds that increased government spending, deficits and debt are what promote economic growth and recovery. That theory arose in the 1930s as the answer to the Great Depression, and, of course, it never worked.
Obama's dogged, unlearned, continued pursuit of such failed Keynesian policies is why his own budget shows that by Election Day 2012, he will have doubled the national debt, in just one term of office, added as much to the national debt in that one term as all prior Presidents, from George Washington to George Bush, combined!
This was the beginning of President Obama's Rip Van Winkle act, pretending not to notice anything that happened over the prior 30 years proving the dramatic, historic success of the new, more modern, supply-side economics. That more modern view holds that incentives for increased production are what promote economic growth and recovery. Indeed, Obama's Rip Van Winklism pretended not to remember the 1970s either, when double digit inflation and double digit unemployment proved Keynesian economics grievously wrong.
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