President Obama tried to steer the nation’s attention back to his stewardship of an improving economy with a high-profile speech that took credit for a comeback
Obama praises resilient economy, warns of ‘inequality of opportunity’ – latimes.com
When Obama, Pelosi and Reed took over the Congress in 2007 (promising change) unemployment was an historically low 4.6%. After two years of Democrats wrecking the economy, Obama was elected president in 2008 with unemployment at 6%.
After two years of Dems controlling everything unemployment was over 10%. Voters threw them out of the House of Representatives and unemployment started to decline. Now it is 7.6% and Obama is taking credit for the recovery.
A few months ago he got hysterical that the economy would rapidly collapse unless Congress gave him another $1 trillion to waste. They didn’t, and now he is bragging about the economy.
The economy here in the west is so great that my wife just got fired.
My buddy was just laid off from Xerox after 24 years.
He took the cash.
BIDEN’S nice about voter fraud: http://www.wmur.com/news/politics/concerns-raised-about-voter-eligibility/-/9857748/21132378/-/15la6pez/-/index.html
In the mean time the US Middle Class ranks place 27, after countries like France and Spain. Obama has performed a magnificent job. The middle class holds the core of our democratic values, our economic strength so Obama destroyed it.
He said he was going to focus the remainder of his term on the economy.
God help America.
Last week he was going to fix the climate. He must have finished that job already.
The sea rise slowed while he was paying attention to it. Unfortunately, or fortunately, he has ADD and can’t concentrate on anything very long except sports.
The economy is slightly recovering. That is the problem that Obama is going to correct. He will do the equivalent of a tomato farmer pulling up his tomato plants to see if the roots are growing.
He is going to take more money out of the economy and spend it on programs that are guaranteed to fail (Solyndra et. al.). At the same time, he will impose more rules and regulations on the people who are actually succeeding at the task of creating wealth. This is to make sure they don’t get ahead of the companies getting government subsidies. It is called “leveling the playing field”. The actual failure of his favored programs will look like a success compared to the results from the “leveled” enterprises. It is and will be a net loss for everyone. That is except for Obama. It is exactly what he set out to achieve.
Had everyone been paying attention to what Obama was saying before he was elected the first time, this would not have been a surprise. He told us exactly what he was going to do and why. He was voted into office anyway. Sadly, he has kept his word. Likely a first for a politician in at least 200 years. He has transformed America from the economic and political leader of the free world into something approaching a third world kleptocracy.
“When Obama, Pelosi and Reed took over the Congress in 2007 (promising change) unemployment was an historically low 4.6%.”
I don’t think that this claim is accurate. My understanding is that USA unemployment was below 3% for a short time in the early 1950s.
4.6% is historically low. It is not the historically lowest rate, but it would similarly be accurate to say the current 7.6% is historically high.
Unemployment did get below 3% at times in 1952 and 1953. Though less than 60% of the labor force was working back then compared to more like 66% from the late 80’s through 2008. Now is in between, at 63.5%, which is the lowest it has been since 1979, (excluding March through May of this year, which were a touch lower than July).
5 million men committed to the Korean War, their support here, and the production of war materiel probably didn’t hurt that employment.
The economy takes months or sometimes years to respond to policy changes. It’s silly to directly compare unemployment rates, say, with when particular political parties get into office. Obama’s track record is so poor I don’t see why hyperbole is needed…
Its not often that Steven, huffpo and wsj agree:
Historical comparison to past recoveries show this is the worst. How long before the cash-for-clunkers pays off? How long before we get our money back on the GM bailout? How long before the botched solar loan guarantees produce positive results? How long before Detroit, which Obama promised he would not let go bankrupt, pays back their creditors?
Oh-Blame-Ya keeps sayin’ that he’d do more for the economy if only the evil opposition would stop harping about all the scandals.
Nice summation of the Obummer legacy so far.