Thread: Failure of Obamanomics

If you needed another metric by which to measure the failure of Obamanomics, new numbers released Friday show that two years after the recession ended the economy still hasn't fully recovered.

According to the revised gross domestic product data released Friday, the nation's economy grew a paltry 1% in the second quarter, after eking out a barely noticeable 0.4% gain in the first.

As a result, two years after the recession ended, the economy still hasn't made up the ground it lost, giving Obama the dubious distinction of presiding over the most prolonged economic recovery since the Great Depression.

This isn't just slightly bad. It's monumentally bad.

http://www.investors.com/NewsAndAnal...c-Recovery.htm

This proves not just the failure of The Obama, but in the the entire theory of Keynesian economics.

We were told that the government had to spend massive amounts of money to get the economy going, under the guise of Keynesian economic theory espoused by Nobel Prize winning economist Paul Krugman.

I said all along that all this was was and end-run by the Democrat Party to go forward with the thousands of pork-barrel projects that had been rejected by Congress over the past decade- nothing other than that. Now, after the money has been spent, we see that two years have passed and the economy still has not recovered, in fact its gotten worse.

If the government had done nothing, or better yet reduced spending and regulatory burden, we would be well past the recovery stage and on to paying down the national debt.

So what is The Obama proposing to do to fix his massive failure? Supposedly we'll see next week when he announces his latest "plan". My guess is that it will more of the same: blame Republicans, borrow more money and spend ourselves off the cliff to bankruptcy.

Originally Posted by Damn Yankee

The Endless Economic Recovery - Investors.com

This proves not just the failure of The Obama, but in the the entire theory of Keynesian economics.

We were told that the government had to spend massive amounts of money to get the economy going, under the guise of Keynesian economic theory espoused by Nobel Prize winning economist Paul Krugman.

I said all along that all this was was and end-run by the Democrat Party to go forward with the thousands of pork-barrel projects that had been rejected by Congress over the past decade- nothing other than that. Now, after the money has been spent, we see that two years have passed and the economy still has not recovered, in fact its gotten worse.

If the government had done nothing, or better yet reduced spending and regulatory burden, we would be well past the recovery stage and on to paying down the national debt.

So what is The Obama proposing to do to fix his massive failure? Supposedly we'll see next week when he announces his latest "plan". My guess is that it will more of the same: blame Republicans, borrow more money and spend ourselves off the cliff to bankruptcy.

Too bad you don't have statistics for the recession of 1920/21, we recovered from that one very quickly - with true free market principles and bad debt liquidation (bankruptcy).

Originally Posted by Damn Yankee

[IMG]I said all along that all this was was and end-run by the Democrat Party to go forward with the thousands of pork-barrel projects that had been rejected by Congress over the past decade- nothing other than that. Now, after the money has been spent, we see that two years have passed and the economy still has not recovered, in fact its gotten worse.

Are you talking about these pork-barrel projects.

tea party pork projects - Yahoo! Search Results

Or these.

Conservatives Peeved After GOP Taps 'Prince Of Pork' To Lead Spending Committee | FoxNews.com

replubican pork projects - Yahoo! Search Results

Originally Posted by wooyarn

Originally Posted by Damn Yankee

[IMG]I said all along that all this was was and end-run by the Democrat Party to go forward with the thousands of pork-barrel projects that had been rejected by Congress over the past decade- nothing other than that. Now, after the money has been spent, we see that two years have passed and the economy still has not recovered, in fact its gotten worse.

Are you talking about these pork-barrel projects.

tea party pork projects - Yahoo! Search Results

Or these.

Conservatives Peeved After GOP Taps 'Prince Of Pork' To Lead Spending Committee | FoxNews.com

replubican pork projects - Yahoo! Search Results

So what's your argument : "They did it, so why can't we"?

Originally Posted by JDJarvis

So what's your argument : "They did it, so why can't we"?

No, the point is that both parties do the same things. To point fingers at one but not both is just being dishonest with ones self.

Originally Posted by wooyarn

Originally Posted by Damn Yankee

[IMG]I said all along that all this was was and end-run by the Democrat Party to go forward with the thousands of pork-barrel projects that had been rejected by Congress over the past decade- nothing other than that. Now, after the money has been spent, we see that two years have passed and the economy still has not recovered, in fact its gotten worse.

Are you talking about these pork-barrel projects.

tea party pork projects - Yahoo! Search Results

Or these.

Conservatives Peeved After GOP Taps 'Prince Of Pork' To Lead Spending Committee | FoxNews.com

replubican pork projects - Yahoo! Search Results

So that's what your iPhone app told you to say on this...

And yes, there is one: The Official OFA iPhone and iPad Application | Obama for America | 2012

Unlike you, I don't have to make shit up...

[QUOTE=wooyarn;1967718]

Originally Posted by Damn Yankee

[IMG]I said all along that all this was was and end-run by the Democrat Party to go forward with the thousands of pork-barrel projects that had been rejected by Congress over the past decade- nothing other than that. Now, after the money has been spent, we see that two years have passed and the economy still has not recovered, in fact its gotten worse./QUOTE]

Are you talking about these pork-barrel projects.

tea party pork projects - Yahoo! Search Results

Or these.

Conservatives Peeved After GOP Taps 'Prince Of Pork' To Lead Spending Committee | FoxNews.com

replubican pork projects - Yahoo! Search Results

I guess I am not certain how you conjure up an article dated December 2, 2010 and state that "tea party" members asked for pork--when they weren't seated in congress until January 20, 2011? In another article I read concerning this it specifically states the Michelle Bachmann with her 13 member caucas did not ask for any pork in 2010--but appears to be taking the blame for it anyway?

Hotline notes that Rep. Michele Bachmann (R-MN) and 13 other members of the caucus did not request any earmarks during Fiscal Year 2010.The new house has voted unanimously against issuing any earmarks.

http://www.liveleak.com/view?i=a1c_1...220&comments=1

I think you're being purposefully mislead by the Huffington post on this issue.

The problem with the US economy is:

1) continued technological innovation means improved automation and less need for humans to fill certain jobs and cheap foreign labor means the continued downsizing and exporting of jobs overseas, thus less jobs.

2) the financial industry is so mired with foreclosures and other bad assets on their books, credit is hard to come by.


Therefore a quick recovery was impossible. And this would have been true if McCain had been elected.


And those who are focus on pointing fingers at Kenysian economics, should acknowledge that supply side economics (bush tax cuts and the extension of bush tax cuts) didn't work either.


But as usual, most people insist on viewing everything through partisian lenses and therefore will always not see the bigger picture.

Originally Posted by Damn Yankee

This proves not just the failure of The Obama, but in the the entire theory of Keynesian economics.

Your comparison is pretty useless if it does not take into account the severity of the recessions, which it does not.

We were told that the government had to spend massive amounts of money to get the economy going, under the guise of Keynesian economic theory espoused by Nobel Prize winning economist Paul Krugman.

Perhaps you are unaware that Paul Krugman himself had said from the outset that Obama's plan wasn't going work, not because the theory was unsound, but because the size of the stimulus was way too small, given the depth of the recession. Everything unfolded exactly as he predicted: The stimulus helped, but not enough, and as the money ran out, the economy stalled again.

And yes, conservatives also predicted the failure of the stimulus, but they were wrong in the particulars. Consider this, from the May 29, 2009 WSJ editorial page (The Bond Vigilantes - WSJ.com). It claims that federal borrowing would crowd out private spending by driving interest rates sky-high, that "bond vigilantes" would destroy the economy. Krugman argued that this worry about "bond vigilantes" driving up interests rates was misplaced.

Who was right? Well, when that WSJ op-ed was published, the 10-year bond rate was at 3.7% and it is now 2.19%.

As former Bush speech writer David Frum put it:

Imagine, if you will, someone who read only the Wall Street Journal editorial page between 2000 and 2011, and someone in the same period who read only the collected columns of Paul Krugman. Which reader would have been better informed about the realities of the current economic crisis? The answer, I think, should give us pause. Can it be that our enemies were right?

The truth is that rather than discredited, Krugman was actually completely vindicated.

Originally Posted by wooyarn

...

Learn how to use the quote function, please.