Why is the brilliant constitutional scholar making so many mistakes this year?
Today, Obama has admitted that he was wrong to say "the private sector is doing fine":
First, he lies about the condition of the economy.
He is then duly hammered by everyone and their dogs.
Sufficiently cowed, he then admits what the rest of us already know.
Now if we can only get him to say WHY the economy sucks!
- Mr. WolfLv 78 years agoFavorite Answer
We were losing over 700,000 to 800,000 jobs per month before any of President Obama's policies were passed. Since then we have had 25 months of private sector job growth. President Barack Obama took office in January 2009 job losses that month alone surged to -818,000. Since then we have had 27 months of private sector job growth.
According to Commerce Department data since President Obama assumed office corporate profits have climbed 68% and are now 19% above their pre-recession peak.
According to the Federal Reserve's quarterly "Flow of Funds" report companies are sitting on a pile of cash that's grown 38% from Q1 2009 to Q2 2011.
I know you people hate actual facts
so hit me---↓
- TKLv 78 years ago
An insufficient quantity of aggregate consumer spending due to substantial levels of unemployment and underemployment and inadequate credit are the reasons we have slow GDP growth. The reasonwe have unemployment and underemployment and extremely tight credit is the Bush-Cheney recession.
Republicans have chosen to block every economic stimulus measure the President has proposed since the 2010 mid-terms. There was some decent economic progress being made in 2011 until the House Republican Tea Party decided that a showdown over the debt limit would be a great tonic for the economy. All the momentum that had been building was subsequently lost even though a shutdown of the federal government was averted at the last moment. Since then the Eurozone economies have steadily gotten worse, with the exception of Germany, creating macroeconomic uncertainty and dampening a key market for US goods. China has slow growth too. So America's GDP is limited to whatever growth the private sector can create on its own, without the benefit of additional public sector stimulus spending. We all know investors are "on strike" for a number of reasons, including an irrational hatred of the President who has merely saved the Midwest from a devastating depression, seen the DJIA double since Bush's exit, and killed bin Laden and almost every other al Qaeda official worth killing. So add irrational hatred/contempt for the President from people who control trillions of dollars to the list of official reasons for slow growth.
But Republican obstructionism is why GDP growth and job creation has stalled in the spring of 2012. Real estate is bouncing back slowly but surely with 30 year fixed rate mortgages at 3.75% this week. Regular gasoline is down to $3.45 per gallon and headed lower. Maybe as low as $3.25 per gallon. As various state economies experience increased tax revenues they can then rehire the work forces they need to provide functions and deliver services while fixing holes in the balance sheet from the additional tax revenues generated by additional economic activity. That's how we will have to grow the economy so long as Republicans control the House and can filibuster every single pro-economic growth bill filed by Democrats in the Senate, as they have time after time and as they will continue to do so until the elections in November, and probably beyond that date too.
According to Mark Zandi, John McCain's economist, estimated that full implementation of the President's American Jobs Act would have created 1.9 million jobs. Almost two million jobs blocked by the Republucans in the House and the Senate. 3 millions jobs would be created or preserved if the Senate Transportation bill was passed by the House Republican Tea Party. That's two pieces of legislation affecting almost 5 million American jobs blocked by Republicans. If you don't like the pace of economic growth, then pick up the phone and talk to your US Representative and your Senatirs and demand they take action to pass these two bills and other pro-growth legislation. Otherwise, I don't see what basis you have to complain the President's efforts to stimulate job creation and economic growth.
The Republicans are the problem. Got it?
- T-BoneLv 78 years ago
To answer your question;
The curtain has been drawn and exposed the "Great" Wizard of Oz for the vile little human he truly is....
- Anonymous8 years ago
Book smarts does not equal common sense!! obama is also weak and spineless.
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- Anonymous8 years ago
it's Bush's fault! HE fooled "The One" into making a misstatement!
- Liberal FascistLv 68 years ago
Well he did say something about "change"....Yuk..Yuk