So I recently said that I am tired of Obama claiming that he inherited this mess, that he prevented us from falling into another Great Depression, or that we can’t go back to the failed policies of the past as if it wasn’t his party instituting the failed policies that are actually to blame. All of these lines are lies. And I showed how Obama and his party’s policies are what caused the economic problems he likes to blame others for. Now, in what is to be my last attack on Obama (because after this Tuesday he will no longer be relevant) it’s time to deal with that second part that he prevented the next Great Depression and that we can’t go back to policies that didn’t work.
First let’s deal with he prevented the next Great Depression.
Now as anyone who has read Friedman or Shale’s The Forgotten Man knows that the Great Depression itself was extended by the idiocy of Congress, the Fed, and of course, moron-in-chief FDR (the man who showed great character by taking the popular step to send a boatload of Jews back to Nazi Germany…I don’t believe in Hell, but if it exists, FDR burns there). If not for those idiots trying to “fix” things the Great Depression would have been over before FDR even got into office and it certainly shouldn’t have lasted until the US got involved in WWII. Why did the Great Depression last so long, because government got involved. Why did the so called “Great Recession” (stupid name if ever there was one) last so long, you guessed it, because government got involved.
Now I could write volumes on what Obama could have done (lowered regulation, permanent tax cuts, trade negotiations, stable foreign policy…) but let’s focus on what he did do that caused this recession to last longer.
Cash for Clunkers: A ridiculous attempt to bolster GM that’s only had the side effect of subsidizing some people who were already going to get a new car and reducing the number of cheap used cars out there (which inflated the price of what remained on the market). Your car broke down? I’m sorry you’ll have to get an over priced car that you can’t afford because Obama’s policies lowered the supply in the market. And hey, GM is still broke. This means that there was less money available to the average person, less mobility for young people (which depresses spending…and that becomes cyclical in its harm)…so forth and so on.
The Stimulus! Let’s direct tons of money to Obama’s crony friends so they can line their own pockets and not create jobs (oh sure there were some businesses that would take out government money to build places like Solyndra which would employee people for a short while and then go bankrupt). This has the effect of driving up our debt and diverting resources from where they could be used productively. The debt then caused the rather hefty inflation problems we now have that makes our money worth nothing.
Unions The Obama administration has given unprecedented and preposterous support of unions. For instance they illegally backed the unions when Boeing wanted to move their production plant to a right to work state, the government stopped them. Yes the government said you can’t open a business where you want to (and you wonder why companies are leaving for foreign shores?). And Boeing is just one example of pervasive habits on the part of this administration to give unions everything they want and then some. This limits job opportunities and it radically raises the costs of finished products.
Obamacare. Do we have to go over why this kills business and growth?
Taxes Taxes. But he cut he cut taxes, he extended the Bush tax cuts, he cut the Social Security withholdings. Okay as to extending the Bush tax cuts. Cutting taxes is nice, but if you want taxes to have an effect on the economy long term you can’t have them come with sunset dates. Either have them as permanent as any law or don’t have them because businesses will rightly plan for when those taxes go away. So while he claimed he cut taxes he still ensured all the instability and worry that comes from high taxes.
Oh and cutting Social Security deductions just made an already underfunded system more underfunded which helped lower our credit rating and reduce the real value of our money.
Keystone Obama stopped the Keystone Pipeline. Lots of long term jobs, which would turn in lots of long term jobs in oil refining, which would translate into lower energy costs and more stability in the energy market. Thanks Barry for not doing that.
Oh, also thank you for increase regulation, less drilling and constant attacks on every other energy source.
Simpson Bowles Debt Commission Obama commissioned a plan on how to fix the debt…and while I wasn’t thrilled with everything about it, it would have been better than nothing. But he didn’t back his own debt commission! This also helped weaken the economy on numerous levels.
Everything, EVERYTHING, without exception this man has done has weakened the economy both long and short term. If he had just done nothing the economy would have recovered, but his actions have worked to worsen the economy.
However Obama has said one thing I will agree with we can’t return to the failed policies of the past.
Policies like Bush’s and Obama’s useless stimulus packages which did nothing but long term harm.
Policies like Bush and Obama putting a fucking idiot like Bernanke in charge of the Fed.
Policies like taking the Community Reinvestment Act of Carter and Clinton which caused the housing bubble and going for it again, like Obama wants.
Policies like the lack of even an attempt to reign in the size of government (every president in the last 100 years except Reagan).
Policies like cronyism and corporate welfare (Bush, Clinton, Bush, Obama).
Policies that don’t have real and permanent tax reform (Bush, Clinton, Bush, Obama).
Policies like expanding the scope of the government, creating new regulations (Bush, Clinton, Bush, Obama).
A complete lack of tort reform.
Or an idiotic foreign policy.
Basically anything that is opposed to free market capitalism (Bush, Clinton, Bush, Obama). These are the policies that have not worked. These are the policies of Barack Obama. These are the policies we cannot afford to go back to.
This is clearly not the most detailed blog I’ve ever done, but let’s be honest, I’ve gone over all of these time and again. Obama helped create his mess, continued his mess, and wants to continue it even further.