Commentary by James Shott
it was a significant recession, deep enough to earn the title the
“Great Recession.” But since the Great Depression there have been
several recessions that, at the time they occurred, were called the
the Great Depression and including the latest incarnation of the Great
Recession, none of them have come anywhere close to the horrible
conditions during the 1930s. Thus, Barack Obama’s citing of the Great
Recession falls short in excusing the dismal economy and the failed
Obama recovery. The lousy economy is due to faulty policies since the
end of the recession in June 2009.
the end of Obama’s presidency nears the U.S. is more than $19 trillion
in debt, and the debt nearly doubled during Obama’s presidency. At a
seriously high $10.6 trillion when he began, Obama’s policies have added
about a trillion dollars for each of his eight years in office.
the Obama recovery, Gross Domestic Product has not once reached 3.0
percent. “Adding insult to injury,” The Daily Signal reports, “Obama
coupled an incredibly weak economic recovery with a more than
trillion-dollar tax hike. By allegedly making the rich ‘pay their fair
share’ through the $620 billion (2013-2022) fiscal cliff tax increase,
the administration really pushed for everyday Americans to sacrifice
lower take-home pay for more government spending and intervention in
has claimed the creation of millions of jobs. "We're in the middle of
the longest streak of private-sector job creation in history,” he said.
“More than 14 million new jobs; the strongest two years of job growth
since the 1990s; an unemployment rate cut in half."
sort of. When a recession produces job losses, the recovery – even a
poor recovery like this one – produces some “new jobs.” And according to
CNN Money, Obama created 9.3 million, not 14 million, new jobs.
Bureau of Labor Statistics explains that the U-6 unemployment rate
reflects “total unemployed, plus all marginally attached workers, plus
total employed part time for economic reasons, as a percent of the
civilian labor force plus all marginally attached workers.” At the end
of the first quarter of 2016, the U-6 rate was 10.1 percent.
unemployed, discouraged workers who have stopped looking for a job, and
underemployed workers are not counted in the unemployment figure the
administration brags about, but are nonetheless part of the American
workforce, which totals 243 million people, and currently more than 90
million of them are unemployed or underemployed, putting the workforce
participation rate at a decades-low 62.6 percent.
a May open-ended Gallop survey, participants noted general economic
issues as the most important thing on their minds, but not far behind
were issues with their government, such as immigration and race
relations, two things Obama has made worse.
more serious, however, is the disintegrating U.S. influence across the
globe and our severely weakened military, issues considered so serious
that Congressional Republicans have developed a 23-page policy document
to address them, under the leadership of House Speaker Paul Ryan
the past seven years, our friendships have frayed, our rivalries have
intensified. It’s not too much to say that our enemies no longer fear us
and too many of our allies no long trust us. And I think this is the
direct result of the president’s foreign policy,” Ryan said. “All he did
was create … many voids around the world and now our enemies are
stepping in to fill those voids. This is what happens when America does
Obama’s tenure ending we are faced with the prospect of Hillary Clinton
being elected to what will essentially be Obama’s third term,
continuing his disastrous policies, and adding her own signature
disasters to the mix.
Among Clinton’s favorite issues are: gun control, climate change, and income inequality.
says that 33,000 gun deaths every year is unacceptable. But considered
in context, 33,000 deaths among our 320 million population is roughly
one death for every 10,000 people. And not all gun deaths are murders.
Some are killed by police; others by people defending themselves; some
are suicides; some are accidents. To Obama and Clinton, the Orlando
terrorist attack is a gun control issue.
manic compulsion for climate change has produced policies that have
destroyed the lives of thousands of energy industry workers, and wasted
billions of taxpayer dollars propping up failing green energy companies
like Solyndra, based on a theory that is faulty and heavily disputed.
Likewise, Clinton wants to install a half-billion solar panels by 2020,
seven times what we have today. More bad policies on the horizon.
favors making incomes more equal, not understanding that wages are
based on economic principles, not fairy tale desires. She wants a $12 an
hour minimum wage for everyone, trained or not, good at their job or
we cannot ignore her failure to provide adequate security at the
Benghazi consulate when evaluating her foreign policy credentials.
like Obama, seeks to control and ignores logic and reasoning when
seeking solutions. She shares his “big government as the solution to all
problems” philosophy, and that is a recipe for continued trouble.
Cross-posted from Observations