July 25, 2017

“A One Term Proposition”

President Obama ran on hope and change when he asked America to make him the president. On the day he took office gasoline prices were $1.79. It is now double that, and has been for years.

Savaging his predecessor for the economy he inherited, Obama never tires of explaining the reasons for his many failures–it’s Bush’s fault.

The average unemployment rate under George Bush was 5.2 percent, considered nearly full employment for those seeking work. This despite the fact that Bush inherited a recession from Clinton, and the 9/11 attacks harmed the national economy immeasurably. What has harmed the economy since Obama took over? Just Obama–with the largest middle-class tax hike in history in the form of Obamacare, trillion dollar deficits every year of his administration, an out-of-control debt, regulation that’s shutting down factories and the coal industry, anti-energy and growth policies, sending many billions of dollars overseas for “green jobs” for foreigners, etc., etc., etc.

Candidate Obama blasted the Bush administration for its “dismal numbers” of 5.2% unemployment, its $3 trillion deficit in 8 years, and its high gasoline prices propping up the oil industry.

In just 3.5 years Obama has taken the national debt from $10 to $16, gasoline prices are stuck near $4.00 a gallon with no relief in sight and the real unemployment and underemployment rate remains above 15 percent, and it is much worse for American minorities.

Even the government’s official unemployment numbers have the president’s unemployment rate above 8 percent for most of his administration, averaging 9.0 percent. The actual numbers put unemployment at more than 15%, with 23,000,000 Americans unemployed or horribly underemployed.  Federal Reserve Chairman Ben Bernanke testified earlier that he projects the official rate will remain between 8.2 and 8.5 percent for the remainder of 2012, and that fails to take into consideration all of the job seekers who just give up and fade away from government statistics.

You may recall President Obama’s famous interview with Matt Lauer on “Today” on February 1, 2009 (we’ve inserted the video below), just after taking office as he asked the congress for his first economic stimulus package—nearly $900 billion.

Lauer: At some point will you say ‘Wait a minute. We’ve spent this amount of money; we’re not seeing the results. We’ve got to change course dramatically.’

Obama: Look, I’m at the start of my administration. One nice thing I find about the situation I find myself in is that I will be held accountable. I’ve got four years. A year from now people are going to see that we’re starting to make some progress, but there’s still going to be some pain out there. If I don’t have this done in three years then there’s going to be a one term proposition.

A one term proposition indeed.

PUBLIUS

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