Obama's Economy

[jgaffney]

Remember when, on the campaign trail, Candidate Obama promised us "change". Remember how he was famously reluctant to define that change, except when he let it slip to Joe the Plumber? Well, after three years of the Obama presidency, and three years of his economic and social policies, I think we're getting a pretty clear picture of what he had in mind: the Europeanization of American society. Dan Henninger explains what this means:

Robert Lucas, the 1995 Nobel laureate in economics, has spent his career thinking about why economies grow, and in particular about the effect of policy making on growth. From his office at the University of Chicago, Prof. Lucas has been wondering, like the rest of us, why, if the recession officially ended in the first half of 2009, there hasn't been more growth in the U.S. economy. He's also been wondering why this delayed recovery resembles the long non-recovery years of the 1930s. And he has been thinking about the U.S. and Europe.

In May, Bob Lucas pulled his thoughts together and delivered them as the Milliman Lecture at the University of Washington, an exercise he described to me this week as "intelligent speculation."

Here is the lecture's provocative final thought: "Is it possible that by imitating European policies on labor markets, welfare and taxes, the U.S. has chosen a new, lower GDP trend? If so, it may be that the weak recovery we have had so far is all the recovery we will get."

The Obama-will-turn-us-into-Europe argument is a staple of the administration's critics. Prof. Lucas's intelligent speculation, however, carries the case beyond dinner-party carping.

Read the rest of the article for the particulars.

I don't think we can afford four more years of Obama's destructive economic and social policies. Can someone prove me wrong? Mink?

[jgaffney]

The trouble is that the liberal press keeps advocating for the failed economic policies of the first three years of the Obama Administration. Exhibit No. 1 is this morning's column from E.J. Dionne, a reliably liberal voice at the WashPost:

The most obvious problem is unemployment. The best way, short term, to drive the deficit down is to spur growth and get Americans back to work. Has anyone noticed that Americans with jobs can provide for their families, put money into the economy — and, oh yes, pay taxes that increase revenue and thus cut the deficit?

There is no mystery about the steps government could take. Ramping up public works spending is a twofer: It creates jobs upfront and provides the nation’s businesses and workers the ways and means to boost their own productivity down the road.

Wise infrastructure spending can save energy. And when public works investments are part of metropolitan plans for smarter growth, they can also ease congestion and reduce commuter times, giving our citizens back valuable minutes or hours they waste in traffic. If you want a pro-family policy, this is it.

Mr. Dionne ignores the fact that the $800-plus billion so-called "Stimulus" bill with exactly that same line of reasoning didn't work. In Sonoma County alone, we spent $12 million federal dollars on shovel-ready stimulus projects: street overlays. Even after that, we still have 10-plus percent unemployment. Do you feel stimulated?

[jgaffney]

When all else fails, play the race card. Rep. Sheila Jackson Lee steps to the mike:

Rep. Sheila Jackson Lee (D-Texas) used the race card this afternoon to assess blame in the debt ceiling fight. Jackson Lee, a black Congresswoman, believes the disagreement over raising the debt ceiling is because of President Obama's race.

"I am particularly sensitive to the fact that only this president, only this president, only this one has received the kind attacks and disagreements and inability to work. Only this one," Jackson Lee said on the House floor this afternoon.

"Read between the lines."

"What is different about this president that should put him in a position that he should not receive the same kind of respectful treatment of when it is necessary to raise the debt limit in order to pay our bills, something required by both statute and the 14th amendment?"

See the link for the video.

Why do we never hear about President Obama's white half?

[jgaffney]

Michelle Malkin puts Rep. Lee's rant into perspective:

But Jackson Lee’s frustration stems from the obvious: Democrats treated George W. Bush with great respect, always gave him the benefit of the doubt, didn’t block his appointments and always supported his requests to raise the debt ceiling, so she only wants Republicans to return the favor now that Obama is president.

Five years ago, Senator Obama said “America has a debt problem and a failure of leadership. America deserves better.” Now, when people agree with Obama’s statement, Sheila Jackson Lee insinuates that they’re racists? Color me confused.

Oh, but things are different now. We have entered a new era of hope and change. The past has been eclipsed. Anyway, anything I say on the floor of the Legislature can't be held against me.