Showing posts with label Obamanomics. Show all posts
Showing posts with label Obamanomics. Show all posts
Thursday, August 7, 2014
Monday, August 4, 2014
Five Years Of ObamaNomics: A Progress Report
June 2014 was the fifth anniversary of the end of the 2008-09 recession. But the US economy has not yet begun an acceptable recovery. Polls show more than half of Americans believe we’re still in recession.
According to the “advance estimate” published Wednesday by the Commerce Department, Gross Domestic Product (GDP) grew at an annualized rate of 4% in the second quarter, ending June 30th. (This estimate will be revised twice and the final number, due in about sixty days, could be significantly different.)
While 4% is nearly double the average for the past five years it’s still not the strong growth America needs to begin a genuine recovery from recession. And, as the chart shows we’re suffering through the weakest post-recession recovery since the government began issuing quarterly GDP reports 67 years ago.
Last fall the Obama Administration spiked the football on news of a 4% quarter. But the three quarters since then average an anemic 1.8%. So this time the post on the White House website was more subdued. It began with the obligatory blame-hurling at Republicans – without acknowledging any failing for which someone should be blamed. The rest of the post was a bland, academic assessment with the cautionary advice that “GDP figures can be volatile and are subject to substantial revision.”
Perhaps they realize at the White House that they’ve declared economic victory too many times — beginning with Joe Biden’s “recovery summer” of 2009 — and no longer have any credibility.
Read the full story: www.libertyworks.com
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Thursday, March 27, 2014
By Sean Higgins, Aug. 3, 2012
Today’s news that the unemployment
rate moved up to 8.3 percent is as good of a time as time as any to revisit the
promises the then-incoming administration made in 2009 regarding the economic
stimulus bill. Back then they said the stimulus would have unemployment below 6
percent by now.
Not only that but they
claimed that the unemployment would be at that 6 percent level now even if
the stimulus bill was not passed. That is, that they predicted the economy
would recover to that level naturally. In short, the White Houses projections
regarding stimulus and the economy were wildly off.
The report,
entitled “The Job Impact of the American Recovery and Reinvestment Plan,” was
released on Jan. 9, 2009. It was put out by the office of the president-elect
was written by economists Christina Romer and Jared Bernstein. Romer would
become chairwoman of the Council of Economic Advisers for President Obama.
Bernstein was Vice President Biden’s chief economic advisor.
Read the full story: www.washingtonexaminer.com
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By James
Pethokoukis, Mar. 27, 2014, AEI
On the surface, the July jobs report
— the unemployment rate dipped to 7.4% last month thanks to a shrinking
workforce as the economy added a disappointing 162,000 net new payrolls — is
just another dismal data point in America’s “new normal” recovery. But it’s
also an important milestone and metric for judging the Keynesian fiscal
experiment known as Obamanomics.
In January 2009, Team Obama economists put together a report –
half quantitative analysis, half sales pitch — outlining the potential economic
impact of the proposed $800 billion stimulus. (See above chart from that
report.) If Congress passed the plan, the report forecasted, the economy would
generate enough additional demand, output, and employment that two big things
would happen:
First, the unemployment rate would never reach 8%.
Unfortunately, we hit 10% unemployment in October 2009. Failure number one.
Second, the unemployment rate would return to its
long-term “natural rate” of 5% by July 2013 (a jobless rate, it should be
noted, above the low points of the Bush and Clinton presidencies). Labor
markets would be back to peak health. The Great Recession would truly and
finally be over.
Mission accomplished by this jobless report.
Read the full story: www.aei-ideas.orgMission accomplished by this jobless report.
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