The reality? Big government tax and spend policies cripple the economy.
Obama’s trillion dollar
stimulus package failed. Barack Obama and Nancy Pelosi
tripled the national deficit last year by nearly a trillion dollars – something unheard of in our nation’s history.
After an unheard of record deficit last year of $1.4 Trillion the economy is on track to experience a
$1.3 Trillion deficit this year. The democratic-media complex wants you to believe that this was Bush’s fault. It’s a lie.
The truth? Tax cuts grow the economy. During the Bush years, despite the 2000 Recession, the attacks on 9-11, the Clinton scandals, Hurricane Katrina, and wars in Iraq and Afghanistan, the Bush Administration was able to
reduce the budget deficit from 412 billion dollars in 2004 to 162 billion dollars in 2007, a sixty percent drop. In 2004 the federal budget deficit was 412 billion dollars. In 2005 it dropped to 318 billion dollars. In 2006 the deficit dipped to 248 billion dollars. And, in 2007 it fell below 200 billion to 162 billion dollars. During the Bush years the average unemployment rate
was 5.2 percent, the economy saw the
strongest productivity growth in four decades and there was
robust GDP growth.
Not only were more jobs lost after the 9-11 attacks in 2001 than in the 200
8 market crash, but
more jobs were created by President Bush’s pro-business policies and tax cuts than by the Obama-Pelosi “spend your way to hell”
Keynesian failure.
The Foundry reported, via
HotAir:
For objective observers the failure of President Obama’s $862 billion stimulus has become increasingly difficult to deny. But not for the White House. Last week, Vice President Joe Biden told Charlie Rose on PBS that the stimulus was
“an absolute success.” Betraying a common perception about unemployment, Biden
told Rose: “[W]e lost 8 million brand new jobs … since … 8 million brand new jobs since we hit the skids. On top of the 6% that were already unemployed. It took us several years to get there, it is going to take several years to get back to that number.” That is not quite true. In fact, the American economy has shed 55.4 million jobs since the recession began in the First Quarter of 2008. But at the same time the economy has only added 46.5 million jobs. Putting the two together produces the net approximate 8 million jobs lost that Biden referenced.
Our nation’s unemployment rate is hovering near 10% not because of record job losses, as Biden suggests, but because of record job non-creation.
Private sector employers have gone on strike. Contrary to what the President’s economic wizards and New York Times columnists believe,
massive government deficit spending does not stimulate job creation. President Obama does not have a secret vault of money he can just throw at the American people. The resources the government spends come from the economy. When the government increases spending, it crowds out the resources that business owners could have invested in their enterprises. Private investment falls sharply when government spending rises. According to Sherk, annual private fixed nonresidential investment has fallen by $327 billion since the recession started— a 19 percent drop. Less private investment means less hiring.
And then there is the rest of the Obama agenda that has created, and is creating, significant economic uncertainty:
Obamacare,
EPA carbon regulations,
financial regulations and
impending tax hikes. Renouncing these policies, and
canceling the rest of the stimulus, would do more to spur private sector job creation than anything this White House has done so far.
Finally, today after months and months of the democratic-media complex misrepresenting the Bush economy, GOP Leader John Boehner defended the success of the Bush tax cuts.
The Hill reported:
House Minority Leader John Boehner (R-Ohio) on Thursday defended tax cuts enacted under President George W. Bush, saying they did not lead to the deficit that currently confronts the country. “It’s not the marginal tax rates … that’s not what led to the budget deficit,” he told reporters, adding, “The revenue problem we have today is a result of what happened in the economic collapse some 18 months ago.” …Boehner on Thursday blamed budget shortfalls on increased spending, which he says is “scaring the hell out of the American people.” He also said that slashing marginal tax rates has actually buoyed revenue levels. “We’ve seen over the last 30 years that lower marginal tax rates have led to a growing economy, more employment and more people paying taxes,” he said.
It’s about time.
Republicans and conservatives need to learn the truth, understand the truth and communicate the truth. The democratic alternative is much too dangerous.
