All Americans want every president to succeed on behalf of the America people. By succeed, I mean use the powers of the presidency to promote economic prosperity and not use the office to entrench a political party in power or push an ideology. This is why Obama is a major disappointment.
The emphasis on job creation has disappeared in his speeches and his goals. He tried it his way which ended in dismal failure. Not only was it a failure, but it sent the nation spiraling into record debt and the longest recovery from a recession in history. Unfortunately, we are still in the recovery mode.
This week Lee Ohanian and Edward C. Prescott released a study on the U.S. economy. Ohanian previously did a study of regulations passed by FDR’s administration during the Great Depression. His Great Depression study showed that the regulations passed by FDR prolonged the Depression by years by hobbling the economy. His recent study of the Obama imposed regulations on businesses demonstrate the same hobbling of our present economy. They reported that the annual rate of new business creation is down by 28%. In addition, the productivity rate of American workers since 2011 is just 1.1%. Since 1948 the average rate of worker productivity has been 2.5%.
Liberals and Democrats may ignore that study but the Congressional Budget Office this week released a study of their own that lends credence to the Prescott and Ohanian report. The CBO reported that ObamaCare will continue to slow the economy, cost jobs and add $1 trillion to the deficit.
It gets worse. Full time employment will decrease by 2.3 million jobs by 2017; furthermore, wages, which are already down, will decrease by a further 1% by 2017 according to the CBO.
Obama and the Democrats are committed to their “spend and tax” scheme despite its obvious failures. They are making the same blunders as FDR and the Democrats in the Great Depression. For a man who the liberals claim is so smart, Obama is turning out to be a dunce along with his fellow Democrats.