Obama said Monday that everything is just fine, he’s fixed all that’s wrong. Things will only get better if those evil, naysaying, dastardly Republicans will just roll over and play dead.
“So if you add it all up, over the last three and a half years, our businesses have added 7.5 million new jobs,” he said. “The unemployment rate has come down. Our housing market is healing. Our financial system is safer.”
The only reason unemployment is down is because more people have given up looking for work and dropped out of the labor force.
According to an article in Fortune, the nation still needs 8.3 million jobs to fully recover from the recession.
The poverty rate has climbed to 15 percent under Obama.
But Obama, who has been president for nearly five years and had Democrat majorities in both houses of Congress for the first two years, laments:
“We need to grow faster. We need more good-paying jobs. We need more broad-based prosperity. We need more ladders of opportunity for people who are currently poor but want to get into the middle class. Because even though our businesses are creating new jobs and have broken record profits, the top 1 percent of Americans took home 20 percent of the nation’s income last year, while the average worker isn’t seeing a raise at all. In fact, that understates the problem. Most of the gains have gone to the top one-tenth of 1 percent.”
And whose fault is this?
He got his financial bailouts, auto bailouts, stimulus, quantitative easing, longer jobless benefits, more taxes on the wealthy and ObamaCare.
When does he get a piece of the blame?
“Our deficits are going down faster than any time since before I was born,” he said. “By the end of this year, we will have cut our deficits by more than half since I took office.”
After doubling it. The total debt is approaching $17 trillion.
The next day the CBO announced that by 2038, the total debt will equal 100 percent of GDP. In 10 years, annual deficit would grow to almost 3½ percent of GDP under current law, while federal debt would equal 71 percent of GDP.
In one sentence Obama accused the Republican Party of creating “economic chaos if it can’t get 100 percent of what it wants.”
A few sentences later, he said, “The only way to make further long-term progress on deficit reduction that doesn’t slow growth is with a balanced plan that includes closing tax loopholes that benefit corporations and the wealthiest Americans at the expense of the middle class. That’s the only way to do it.”
Isn’t he demanding 100 percent of what he wants? Kennedy and Reagan found another way.
His grand plan, which had few if any specifics, is more of the same as he’s given us the past five years. Where has that gotten us?
Any day older and deeper in debt.