TeeJaw Blog

The Legacy of Obama’s Keynesian Policies

Posted in Economic Theory, Government and Politics by TeeJaw on Friday, June 3, 2011, 1: 53 PM

From David Harsanyi:

Recessions come and go. Typically we emerge with strong sustained growth. Not this time. Today we learned that employers added the fewest jobs in 8 months. Unemployment jumped back to 9.1 percent – and really, the level is 15.8 percent.

The housing market still stinks, as do other foundations of the economy. The answer from the Democrats has been bailout after bailout, antiquated economic schemes, huge expansion of regulation, calls for higher taxes, attacks on the profit motive, roadblocks to energy production, increasing moral hazard in markets, more crony capitalism, food stamps, dependency, massive new entitlement program, sharing of the prosperity but less new prosperity, the same wars (and more!), but no budget, no spending cuts and little economic hope.

Read the rest of it here, which includes a chart showing how much worse this recession if from all others. In all others the recession ended and robust job growth followed. Happy days are not going to be here again until Obama’s policies are stopped and that won’t happen until Obama’s agenda is stopped. World War II stopped the New Deal policies that were fueling the continuation of the Great Depression. The Obama recession will only be stopped when he is defeated in 2012.

Remember the Exxon Mobil executive’s reply to Senator Jay Rockefeller’s taunt: “Do you believe in shared sacrifice?” The oil executive replied curtly, “No Senator, I believe in shared prosperity.”

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