Obama’s Economic Triumph: Steered The Country Back From The Brink

[Lakhota]

It’s increasingly clear that the president has steered the country back from the brink—and, in the process, exposed (yet again) the central lie of conservative economics.

This Friday morning will bring the new jobs numbers. If recent months and indicators are any sign, the news will be at least pretty good, and maybe really good—
remember, the last several months have all been revised upward by significant amounts after the initial estimates. Yes, there is still a ways to go. But everything is moving in the right direction. The president and his people jumped the gun pretty badly in 2010 with their talk of “Recovery Summer.” But 2013 might finally be Recovery Summer. And by next summer, most experts say, the unemployment rate really will be back down to the normal range. In other words, the Republicans are about out of chances to do what they’ve been trying to do since Barack Obama took office—i.e., wreck the economy. Now more than ever, Obama has to ignore these people and get through the next three-plus years just trying to make sure they can’t screw up the economy any worse than they already have.

Let’s first review some recent economic news. Consumer confidence is at a five-year high. Personal debt is back to normal levels, which is a big deal. Housing investment is up, real-estate prices are rebounding everywhere, the stock market is breaking records. The political-economic news has been no less comforting to the right. Kenneth Rogoff and Carmen Reinhart’s arguments against higher deficit-spending have been debunked. And as winter melted into spring, with oddly little commentary, Obama soared past George W. Bush in the net job-creation sweepstakes: Obama has now created a net positive of more than 1.6 million jobs in four-and-a-half years, which is better than Bush’s mark of 1.08 million in all eight of his years.

Many economists believe that things would be going even better right now without the austerity imposed on us by the Republicans who run the House of Representatives. It is true—and this is one point on which liberals, me included, haven’t been entirely consistent—that “austerity” also includes the higher taxes on the rich achieved through the fiscal-cliff deal, and the end of the 2 percent payroll tax holiday. So Obama does bear some responsibility for those particular forms of austerity, although the budget cuts the GOP insisted on have had considerably more negative impact on the economy than the tax increases.

But here’s another point about those tax increases that arguably outweighs the austerity point, or is certainly far more important in historical terms: when you raise taxes, duh, you increase revenues. And so the deficit is going to tumble this year to its lowest level since 2008 ($845 billion or even lower, the way things are going), and next year to a level barely more than 2 percent of GDP, which is a level at which it’s not even worth worrying about. The deficit is going down because revenues are going up, and revenues are going up, the Congressional Budget Office says, “because of the growing economy, from policy changes that are scheduled to take effect during that period, and from policy changes that have already taken effect but whose full impact on revenues will not be felt until after this year (such as the recent increase in tax rates on income above certain thresholds).”

This is huge. Republicans, as we know, have spent years saying that raising taxes doesn’t increase revenues. It’s an argument that sits at the very core of supply-side theory. It’s been an absolute article of faith. They tried to say this when they passed the Bush tax cuts, and they’ve tried to say it since. But they were just lying. The Bush tax cuts cost the treasury $1.3 trillion by the low estimates and $1.8 trillion by the higher ones. They continued to make these claims long after the facts were in, but facts never stopped them, of course.

So let’s review. The only thing the Republicans have done to the economy since 2001 is make it worse. The tax cuts did not generate the great surge of activity that was predicted. Against Republican predictions and conservative economic belief, they drained the treasury. Later, GOP-led deregulation nearly destroyed the global economy. Then, when the new guy tried to rescue the economy, they opposed everything he tried. Today, with indicators clearly on the right track and clearly suggesting that more stimulus would help the recovery, they of course oppose that, too.

More: Obama's Economic Triumph - The Daily Beast - by Michael Tomasky

By all objective and subjective measures, Obama has done a good job of turning the economy around. It could have been faster if Republicans had helped.

 

[TemplarKormac]

 

[tjvh]

Apparently the OP hasn't paid much attention to gas and food prices. I guess you don't need to when you ride busses and swipe EBT cards when you buy groceries with other people's money.

 

[Avatar4321]

The brink of prosperity maybe...

 

[Papawx3]

It’s increasingly clear that the president has steered the country back from the brink—and, in the process, exposed (yet again) the central lie of conservative economics.......

By all objective and subjective measures, Obama has done a good job of turning the economy around. It could have been faster if Republicans had helped.

You have to be getting paid to post this kind of drivel. No one in their right mind would believe it.

 

[Avatar4321]

It’s increasingly clear that the president has steered the country back from the brink—and, in the process, exposed (yet again) the central lie of conservative economics.......

By all objective and subjective measures, Obama has done a good job of turning the economy around. It could have been faster if Republicans had helped.

You have to be getting paid to post this kind of drivel. No one in their right mind would believe it.

No one said that Lakhota was in his/her right mind. I hope he/she is, but no one has mde that claim.

 

[bigrebnc1775]

It’s increasingly clear that the president has steered the country back from the brink—and, in the process, exposed (yet again) the central lie of conservative economics.

This Friday morning will bring the new jobs numbers. If recent months and indicators are any sign, the news will be at least pretty good, and maybe really good—
remember, the last several months have all been revised upward by significant amounts after the initial estimates. Yes, there is still a ways to go. But everything is moving in the right direction. The president and his people jumped the gun pretty badly in 2010 with their talk of “Recovery Summer.” But 2013 might finally be Recovery Summer. And by next summer, most experts say, the unemployment rate really will be back down to the normal range. In other words, the Republicans are about out of chances to do what they’ve been trying to do since Barack Obama took office—i.e., wreck the economy. Now more than ever, Obama has to ignore these people and get through the next three-plus years just trying to make sure they can’t screw up the economy any worse than they already have.

Let’s first review some recent economic news. Consumer confidence is at a five-year high. Personal debt is back to normal levels, which is a big deal. Housing investment is up, real-estate prices are rebounding everywhere, the stock market is breaking records. The political-economic news has been no less comforting to the right. Kenneth Rogoff and Carmen Reinhart’s arguments against higher deficit-spending have been debunked. And as winter melted into spring, with oddly little commentary, Obama soared past George W. Bush in the net job-creation sweepstakes: Obama has now created a net positive of more than 1.6 million jobs in four-and-a-half years, which is better than Bush’s mark of 1.08 million in all eight of his years.

Many economists believe that things would be going even better right now without the austerity imposed on us by the Republicans who run the House of Representatives. It is true—and this is one point on which liberals, me included, haven’t been entirely consistent—that “austerity” also includes the higher taxes on the rich achieved through the fiscal-cliff deal, and the end of the 2 percent payroll tax holiday. So Obama does bear some responsibility for those particular forms of austerity, although the budget cuts the GOP insisted on have had considerably more negative impact on the economy than the tax increases.

But here’s another point about those tax increases that arguably outweighs the austerity point, or is certainly far more important in historical terms: when you raise taxes, duh, you increase revenues. And so the deficit is going to tumble this year to its lowest level since 2008 ($845 billion or even lower, the way things are going), and next year to a level barely more than 2 percent of GDP, which is a level at which it’s not even worth worrying about. The deficit is going down because revenues are going up, and revenues are going up, the Congressional Budget Office says, “because of the growing economy, from policy changes that are scheduled to take effect during that period, and from policy changes that have already taken effect but whose full impact on revenues will not be felt until after this year (such as the recent increase in tax rates on income above certain thresholds).”

This is huge. Republicans, as we know, have spent years saying that raising taxes doesn’t increase revenues. It’s an argument that sits at the very core of supply-side theory. It’s been an absolute article of faith. They tried to say this when they passed the Bush tax cuts, and they’ve tried to say it since. But they were just lying. The Bush tax cuts cost the treasury $1.3 trillion by the low estimates and $1.8 trillion by the higher ones. They continued to make these claims long after the facts were in, but facts never stopped them, of course.

So let’s review. The only thing the Republicans have done to the economy since 2001 is make it worse. The tax cuts did not generate the great surge of activity that was predicted. Against Republican predictions and conservative economic belief, they drained the treasury. Later, GOP-led deregulation nearly destroyed the global economy. Then, when the new guy tried to rescue the economy, they opposed everything he tried. Today, with indicators clearly on the right track and clearly suggesting that more stimulus would help the recovery, they of course oppose that, too.

More: Obama's Economic Triumph - The Daily Beast - by Michael Tomasky

By all objective and subjective measures, Obama has done a good job of turning the economy around. It could have been faster if Republicans had helped.

bullshit.

 

[NoNukes]

It’s increasingly clear that the president has steered the country back from the brink—and, in the process, exposed (yet again) the central lie of conservative economics.......

By all objective and subjective measures, Obama has done a good job of turning the economy around. It could have been faster if Republicans had helped.

You have to be getting paid to post this kind of drivel. No one in their right mind would believe it.

No one said that Lakhota was in his/her right mind. I hope he/she is, but no one has mde that claim.

I think Lakota us in his/her right mind.

 

[bigrebnc1775]

You have to be getting paid to post this kind of drivel. No one in their right mind would believe it.

No one said that Lakhota was in his/her right mind. I hope he/she is, but no one has mde that claim.

I think Lakota us in his/her right mind.

Well then your just as mentally unstable as it is.

 

[Claudette]

I think the economyis coming back DESPITE the efforts of the current jackass in the WH.

Hell. He was more concerned with laying that goose egg ACA on the American taxpayer than he was about jobs or the economy.

Wait till the taxpayers get a load of what that POS is going to cost em. There will be plenty who voted for that fuck who will be regretting it big time.

Guys a jackass who we are stuck with for another four years.

 

[NoNukes]

No one said that Lakhota was in his/her right mind. I hope he/she is, but no one has mde that claim.

I think Lakota us in his/her right mind.

Well then your just as mentally unstable as it is.

Is English your second language?

 

[TemplarKormac]

You have to be getting paid to post this kind of drivel. No one in their right mind would believe it.

No one said that Lakhota was in his/her right mind. I hope he/she is, but no one has made that claim.

I think Lakota us in his/her right mind.

Really?

 

[TemplarKormac]

I think Lakota us in his/her right mind.

Well then you're just as mentally unstable as it is.

Is English your second language?

Are insults your first?

 

[idb]

I think the economyis coming back DESPITE the efforts of the current jackass in the WH.

Hell. He was more concerned with laying that goose egg ACA on the American taxpayer than he was about jobs or the economy.

Wait till the taxpayers get a load of what that POS is going to cost em. There will be plenty who voted for that fuck who will be regretting it big time.

Guys a jackass who we are stuck with for another four years.

I think the economyis coming back DESPITE the efforts of the current jackass in the WH.

Classic!

 

[NoNukes]

Well then you're just as mentally unstable as it is.

Is English your second language?

Are insults your first?

I find it to be a reasonable question, and I am not bothered by a troll like you.

 

[TemplarKormac]

Is English your second language?

Are insults your first?

I find it to be a reasonable question, and I am not bothered by a troll like you.

Oh really? I'm a troll? I'm not the one insulting people's grammar. You are. Troll.

 

[usfan]

There are a lot of factors for a 'healthy' economy, & all the deficit spending doesn't really add to any of it. Phony gdp numbers are easily tweaked by govt economists, & qe dumps of money make things look rosier than they are. There are some good things, which would be encouraging, were it not for the massive problems with the structure. Fiscally, we are still on the verge of collapse. The currency is not stable, the trade deficit is higher than ever & threatening to bring more inflationary pressures. The only positive is the euro is in worse shape, & oil is still bought with dollars. Any hiccups in oil, china, or dollar dumping & the bubble will burst.

I doubt the job numbers will be that encouraging. Housing prices are up a bit, which forbodes more inflation, as well as most consumer prices. Oil is the new standard, but food is big, too. The prices of those tell us more about the dollar than anything.

 

[bigrebnc1775]

I think Lakota us in his/her right mind.

Well then your just as mentally unstable as it is.

Is English your second language?

That comprehension class you've been taking doesn't seem to be working for you. It's not my fault.

 

[NoNukes]

Well then your just as mentally unstable as it is.

Is English your second language?

That comprehension class you've been taking doesn't seem to be working for you. It's not my fault.

Your probably would have liked school if you had given it a chance.

 

[NoNukes]

Are insults your first?

I find it to be a reasonable question, and I am not bothered by a troll like you.

Oh really? I'm a troll? I'm not the one insulting people's grammar. You are. Troll.

He posted an ignorant reply to one of my posts. That us not trolling on my part.