Obama's Disconnect From Economic Reality

[Conservative]

Michael Boskin: Obama and 'The Wealth of Nations' - WSJ.com

President Obama should put Adam Smith's "The Wealth of Nations" at the top of his summer reading list. This was clear after listening to his 54-minute list of economic excuses and policy proposals delivered earlier this month on the campus of Cuyahoga Community College in Cleveland.

At times Mr. Obama suggested that the profit motive is somehow ignoble, an opinion shared by many on the far left. But every student learns in introductory economics class that the pursuit of profits is essential to a successful economy, allocating resources to the use consumers value most.

This is not exactly a new insight. Writing in 1776, Adam Smith noted, "It is not from the benevolence of the butcher, the brewer, or the baker that we can expect our dinner, but from their regard to their own interest."

He called for higher taxes on our most productive citizens and successful small businesses, more government spending and debt, and Washington micromanagement of wide swaths of the economy.

Mr. Obama constantly reminds us, with justification, that he inherited a recession. But the recession ended over three years ago, while the recovery has been distressingly anemic. He also blames an "obstructionist" Congress. But Democrats had a filibuster-proof majority in the Senate and control of the House his first two years. Republicans couldn't obstruct anything. He's even blamed the Japanese tsunami and the European debt crisis.

In 2009, 2010 and 2011, the administration forecast average economic growth of 4% in the next two years. But the economy has not had even one quarter of 4% growth during Mr. Obama's stewardship. Rather, our economy has experienced its longest string of consecutive quarters of economic growth below 4% since World War II. Growth has averaged 1.4% in Mr. Obama's first 13 quarters as president.

His record on jobs is just as bad. Mr. Obama's initial forecast claimed unemployment would never reach 8% if his $800 billion stimulus bill passed in early 2009 (as it did) and would now be below 6%. That's off by 3.9 million unemployed workers, millions more if we include those who have given up looking for work.

In a press conference on June 8 he said, "The private sector is doing fine," adding that we needed more federal spending subsidizing state and local government jobs, where he claims the jobs problem is centered. But according to the Bureau of Labor Statistics, there are 11 unemployed private-sector workers for every unemployed government worker.

Disconnect is the correct word.

 

[Mr. H.]

Obama's never been on the right page, let alone chapter and book.

 

[Stephanie]

Obama is disconnected with reality, he's only connected with his VISIONS of transforming America

and he sure hasn't connected with the people except for his hard core cult members

It's been a LONG four years with this man as President

 

[SniperFire]

Obama has an army of surrogates in all the schools and media who will do anything to shift the election narrative to gay marriage and the like.