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Economy: Without a lot of fanfare, the Obama economic recovery officially turned 2 this month. Anyone think we're better off than we were two years ago?
On Tuesday, a trio of reports gave fresh evidence that the answer to this question is no.
Single family home prices dropped in March to their lowest level since April 2009; the consumer Confidence Index tumbled to a six-month low of 60.8; and regional manufacturing is slowing. In the Chicago area, it fell to its lowest level since November 2009.
Yet if you listened to President Obama and his cheerleaders in the press over the past two years, the answer should have been a resounding yes.
Obama promised way back in February 2009 that his $830 billion stimulus plan would unleash "a new wave of innovation, activity and construction" and "ignite spending by businesses and consumers."
In June 2010, he announced that the recovery was "well under way" and that it "is getting stronger by the day." A couple months later, Treasury Secretary Timothy Geithner penned a New York Times op-ed headlined "Welcome to the Recovery."
And all along, media simply parroted the White House line, extolling every "green shoot" they could find, celebrating every time a handful of jobs got created, while constantly acting surprised by the ongoing "unexpected" bad economic news.
But the fact is that the Obama recovery is one of the worst ever. Certainly the worst since the Great Depression. It's so bad, in fact, that even 24 months after the recession officially ended there are few places beyond the stock market and corporate profits that have shown much, if any, improvement. A few examples:
• Jobs: The number of people with jobs has barely changed since June 2009 — up just 0.4%.
• Unemployment: While the unemployment rate has dropped a bit, the number of long-term unemployed is up by a third, and the average length of unemployment is now a staggering 38 weeks.
• Earnings: Median weekly earnings are down slightly between Q3 2009 and Q1 2011, after adjusting for inflation, according to the Bureau of Labor Statistics.
• Housing prices: The National Association of Realtors reports that median price for existing home sales dropped 10% since June 2009.
• Gas prices: Pump prices climbed 52% over the past two years, according to the Department of Energy.
Yet, incredibly, Obama continues to escape blame for this sorry state of affairs. A Rasmussen survey in May found 54% of the public still blames President Bush, while just 39% blame Obama's policies.
The disconnect is stunning, but it nevertheless offers Republicans a huge opportunity, if they will seize it, to decisively claim the pro-growth label.
To do that, they first need to hammer home the fact that Obama's growth-smothering policies are solely to blame for the economy's two-year rut. Then they must focus on clearly needed pro-growth tax cuts and regulatory relief to turbocharge the private sector.
Sure, spending cuts and Medicare reform are important issues. But the millions of families still worried about keeping their jobs and their homes also need to hear how the GOP can get the economy moving again.
Leadership: Is it just us, or is there something ironic about the Big Government president becoming so unpopular with government employees? The lack of confidence across the U.S. bureaucracy signals trouble. A new survey of 148 senior career federal executives and managers found that they ...
Energy: Analysts say a series of 20 new oilfields in Texas could increase domestic output by a quarter over the next decade. The government had better not stand in the way of getting this crude out of the ground. The media are predicting another oil boom in Texas. They're reporting that more ...
National Security: In the midst of the president's European tour, Russia rips the administration's diluted version of missile defense, saying either we submit to Moscow's will or risk a new arms race. When President Reagan met with Soviet Premier Mikhail Gorbachev in Reykjavik, Iceland, in ...
'Toto, we're not in Kansas anymore." The line from the Wizard of Oz comes to mind with reports of the ongoing implementation of ObamaCare. In Kansas, the state government is reportedly charging ahead, excited to receive $32 million as its share of $241 million in federal grants. Kansas is eligible ...
As megablogger Glenn Reynolds, aka Instapundit, has noted with amusement, the word "unexpectedly" or variants thereon keep cropping up in mainstream media stories about the economy. "New U.S. claims for unemployment benefits unexpectedly climbed," reported CNBC.com May 25. "Personal consumption ...
Posted By: Ellman(915) on 6/1/2011 | 1:00 AM ET
Albert Einstein said that insanity is repeating the same behavior that has always failed in the past. 2 more years of Obamanomics will not change the results of the first two years. 2 more years of 'Hope & Change' speeches delivered by the Mouth will not change the results. Two more years of deficit spending and raising debt limits will not yield economic growth and prosperity. 2 more years of blaming George Bush and Republicans will not make anything better. In 1980 Americans had th
Posted By: dwdrury(4050) on 6/1/2011 | 12:30 AM ET
Perhaps there's an idea for Ramirez: Instead of reaching for the fertilizer for the "green shoots", BO Plenty grabbed the high tax, heavy regulation Roundup.
Posted By: thebassman(1525) on 5/31/2011 | 9:49 PM ET
Get your FACTS straight. The GOP didn't push US over a cliff, Dem controlled Congress did that. CRA, get everyone in a house. Barney "I want to roll the dice a little bit more" Frank, "I got mine in Ireland" Dodd and the rest. They pushed Fannie & Freddie to back the loans, CRA & activists forced banks to make them. The crap wound up bundled & sold - backed by full faith & credit of US - so everyone thought. Rates ticked up, people couldn't make paymen
Posted By: Runion(315) on 5/31/2011 | 9:00 PM ET
Hell yes we're better off! Bush and GOP had us tettering on the cliff. And the people are correct to blame the GOP & Bush. It's the slowest recovery because it was the worst recession Mr. Bush and the GOP put on us. You state the media touted the recovery, an equal number including the IBD editors also spread nothing but Gloom & Doom! The GOP can't even come up with a viable candidate or platform! McConnell & Boehner are two deer in the headlights, Mit-Donald-Sara-Ro
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