Obamanomics failed the nation
FORGET the now clichéd question: "Are you better off now than you were four years ago?"
You are not even better off than you were three years ago, when the recession ended in June 2009.
President Obama's massive incompetence — who hires a tax cheat as Treasury secretary? — has dragged the nation into a recoveryless recovery.
n Median annual household income was $53,718 at the end of the recession.
n It dropped to $50,678 in August, after 38 months of recovery. That's a drop of $3,040 or 4 percent.
n Incomes for the bottom 20 percent of the nation fell 7 percent.
n The Federal Housing Finance Agency's index of house prices stood at 200.1 at the end of the recession. It fell to 189.8 this June, the most recent figure available.
n The nation has added 1.9 million jobs since the recession ended 38 months ago. The economy added 10.8 million jobs in the 38 months after President Reagan ended his recession.
Reagan had to battle double-digit inflation as well as unemployment.
To be sure, Wall Street is doing well. Wall Street always does better under Democrats, even as they caricature Republicans as being for the rich.
The rest of us must live the pain of the poor economic decisions made by a president who not only never ran a lemonade stand, he never even worked at one.
As John Merline of Investor's Business Daily noted, "despite Obama's promise that he would reduce income inequality, it's increased each year he's been in office, reaching an all-time high after remaining flat during the Bush years."
Blaming Bush for today's problems rings false when Obama did so many of the same things Bush did.
Let us review:
n Bush appointed Ben Bernanke as chairman of the Federal Reserve. Obama re-appointed him.
n Bush cut tax rates for everyone. Despite control of both houses of Congress for two years, Obama kept the Bush tax cuts.
n Bush rolled out a $150 billion "stimulus" in 2008 that did nothing. Obama rolled out a $787 billion "stimulus" in 2009 that did nothing.
n The national debt increased $5 trillion under Bush in eight years. Obama did the same in only four years.
Insanity is doing the same thing over and over again and expecting different results.
Furthermore, from its war on coal to the adoption of Obamacare, this administration has injected uncertainty over policies into the economy at a time when business most needed stable, mature leadership from Washington.
Mitt Romney's plan includes:
n Repeal of Obamacare. When government adds 6,000 agents to the IRS to carry out a plan, you know it is up to no good.
n Reduction of the world's highest corporate taxes from 39 percent to 25 percent.
n Drilling, baby, drilling. Under President Obama, new drilling permits are down 36 percent.
n Building the Keystone pipeline and ending Warren Buffett's monopoly on transporting oil from the Bakken fields in North Dakota.
n Reining in rogue regulators.
Four times this year alone, federal judges (including one Obama appointee) have slapped the Environmental Protection Agency for overstepping the boundaries set by Congress.
Obama is a rock star. Romney is a businessman. We have seen what Obama can do.
Surber may be reached at firstname.lastname@example.org.