Posted on 10/02/2013 6:53:47 AM PDT by Innovative
Government stimulus spending, paid for by running up the federal credit card, is why we have the never-ending Great Recession, though the left keeps fantasizing that spending “saved us from a second great depression.”
But the best evidence of his shrinking agenda is the trend in federal spending. It’s falling, and not at a trickle. Think Niagara (figure 1).
Many Americans who have sucked up the Keynesian vapors floating around in the ether cannot imagine that government spending actually hurts the economy. But we would love for the government-as-stimulus crowd to explain the chart below of government spending versus unemployment (figure 2). ... The more the government spends as a share of GDP, the more Americans are out of work as a share of the labor force.
None of this is to say that Mr. Obama isn’t still inflicting harm on the economy. He is. If it hadn’t been for his insistence on higher tax rates on everything that walks, crawls, swims, flies, or digs, our economy would be soaring. The president’s regulatory assault, which is now estimated to cost about $1.5 trillion a year and includes new heightened efforts to regulate utility and industry carbon emissions, could do severe damage to the efficiency and competitiveness of U.S. businesses. Entitlement programs remain on automatic pilot as they surge full-speed toward the cliff of bankruptcy. The Congressional Budget Office calculates that these programs will grow by almost 50 percent over the next decade. Obamacare alone is scheduled to add more than $1 trillion of new spending over the next decade.
(Excerpt) Read more at spectator.org ...
Related analysis:
FDR’s policies prolonged Depression by 7 years, UCLA economists calculate (Aug 2004 article)
http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx
Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt.
After scrutinizing Roosevelt’s record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.
“Why the Great Depression lasted so long has always been a great mystery, and because we never really knew the reason, we have always worried whether we would have another 10- to 15-year economic slump,” said Ohanian, vice chair of UCLA’s Department of Economics. “We found that a relapse isn’t likely unless lawmakers gum up a recovery with ill-conceived stimulus policies.”
In an article in the August issue of the Journal of Political Economy, Ohanian and Cole blame specific anti-competition and pro-labor measures that Roosevelt promoted and signed into law June 16, 1933.
"As I stand here before you today to introduce our Commander
in Chief, please permit me to paraphrase the late, great HL Mencken."
"The office of president represents the inner soul of the people.
On Nov 2008, the plain folks of this land reached their heart's
desire. At long last they voted to adorn the White House with a
downright moron.' ”
0bamanomics is in full force and destroying everything in its path by the hour.
What happens when everyones healthcare premiums triple?
Death to the rest of the economy.
That’s not unintended consequences.
The Destruction of Western Civilization is leftist’s PLAN!
WWW.DONTFUNDOBAMACARE.COM....2,021,000 Americans have signed the petition. It’s stil; alive, well and growing rapidly!!!
Excellent article.
Elections have consequences. I’ve heard this phrase repeated over and over. Art Laffer should have known this BEFORE he voted for the Socialist-in-Chief! Laffer has admitted publically that he voted for Obama.
Elections have consequences, Art.
Obamacare is “TAXATION WITHOUT REPRESENTATION.”
Obamacare has nothing to do with care, health or medical treatment.
Obamacare has everything to do with a mandatory insurance that everyone must buy at the point of the Federal gun.
Obamacare Medical Insurance premiums are under the control of the IRS.
These insurance premiums can be raised every year by the IRS with no involvement by Congress.
Thus, all the present and future Democrat rulers have to do is tell the IRS how much taxpayer dollars need to be forcefully extracted from the taxpayers, and the IRS will extract the money for them.
Hence, Obamacare Insurance is “ taxation without representation” that Traitor John Roberts of THE NINE SUPREMES has ruled it to be above the control of the US Congress, and it will stay until Obamacare is ABOLISHED!
“...and it will stay until Obamacare is ABOLISHED!”
No, much longer because of legal precedent.
Laffer also supports Illegal Alien Amnesty....and was a big supporter of recent Rubio-Obama Amnesty Bill....not sure why folks continue to cheerelead for Laffer when he agrees w Obama on many key economic issues
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