Updating the Reagan v. Obama Economic Rout: Comparing economic legacies after 6 years of incumbency

The Hill reported last week that President Obama wants to “pivot to his economic legacy.”

Specifically, “the White House hopes to ride the wave of an economic recovery to improve Obama’s approval numbers over the final two years of his presidency, setting up a possible Democratic successor at the White House.” If The Hill’s Amie Parnes and Peter Schroeder had submitted their writeup to The Onion, they would have gladly run it.

Unfortunately for the president, one good quarter — assuming it even survives subsequent revisions, and especially following a quarter of contraction which was originally reported as positive before the heavy-duty erasers came out — does not a positive legacy make. Nor will another two years of the 2.4 percent economic growth seen during the past four quarters, again before revisions to the most current quarter.

By the three key measures of economic, job and income growth, Barack Obama’s economy, also known to yours truly as the POR (Pelosi-Obama-Reid) economy to identify the three parties most responsible for both the depth of the Great Recession and the historically awful “recovery” which has followed it, has been historically horrid.

Obama’s economic policy, with the help of a pliant Federal Reserve, has been built on the notion that massive deficit spending and easy money would bring the economy roaring back and “stimulate” job growth. The former strategy was tried during the 1930s. It only succeeded in lengthening the Great Depression, as the nation’s unemployment rate never fell below 12 percent. The fact that Team Obama insisted on making the same mistakes, while at the same time unleashing the federal government’s regulatory apparatus to harass the economy’s productive participants,

Where are these numbers coming from in terms of ‘job growth’.

I don’t buy them for a second. Talk about cooked.

Microsoft is shedding jobs. Microsoft.

17,000 business failures per year during Obama.

I don’t buy 6% job growth for a minute. It’s like believing unemployment is actually 6%, when the actual number is more toward 19%.

The inflation number is cooked too. They quietly revise what is taken into account when calculating that number. It was recently ‘adjusted’ again about two or three months ago.

Try buying a half gallon of ice cream. Can’t do it. You can buy 1.5qt of ice cream, but not a half gallon. That’s down a pint, or two cups, or 16 ounces of ice cream for the same price as a half gallon.

That’s why a pig like Chewbacca Obama has an anti-obesity program. “We gutted your buying power because you were getting too fat. Now the same money only buys 1.5qts. Aren’t you going to thank me?”

She’s got a mouth like a cavern full of stalactites and stalagmites.

Every time she opens that maw I’m thinking, “It must be Shark Week.”

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