Obamanomics – definition
O-ba-ma-nom-ics (noun): An economic policy resulting in slow growth, accelerating inflation, and stubborn unemployment.
That appears to be what many people believe Obamanomics is.
In a striking new poll released today by Gallup, 55 percent of Americans think the United States is either in a recession or a depression. Neither are true, but it gives you an idea of how people think the president is doing.
Slightly more – 29 percent – say we’re in a depression that the 26 percent who say recession. Another 16 percent say the economy is slowing down, while only 27 percent say it is growing. Both of the latter two statements are correct.
Democrats, as you might imagine, think the economy is doing much better than Republicans do, but the views of independents pretty closely track those of Republicans, a bad sign for Obama.
Today’s GDP report revealed the economy grew at just 1.8 percent in the first quarter of the year, below expectations and far below what one would expect this far out of a recession.
And inflation is surging. And jobless claims rose a surprising amount last week.
Economists still believe the slowing is a blip due to bad weather and cuts in defense spending, both of which should be reversed. But the Obamaconomy needs to get moving soon, because hiring lags behind economic pickup and Obama needs to get the nearly 9 percent unemployment rate down at least a point or two if he wants to be reelected.
Even Council of Economic Advisers Chairman Austan Goolsbee, who has emerged as one of the White House’s leading propagandists, didn’t seem to have his heart in it today in a statement he released on the GDP numbers.
While the continued expansion is encouraging, clearly, faster growth is needed to replace the jobs lost in the downturn.
Clearly, faster growth is needed. Clearly. Which is what I thought the $789 billion stimulus was supposed to achieve. Or was that just not wasting a crisis?
And BTW, we know what’s coming. But Bush has been out of office more than 27 months.