As of now, I am in control here, in the White House

Obama Sets Economic Records! Bad Ones!

As President Obama begins the end his effort to blame George W. Bush for the economy – and starts the process of using the prospective rejection of his new “jobs” program to blame House Republicans instead – former George H.W. Bush economic adviser Michael Boskin is trying to make sure Obama takes his lumps.

Boskin wrote a piece in the Wall Street Journal yesterday linking Obama”s policies to Obama’s economy.

Consider the direct results of the Obama programs. A few have performed better than expected—e.g., the auto bailouts, although a rapid private bankruptcy was preferable and GM and Chrysler are not yet denationalized successes. But the failed stimulus bill cost an astounding $280,000 per job—over five times median pay—by the administration’s inflated estimates of jobs “created or saved,” and much more using more realistic estimates.

Cash for clunkers cost $3 billion, just to shift car sales forward a few months. The Public-Private Investment Partnership, despite cheap federal loans, generated 3% of the $1 trillion claimed, and toxic assets still hobble some financial institutions. The Dodd-Frank financial reform law institutionalized “too big to fail” amid greater concentration of banking assets and mortgages in Fannie and Freddie. The foreclosure relief program permanently modified only a small percentage of the four million mortgages the president promised. And even Mr. Obama now admits that the shovels weren’t ready in all those “shovel-ready” stimulus projects.

Perpetually overpromising and underdelivering is not remotely good enough, not even for government work. No corporate CEO could survive such a clear history of failure.

These failures have resulted in a series of World Records tied to Obama’s HISTORIC – though not in the way he had hoped – presidency. Boskin lists them below.

H/T to Doug Ross @ Journal, who is also running these lamentable stats.

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18 Responses to Obama Sets Economic Records! Bad Ones!

    • My thoughts exactly, William. I couldn’t possibly count how many times after the election MSM called him historic. Wonder why they’re not doing that any longer?

      • Because now they prefer to steam about disrespect being shown to the president, which has never, EVER, happened before in the entire, total, complete history of the United States.

        • Funny they don’t mention the disrespect of Pres. Bush by the left & others to the level that thuggist strongman chavez felt comfortable enough to address the UN with a personal trashing of our sitting President.
          All due to an atmosphere created by the liberals/dems who still today hate Mr. Bush in the worst way!

  1. Personally, I can’t take any more of his “Hope & Change”. My hope is 2012 can’t come soon enough and that he is “one and done”. “Change” is about all that I am left with.

    I don’t even open my brokerage statements anymore, just too depressing.

    You are doing a Hellava job Bamster! I barely remember the Carter years (just a kid then) but Jimmy, you are looking good.

    That “jobs” (ie… campaign speech) was just a bunch of more BS. Recycled ideas that have been rejected, spending we can’t afford, NO concrete details (leaves it to the super committee to figure out how to pay for it- like they were going to have an “easy time” with their primary objective). Now barnstorming on the taxpayers dime to tout this crap under the guise of “official business” (pleeaaaazzze)

    At this point, I would elect one of my basset hounds… and their primary concern is belly rubs and treats.

    Get this poser out of office!

  2. They forced the lenders to mortgage homes for people who couldn’t pay for them, they allowed WallStreet to gamble with their clients money, and the unions destroyed every business or government they worked for. American jobs were sent overseas because the foreigners worked for peanuts, the illegal aliens from Mexico were allowed to stay because they worked for peanuts and then the jobs were gone but profits were skyrocketing.

    We now have a workforce that simply doesn’t have the skills that modern business or manufactoring entities need; we have poorly motivated high school graduates with skills that last served in the 1980’s.

    These things are not MrO’s fault and no matter how he tries, he can’t fix them.
    We need to retreat, to disarm the regulatory agencies and allow our natural capitalist society to do what it does best. We need to open our homeland drilling and mining industry and free it from extreme EPA standards that no other county would meet.

    Sometimes it’s best to retreat or do nothing, than to do the wrong thing.

    • “We now have a workforce that simply doesn’t have the skills that modern business or manufactoring entities need; we have poorly motivated high school graduates ….”

      Here is a real tragedy. Young people living on the margins of their parents’ prosperity AND feeling the need to do nothing more than entertain themselves with drugs and media.

      We need people who make an effort to educate themselves. Public schools have become a bore, something to get through so one can have one’s own apt and credit card and start living. How do we make education something precious again? I don’t know. I live in a state that has a 49% non-functional illiteracy rate. How long will it take these people to read? To read well enough to do modern jobs?

      • Question on that cutting taxes thing for business. Businesses pass expenses along through prices–so will prices go down? Companies hire people because they need them to produce more products and services in demand–if they are not in demand, well…they don’t hire just to create jobs. Why can’t they see this?