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.