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

Tag Archives: economy

The Obama Economy and the Fed’s New Pessimism

Remember all that talk over the previous months about steady interest rate increases by the Fed? Well, forget about it. The Fed made clear this week that it understands that the Obama economy is not going anywhere and, therefore, neither are rates.

President Obama actually thinks he’s doing a great job with the economy. The Federal Reserve knows better.

Scary. Because one of the least-remarked features of the barely growing economy is that it is occurring in an environment of basically zero interest rates. Investors have nearly free money, and Obama still can’t make the economy work. The Fed is being as stimulative as it can without actually paying people to take money. And if the ISIS terrorists Obama has permitted to spawn inflict an economically disastrous strike or something else spurs an economic meltdown, there are very few tools left to deal with it.

24237480915_10b5b782a7_z

Growth the last two quarters has averaged about one percent. The Federal Open Market Committee is now predicting just two percent growth for the year, seven years into the Obama “recovery.” And the FOMC thinks things won’t get any better next year either.

The Wall Street Journal notes:

The Keynesian economists who have run U.S. economic policy since 2008 are clearly stumped. First they said $800 billion in fiscal stimulus would stir a return to prosperity, then they said that monetary stimulus would do the trick. Now they blame their failure on “secular stagnation” and Republicans in Congress whose pro-growth proposals have been blocked at every turn by Senate Democrats and President Obama . . .

The the reality is that this is the (economist Paul) Krugman-Obama economy. The White House and Fed have spent eight years pursuing the City University economist’s agenda of raising taxes, increasing regulation in every possible section of the private economy, and trying any new monetary experiment.

Seven years after the recession ended, we know the score: The slowest expansion in decades, falling labor participation rates last seen in the 1970s, mediocre business investment, a declining pace of business start-ups, disappointing wage growth, rising inequality, and an outbreak of angry populism on the left and right.

President Obama has regulated, taxed, and spent this economy to the precipice of disaster. Hillary Clinton will be surrounded by the same economic advisors. She will do more of the same.

Obama Whines About Lack of “Credit” for Economy as it Tanks

Okay, Mr. President. At White House Dossier, you get all the credit. We’re basically within an accounting error of a recession, and President Obama is front and center on the New York Times website Thursday grumbling that he is not getting credit for fixing the economy. The economy, in the first quarter of 2016, grew at an annualized… Continue Reading

OECD: U.S. Economic Growth to Slow Again

One of the enduring myths of the past few years, trumpeted by the White House and accepted by much of the press, is that President Obama has led the economy back to a state of strong, or even solid, growth. Despite annual evidence to the contrary, the myth persists. If you climb Mount Olympus on… Continue Reading

Economy Contracts; White House: Everything’s Still Cool

The White House today downplayed news that the economy contracted 0.7 percent during the first quarter of the year, arguing “the most stable components of GDP” were growing quite nicely. The new number was a downward revision of the previous estimate that GDP had increased by a mere 0.2 percent. From White House Council of Economic Advisor Chairman Jason Furman: Today’s downward revision… Continue Reading

U.S. Economy Stalls

If anyone has any questions about the decrepitude of the Obama economy and the “recovery” that never seems to get to “fully recovered,” it was answered today as the Commerce Department announced that GDP had expanded by 0.2 percent during the first three months of the year – that is, growth basically stopped. This comes… Continue Reading

The U.S. Economy: A Man-Made Natural Disaster

I remember a few weeks ago hearing White House press Secretary Josh Earnest mention the strong economy. Strong economy? The economy is actually quite weak. Still. Former Sen. Phil Gramm, R-Texas, an economist, takes a look at the Obama recovery and makes a simple argument: Bad Policy makes for bad economies. From the piece: How… Continue Reading

WH Doesn’t Deny Small Business Growth “Stalled Out”

White House Press Secretary Josh Earnest Tuesday was unable to launch a serious counterargument to Hillary Clinton’s claim that small business creation in the United States has “stalled out” under President Obama. Notice how he tried to dodge the question and, when ABC news reporter Jonathan Karl wouldn’t let him get away, went to the… Continue Reading

More Obama-Style Economic Growth

Ahh, the Summer of Recovery. I remember it like it was yesterday. It was 2009, and we danced, we sang, and we toasted the stimulus, which was going to pull us off the sickbed and out of the doldrums. And then, the summer went by, and there was no recovery. For years, we waited. Occasionally,… Continue Reading

Economy Adds 321,000 Jobs in November

The U.S. economy added 321,000 jobs in November, a robust pace that makes the number of new jobs created this year the highest since 1999, the Labor Department reported this morning. The numbers for the last two months were also revised upward, showing employers added 243,000 in October instead of the 214,000 previously stated and 271,000… Continue Reading