August 12, 2010

WashEx’s Most-Read Editorial Ever: ‘Time to admit Obamanomics has failed’ (Update: More Evidence)

Filed under: Economy,Taxes & Government — Tom @ 12:36 pm

It’s here. The most-read ever cite comes from WashEx’s Mark Tapscott via Instapundit.

Readers are encouraged to add to the record.

The excerpts that follow focus on how Obamanomics has failed in three key areas — attempting a Keynesian stimulus that stimulated nothing lasting, creating regulatory uncertainty, and refusing to address imminent higher taxes:

(Resigning effective Sept. 3 Council of Economic Advisers Chairman Christine) Romer predicted that following passage of the stimulus bill, unemployment would plateau below 8 percent last fall and by this month register at 7 percent. That’s not close enough for government work, as unemployment stands at 9.5 percent today. It would be higher except that hundreds of thousands of frustrated job seekers have given up looking for new jobs and dropped out of the labor force.

… As Romer fades back to her teaching post at Berkeley, Obama is adding to the economic misery by creating an environment of regulatory uncertainty. The Wall Street reform law Obama recently signed potentially requires 533 new regulations, 60 studies and 93 reports, according to the U.S. Chamber of Commerce. Obama’s Environmental Protection Agency has 29 active rulemakings, and there are 100 new rules on the Labor Department’s agenda and 26 at the Transportation Department.

… Add Obama’s determination to raise everybody’s taxes by allowing the Bush cuts from 2001 and 2003 to expire Jan. 1, 2011, and it’s easy to why banks, businesses and consumers are hoarding trillions of dollars that could otherwise spur economic growth.

… Obamanomics has failed miserably and it’s time for everybody in this town to admit it so we can move on.

I appreciate that WashEx’s editorialists went to the trouble of quantifying the regulatory burdens being imposed by just one of the many new laws (ObamaCare’s burden probably exceeds the level of the misnamed “Wall Street reform”) and just one federal agency. Yikes.

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UPDATE: A report from the “Jobs Not Created and Not Saved” Dept.

First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday. Analysts had expected a drop. That’s the highest total since February.

The not seasonally adjusted numbers are just as discomforting.

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2 Comments

  1. In regards to that update: Again, more mixed data. July adds jobs, but claims for jobless benefits increase. GDP grows but unemployment stagnates, but then unemployment seemingly improves and GDP starts to relapse. One month will look great but then get revised significantly downward, but the next mouth will get revised upward and look good but the month after that we’re back to bad.

    I mean really, if the economy were a person, it’d be locked up as a basket case. And if there are any rules to this economy, I’d like to know just what they are.

    Comment by zf — August 12, 2010 @ 6:25 pm

  2. [...] company’s plans for an initial public offering this year (the IPO is problematic thanks to Obamanomics, but that’s not the topic [...]

    Pingback by BizzyBlog — August 12, 2010 @ 7:22 pm

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