Have you ever wondered if, had it not been for that which is often referred to as being the “Great Recession”, the man who would go on to become the worst president in recent memory would have ever been elected? And I think it’s worth mentioning because when it comes to determining the primary cause for this “great recession” it’s obvious that things were set into motion back in the late 70’s courtesy of a Democrat scheme called the Community Re-Investment Act (CRA). The evidence is overwhelming that the CRA played a significant role in creating lax lending standards which then fueled the housing bubble which in turn lead to the 2008 financial meltdown that, even 9 years later, we have yet to fully recover from. And it was at the beginning when we thought things could not get any worse, that we fell for the pitch from snake oil salesman Barry Obummer, and for 6 long years America was made to languish through the most anemic economic ‘recovery’ in our history.
It should also come as no surprise to find out that, according to Freedom Works economic consultant Stephen Moore, economists in the Obummer White House overestimated annual economic growth pretty significantly, by roughly 80 percent on average, for a six year stretch during Obummer’s presidency. Economists predicted growth between 3.2 to 4.6 percent for the years 2010 through 2015. However, thanks to the disastrous economic polices put in place by Obummer, actual economic growth never got above 2.6 percent. And it was in writing in The Washington Times that Mr. Moore said, “Why does anyone bother to listen to economists anymore?” And he went on to say, “Almost all of the economics profession … bought into the Keynesian idea that what would revive the economy after the Great Recession of 2008-09 was massive government spending ‘stimulus.’ The trillions of dollars of government borrowing here and abroad created a decade-long anemic recovery.”
Keynesian economic thought dominated Barry’s economic policy after the “Great Recession”, economics professor Richard McKenzie wrote for the Foundation of Economic Education in 2010. The Keynesian/Obummer approach to recovery meant the federal government would engage in deficit spending in order to stimulate the economy. The logic, McKenzie writes, was that deficit spending would go, directly or indirectly, into the pockets of Americans, giving them the ability and will to spend. According to Keynesian thought, as money circulates in the economy, the government’s initial investment could multiply to a total economic benefit five or 10 times greater than the original stimulus, McKenzie wrote. However, it’s Mr. Moore who blames this thread of thinking for stunting growth that could have been a much more vibrant recovery. And while I am in no way an economist, nor do I play one on Television, logic alone tells me that he is correct in his assessment.
Mr. Moore goes onto write, “For much of America this has been a long recession, not a long recovery. We are suffering from a severe growth deficit.” And he adds, “Nearly every policy during the Obama years was anti-growth … If Mr. Trump is able to to shift those policies into reverse — especially by getting tax rates down, not up — 3 to 4 percent growth is easily achievable.” Now as much as Democrats may refuse to acknowledge it, the economy is already showing signs of renewed life. Under Trump the Dow has reached new heights, unemployment benefit claims are at their lowest in 40 years, consumer confidence it at its highest since 2001 and the dollar is thriving. President Trump’s pro-business policies help to boost consumer confidence and have led to private sector investments and job creation. By and rolling back Obummer-era regulations and setting strict criteria for new regulations President Trump has fostered a friendly environment for businesses and revitalized the coal and other energy sectors in the U.S.
As I mentioned earlier, the recession had as its root cause in legislation that was enacted into law back during the Carter years that was then made far worse by ‘Slick Willy’ Clinton. And while the recession cannot, I suppose, be said to have made worse during the Obummer era, the policies that were put into place during Barry’s tenure most certainly prevented us from achieving anything that could even remotely be described as being a dynamic economic recovery. Let’s face it, from the moment Obummer first became the Democrat nominee and began looking more and more like a sure thing against McCain, people and businesses started to withdraw from the financial world, and then with laws like Obamacare and the very bogus “stimulus” bill coming into effect, the Obummer era wreaked all manner of havoc on what was left of our economy. With all the negatives that Obummer brought to the table, frankly it’s amazing that the country isn’t worse off, economically speaking.
Obummer & Co. pretty much destroyed any semblance of optimism possessed by the American people, along with just about everything else they touched, as they went about attacking small businesses, (You didn’t build that!), and created what was essentially an environment in which there were many companies that found themselves in the position of being forced into either laying off many of their employees or to cut back on the number of hours their employees could work. The best thing to happen from Trump being elected president is that he has brought with him his sense exuberant optimism and his savvy as a businessman and he has not been shy about undertaking an effort to erase, as if it never existed, the long national nightmare that was Obummer’s presidency. He took command of our trade deals by withdrawing from the job-killing Trans-Pacific Partnership, holding our trade partners accountable, and putting American jobs first.
I mean let’s face it, if Keynesian economics really worked, the Great Depression wouldn’t have lasted 11 miserable years. Now of course, the Keynesians have 1,001 excuses at the ready to explain this away, most of which are variations of ‘it would have been so much worse!’ No matter what happens, you can always say “Gosh, it would have been even worse without those Keynesian remedies!” And with the arrival of President Trump it’s now those who were once singing the praises of Barry Obummer as being some sort of an economic genius who are now busying themselves poo-pooing nearly all of Trumps economic plans for how he intends to go about making America great again. President Trump’s agenda has led to lower unemployment, increased wages, hundreds of thousands of new jobs, and has put the U.S. on a path towards unprecedented economic growth. And yet the Democrats choose to talk about everything other than the positive changes President Trump is making.