We knew it was coming and we knew the media was going to aid and abet Barack Obama’s 2012 reelection campaign. Barack Obama inherited the economic mess and it was so bad he was helpless.
In an interview with Atlanta’s local Fox affiliate WAGA-TV the reporter threw a soft pitched ball to Obama so he could provide his standard stump speech and surprisingly he didn’t mention George W. Bush.
He was asked why he didn’t keep his campaign promise to cut the deficit in half during his term in office. He has the answer well memorized so it doesn’t appear he needed a teleprompter unless an aid was standing behind the interviewer with a placard providing the answer.
“Well we’re not there because this recession turned out to be a lot deeper than any of else realized.”
“Everybody who is out there back in 2009, if you look back what their estimates were in terms of how many jobs had been lost, how bad the economy had contracted when I took office everybody had underestimated it. People thought that the economy contracted 3%, it turns it was close to 9%. We lost 8 million jobs just in a year’s span, about half a year before I took office and about a half a year after I took office,” Obama said.
“So, the die had been cast and a lot of us didn’t understand how bad it was going to get. That increases the deficit because less tax revenues come in and it means more people are getting unemployment insurance, we’re helping states more so they don’t teachers, etc. The key though is that we’re setting ourselves on a path so that we can get our debt under control.”
Obama’s inability to cut the deficits had nothing to do with the recession. In any event, Obama is caught in one more lie, we’ll wait and see if the Republicans catch on.
The recession Obama is talking about ended in June 2009. The National Bureau of Economic Research (NBER), an independent group of economists, said:
“The committee decided that any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007.”
The NBER said it “did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity.”
“Economic activity is typically below normal in the early stages of an expansion, and it sometimes remains so well into the expansion,” said the NBER.
Economic activity was below normal initially but not into 2012, not 3 nearly three years later. What has really caused the economy to remain stagnant is the Obama policy machine and endless record spending, printing of money and “Crony Capitalism” which pays off friends of Obama for votes and support.
In reality, it’s the mismanagement by government with new laws and regulations that have frozen opportunity and business growth. In the 1990s Bill Clinton used the phrase “It’s the economy stupid” to beat George H.W. Bush. Now Obama want’s to use the same theme to win another term in office.
Tax and spend is not a winning economic formula but playing the political blame game seems to work.
It’s starting to feel a lot like 1992.
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