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August 06, 2012

Lindsey Graham: Reid's Just Lying About Tax Claim;
John Sununu: Smear Comes Right From White House

Speaking truth to incompetence.

He notes that July's job figures are actually 150,000 jobs lost (BLS Table A). The "gain" in jobs is all due to a "seasonal adjustment," turning lost jobs into jobs gained.

Obama's "Tragic" Record on Jobs: Pitiful.

Obama's tragic jobs record reflects the dismal economic growth under his administration's throwback, Keynesian economic policies. For all of last year, the economy grew by a paltry real rate of 1.7%, only about half America's long-term trend. The average so far this year has been no better. That dismal growth is further reflected in the Census Bureau reports of falling real wages under Obama, kicking median family income back over 10 years, with more Americans in poverty today than at any time in the more than 50 years that Census has been tracking poverty.

In sharp contrast, in the second year of Reagan's recovery, the economy boomed by a real rate of 6.8%, the highest in 50 years. Real per capita disposable income increased by 18% from 1982 to 1989, meaning the American standard of living increased by almost 20% in those first 7 years of the Reagan boom alone. The poverty rate, which had started increasing during the Carter years, declined every year from 1984 to 1989, dropping by one-sixth from its peak. That is the proper comparison for Obama's economic performance.

Obama cannot explain away the disgraceful failure of his Keynesian economic policies by arguing it is because the recession he inherited from Bush was so bad. The American historical experience is that the worse the recession, the stronger the recovery, as the American economy snaps back to its world-leading, long-term, economic growth trend line. Based on this historical record, we should be enjoying the third year of a raging economic recovery boom right now.

Fascism: Justice Department suddenly investigating Romney backer Sheldon Adelson.

Gee, I wonder what message they're sending to Romney's other donors.


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posted by Ace at 04:35 PM

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