Week in Review
Is President Obama the worst president ever? Perhaps. Based on what he has done to the economy. FDR and LBJ caused great damage and destroyed families by putting us on the path President Obama has taken us further down than any other president. Towards European socialism. It’s all there in history. And the economic numbers. How activist governments destroy everything that made capitalist countries great. Thrift. Frugalness. Working hard to save for your future. Which created a strong banking system. Where people deposited their money. Creating investment capital. And bankers practiced sound lending practices. And suffered the consequences of making risky loans. Unlike today. Thanks to Keynesian economics. And a monetary policy that controls and plays with interest rates to create artificial demand that causes great bubbles. And prolonged recessions. Ever since governments took control of interest rates and began printing money to finance the growth of their activist governments they have set countries everywhere on the path to financial ruin. And bankruptcy. As government spending outgrew the ability of taxes to pay for it. And then the debt grew so great they struggled to finance it.
But it doesn’t deter the Keynesians from trying the same failed policies of the past. They continue to intervene into the private sector economy. And when they cause great economic damage they just report bad economic news as good (see Employment Situation Summary by the Bureau of Labor Statistics posted 9/6/2013).
Total nonfarm payroll employment increased by 169,000 in August, and the unemployment rate was little changed at 7.3 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in retail trade and health care but declined in information.
Sounds good. Things are good. The economy added new jobs. Fans of the Obama administration are trumpeting this as good news. And proof that the Obama economic policies are working. But if you take a close look at the jobs data you find that the economy is horrible. Because of President Obama. And his awful, job-killing economic policies. Such as Obamacare. Greater regulatory policies. And higher taxes. President Obama has advanced (or tried to advance in the case of cap and trade) every policy that he could think of that causes great harm to the economy. Is he doing this on purpose because he hates capitalism? Or is he just another Keynesian who thinks that government is smarter than the people going about their business in the private sector economy? Or both?
The unemployment rate (the official U-3 rate that counts about the fewest of the actual unemployed) has fallen from a high of 10% since he’s been president. But it’s not because he’s creating jobs. It’s because these people just gave up and left the labor force. Because there are no jobs. As the falling labor force participation rate clearly shows.
Ever since President Obama took office the labor force participation rate has steadily declined. Showing a steady trend of destroying jobs. Not creating them. If you want to know exactly how many jobs his policies have destroyed you can get that from the Bureau of Labor Statistics, too. By subtracting the number of people NOT in the labor force when he took office in January 2009 (80,507,000) from the number of people NOT in the labor force from the August Jobs report (90,473,000). And when you subtract 80,507,000 from 90,473,000 you get 9,966,000 jobs that President Obama and his economic policies have destroyed. Just under 10 million people have left the labor force while President Obama has been president. And yet they celebrate the creation of 169,000 jobs in August.
The economy is not good. It’s not improving. It will only improve when we finally abandon the failed Keynesian policies of the past. And get the government out of the private sector economy. The way it was when America became the number one economic power in the world. Before the progressives/liberals transformed the country into what it is today. A dying European social democracy. Where governments tried to give the people everything. Only to bankrupt their countries. And caused their people to riot when they couldn’t borrow enough money to keep giving the people what they had been giving them. Which is usually what happens when you take stuff away from people who have gotten used to having that stuff. Which is why Obamacare is so insidious. And important to the left. Once they make Obamacare a ‘third-rail’ program like Social Security and Medicare they know it will never go away. No matter what economic damage it does. Or how much it destroys the quality of health care.
Tags: activist government, capitalism, capitalist, economy, European Socialism, failed policies of the past, interest rates, jobs, Keynesian, Keynesian economics, labor force participation rate, Obama economic policies, Obamacare, President Obama, private sector, unemployment, unemployment rate