Wednesday, June 5, 2013

Obama’s Economic Triumph

No, I'm not putting him -- The Big O -- on Mount Rushmore, yet. However, I am certain that historians, removed from the anti-Obama hysteria, will properly evaluate the enormous success -- in spite of unprecedented GOP obstructionism -- of his presidency.

Fortunately, we have Newsweek's Michael Tomasky for those of us who do not want to wait for historians. Read on...

It’s increasingly clear that the president has steered the country back from the brink—and, in the process, exposed (yet again) the central lie of conservative economics.

This Friday morning will bring the new jobs numbers. If recent months and indicators are any sign, the news will be at least pretty good, and maybe really good—
remember, the last several months have all been revised upward by significant amounts after the initial estimates.

Yes, there is still a ways to go.

But everything is moving in the right direction. The president and his people jumped the gun pretty badly in 2010 with their talk of “Recovery Summer.” But 2013 might finally be Recovery Summer. And by next summer, most experts say, the unemployment rate really will be back down to the normal range.

 In other words, the Republicans are about out of chances to do what they’ve been trying to do since Barack Obama took office—i.e., wreck the economy. Now more than ever, Obama has to ignore these people and get through the next three-plus years just trying to make sure they can’t screw up the economy any worse than they already have.

Let’s first review some recent economic news. Consumer confidence is at a five-year high. Personal debt is back to normal levels, which is a big deal. Housing investment is up, real-estate prices are rebounding everywhere, the stock market is breaking records. The political-economic news has been no less comforting to the right. Kenneth Rogoff and Carmen Reinhart’s arguments against higher deficit-spending have been debunked. And as winter melted into spring, with oddly little commentary, Obama soared past George W. Bush in the net job-creation sweepstakes: Obama has now created a net positive of more than 1.6 million jobs in four-and-a-half years, which is better than Bush’s mark of 1.08 million in all eight of his years.

Many economists believe that things would be going even better right now without the austerity imposed on us by the Republicans who run the House of Representatives. imposed on us by the Republicans who run the House of Representatives.

And to reiterate his theme, he states:

So let’s review. The only thing the Republicans have done to the economy since 2001 is make it worse. The tax cuts did not generate the great surge of activity that was predicted. Against Republican predictions and conservative economic belief, they drained the treasury. Later, GOP-led deregulation nearly destroyed the global economy. Then, when the new guy tried to rescue the economy, they opposed everything he tried. Today, with indicators clearly on the right track and clearly suggesting that more stimulus would help the recovery, they of course oppose that, too. read entire article

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