Free Markets, Free People

Obama on economy — not my fault, just bad luck

If unsupported claims were currency, Barack Obama would be a rich man.  Let’s take apart a recent Obama bus tour statement:

"We had reversed the recession, avoided a depression, gotten the economy moving again," Obama told a crowd in Decorah, Iowa.  "But over the last six months we’ve had a run of bad luck."  Obama listed three events overseas — the Arab Spring uprisings, the tsunami in Japan, and the European debt crises — which set the economy back.

"All those things have been headwinds for our economy," Obama said.  "Now, those are things that we can’t completely control.  The question is, how do we manage these challenging times and do the right things when it comes to those things that we can control?"

"The problem," Obama continued, "is that we’ve got the kind of partisan brinksmanship that is willing to put party ahead of country, that is more interested in seeing their political opponents lose than seeing the country win.  Nowhere was that more evident than in this recent debt ceiling debacle."

Actually the record doesn’t show anything of the sort.  Officially, the recession was pretty much over when he took office.   He’s added almost 4 trillion to the debt anyway with no discernable effect except to see unemployment – the one thing he promised would stay below 8% if he was allowed to spend – rocket to a high of 10%.

As usual, Obama tries to lay off the poor economic performance on other events.  For instance the Arab spring.  As it turns out it had very little effect on oil prices or supplies.  Even though the administration tried to make something out of it (remember the desire to release oil from the National Petroleum Reserve?), it was, in reality, a non-factor.  And for the most part, at least in terms of the performance of the US economy, so were the other two problems he’s listed.

The not-so hidden premise, of course, is had those things not happened, the economy would be humming like a fine tuned engine.  In fact, nothing could be further from the truth.  And it hasn’t been “partisan brinkmanship” that has brought us to the economic precipice.  It has been a result uncontrolled spending.  That drag has translated into a necessity for the economy to produce more growth in GDP just to see the what we considered average growth in previous decades.   The new 3% is no probably 4% growth.  And this economy, at least now, is just not in the shape to do that.

So in reality, Mr. Obama is spinning like a top when he says things like he says above.  What we’ve suffered here is a result of out-of-control spending and excruciatingly poor economic policy.  And Obama has been at the forefront of both the spending and the policy decisions.  Don’t let him fool you with his usual attempts to blame shift.  This mess is all his.


Twitter: @McQandO

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19 Responses to Obama on economy — not my fault, just bad luck

  • Excuses typical of the Juvenile-Delinquent-in-Charge.
    Hopefully the voters will elect someone, who is more than twelve years-old between the ear,s in 2012.

  • The “Bad Luck” for the US started the day he was elected….

  • Bad Luck Barry’s Blunder-bus Tour is rolling over America.
    If THAT isn’t an apt…and terrible…icon of this presidency, I don’t know what is…

    “Lincoln,” the president said today in Iowa, “they used to talk about him almost as bad as they talk about me.”
    Um…no, tender little narcissist…
    They used to caricature Lincoln as an ape and a chimp (sound familiar), and hang him in effigy.
    (That would be Democrats, btw).
    Poor little Bad Luck Barry…he is entering the “self-pity” phase of his disease.

  • Once again:

    No, I didn’t. Honest… I ran out of gas. I… I had a flat tire. I didn’t have enough money for cab fare. My tux didn’t come back from the cleaners. An old friend came in from out of town. Someone stole my car. There was an earthquake. A terrible flood. Locusts! IT WASN’T MY FAULT, I SWEAR TO GOD!

  • “Obama listed three events overseas — the Arab Spring uprisings, the tsunami in Japan, and the European debt crises — which set the economy back.”
    All true, after all we had to pay unemployment benefits to the Egyptian government officials that lost their jobs when Mubarak got booted, the entire eastern coast of Japan when it went under water, and of course, Greece, Spain and the other socialist countries that over taxed their economies with free stuff hand outs.  All that was us, we paid it all.  Plus unmentioned is our effort to liberate the radical islamics in Libya from their radical wackjob leader which has placed a drain on our economy as we provide them with benefits and shovel ready jobs by blowing up their country from the air.
    So, you can see the impact of all those things on our economic recovery, right?
    He’s not blaming just anything you know, he could have also explained how our economy was impacted by the loss of arctic ice and the polar bear population, and how the riots in Vancouver after the Stanley Cup loss nearly broke Wall Street.
    None of this has anything to do with his pilfering the US treasury to help promote the continued election of Democrats and provide jobs for his socialist pals while he ‘rebuilds’ the country.

  • We may never live to see the smoking gun, but you can bet the farm there is a damn good reason why Bam (with the aid of a complicit and sobering media) hid his college papers under court orders, the writing is on the wall.
    The point IS to collapse capitalism, his college writings will likely prove it, and that is why you’ll never see them. The last person to expend so much effort to hide their college papers was Hillery Clinton, her Communist Manifesto she wrote at Wellsley College and leaked to the internet went a long way in explaining why she wanted it hidden. What else could explain (never mind justify) why “The Won” go to such extremes to hide his tracks?
    The world is unfolding as it should according to 0-Bambi and his Statist choir.

  • Hey, he had a bit of bad luck.  Who would have thought it .. bad luck.
    I don’t remember ever reading in the newspapers or seeing on TV anything about “bad luck” before.
    Bush never had “bad luck.”  Neither did Clinton or Carter.
    “I mean in a way Obama’s standing above the country, above – above the world, he’s sort of God” … with “bad luck”

    I guess only a god has bad luck.

  • I thought electing Obama was going to lower the sea level (his own words) – suddenly he’s telling us that the earth and sea itself has risen against him?


    • “we will be able to look back and tell our children that this was the moment when we began to provide care for the sick and good jobs to the jobless; this was the moment when the rise of the oceans began to slow and our planet began to heal; this was the moment when we ended a war and secured our nation and restored our image as the last, best hope on earth. ”

      There are many promises in there not related to the oceans…he failed on most of them, even by his own standards. This audio clip should be run as an ad, with Obama supporters fainting, and text refuting it.

  • I notice he forgot a few things:
    1) Gulf oil spill which made Obama ban all new drilling in a CYA move.
    2) China. Maybe he doesn’t know this, but they keep sucking jobs from the USA, like that green solar power company that just moved all production to China. That same China keeps lending us money to keep their currency down which isn’t very healthy either. I am not sure what the right course of action would be, but I think we have to end the dysfunctional “trade for treasuries” regime.

  • They told me if I voted for McAnus, we’d get the same old ruinous policies of the late Bush term…only worse, and the same old out of control spending…
    and they were right

  • Once again, from Heinlein:

    Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.
    This is known as “bad luck.”

  • Wow. The “Arab Spring” was bad luck. People rioting in the streets to overthrow tyrannical governments is “bad luck!”  Really!?!

    I’m almost speechless. 

    I hope that is not what he really believes.  Did the Arab Spring turn out as great as we might have wished for?  No.  Could we have done something different to truly support freedom.  Definitely.  I’m afraid we may have just let a historical opportunity slip us by without even an effort to turn it to the USA’s advantage.  “Bad luck.”