Down the memory hole – Obama’s promises
You remember this or at least have read or seen it on a video:
Bob Schieffer: “The fact is, unemployment is up. It is higher than when [President Obama] came to office, the economy is still in the dump. Some people say that is reason enough to make a change.”
Bill Clinton:”It is if you believe that we could have been fully healed in four years. I don’t know a single serious economist who believes that as much damage as we had could have been healed.”
CBS’s “Face the Nation,” September 23, 2012
That’s exactly the meme the Democrats have been trying to establish for some time. First it was “but imagine how much worse it would have been if we hadn’t have acted”. That foundered on the rocks of 8.2% unemployment.
The new meme is to claim – and that’s all it is – that no one expected the economy to be healed in 4 years, no one. And certainly not any “serious economist(s)”.
But as the Wall Street Journal points out, plenty of serious people, or at least people who’d like to have you take them seriously, not to mention a couple of “serious economists” promised exactly that – we’d be healed in 4 years. The list?
There’s Joe Biden, Nancy Pelosi, Harry Reid, Christina Romer, Jared Bernstein, Mark Zandi, and, most importantly, President Obama himself.
Yup, that’s the case, whether or not the spin- meister, Bill Clinton wants to believe it or not. So how did that work?
Mr. Obama told Americans in 2009 that if he did not turn around the economy in three years his Presidency would be “a one-term proposition.” Joe Biden said three years ago that the $830 billion economic stimulus was working beyond his “wildest dreams” and he famously promised several months after the Obama stimulus was enacted that Americans would enjoy a “summer of recovery.” That was more than three years ago.
In early 2009 soon-to-be White House economists Ms. Romer and Mr. Bernstein promised Congress that the stimulus would hold the unemployment rate below 7% and that by now it would be 5.6%. Instead the rate is 8.1%. The latest Census Bureau report says there are nearly seven million fewer full-time, year-round workers today than in 2007. The labor participation rate is the lowest since 1981.
You don’t say. So, in fact, plenty of serious people and at least two serious economists make Bill Clinton a liar. Yeah, I know, that’s harsh considering most people don’t consider political spin a “lie” per se. I’m just not one of those people.
There have been other excuses tried by the administration and its apologists as well:
The Administration and its acolytes claim that the nature of the 2008 financial collapse was different from past recessions, and that it can take up to a decade to restore growth after such a financial crisis. Economist Michael Bordo rebuts that claim with historical economic evidence nearby.
In reality, the biggest difference between this recovery and others hasn’t been the nature of the crisis, but the nature of the policy prescriptions. Mr. Obama’s chief anti-recession idea was a near trillion-dollar leap of faith in the Keynesian “multiplier” effect of government spending. It was the same approach that didn’t work in the 1930s, didn’t work in the 1970s, didn’t work in 2008, and didn’t work in such other nations as Japan. It didn’t work again in 2009.
The fact remains that there were plenty of promises made by plenty of serious people to include “serious economists” saying they had a plan that would heal us in 4 years.
They have utterly failed.
Tell me again why they should get another 4 years to prolong the failure?