Free Markets, Free People

It is official: Welcome to the Obama economy

We’ve been told over the last few years that our economy is in a slump but not to worry.  It’s temporary.  The administration is on it.  It’s going to be fixed.

What, we’ve had 5 recovery summers and are heading into our 6th?

Well, the CBO, that office the administration loves to cite when it suits them, has decided that this economy, the Obama economy, isn’t an outlier and we should get used to it:

The part of the past that you deem most relevant can be critical in determining your outlook for the future. And nowhere is that clearer than in the changing economic forecasts that come out of the Congressional Budget Office.

This year’s short-term and long-term economic forecasts are substantially worse than last year’s, even though the economy performed better than expected in 2013. What changed was that the C.B.O. economists essentially decided that they would no longer treat the recent years of poor economic performance as a sort of outlier. They have seen enough of a slow economy to begin to think that we should get used to sluggishness.

They think that Americans will earn less than they previously expected, that fewer of them will want jobs and that fewer will get them. They think companies will invest less and earn less. The economy, as measured by growth in real gross domestic product, will settle into a prolonged period in which it grows at an average rate of just 2.1 percent. From 2019 through 2024, job growth will average less than 70,000 a month.

So, how does it feel?  You’ve lived through the “Golden age” and are now relegated to … this.  Slow to non-existent job growth.  Regulation out the wazoo. Rising health care costs.  Taxes eating into earnings and no end in sight.

This is the economy this administration has helped fashion with an insensitivity to the economy and a policy cluelessness that is second to none.  The fact that they’re still pushing a raise in the minimum wage in the face of half a million job losses (conservative estimate) says it all.

You reap what you sow, or don’t sow, in this case.  What they didn’t sow was economic policies that would get the economy moving, create jobs and keep us in that Golden age.  Instead we got ideology first, regardless of the economic consequences.

And this is the result.

As CBO says, get used to it.


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13 Responses to It is official: Welcome to the Obama economy

  • Real GDP increased 1.9 percent in 2013 (that is, from the 2012 annual level to the 2013 annual level), compared with an increase of 2.8 percent in 2012.
    So, in a few months we will be upon Recovery Summer V (or VI).
    Allow me to cut through the fog ..  Obama is the problem now.

  • Consistant with shrinking options of Obummer World, your choices are narrowed to Door #1 OR Door #2 (Door # 3’s position has been downsized due to the AHA)
    Door #1: The Obummer Regime really is that stupid, incompetent, narrow-minded or otherwise inept.
    Door #2: The Obummer Regime is intentionally collapsing the economy and crushing the American spirt into the loving arms of Marxism. ah. al Cloward – Piven.
    Mt vote is Door #2, further I am quite certain one of the chief reasons for hiding Obummer’s school records (aside from foreign student loan aid) was somewhere in his poorly penned writings is a peon to Cloward – Piven. So much like Hillary’s peon to Saul Alinski.

  • Fundamental transformation into Europe! Just like he promised.

  • I’d also like to point out that we predicted this in 2009.

  • The new America that Obama and his Progressives are creating is looking too much like the old Russia for many Americans.

  • The IRS doesn’t have hard and fast rules for what constitutes such political activity for colleges and universities. Rather, the agency takes a more subjective approach that weights the facts and circumstances of individual situations. But, if the IRS were to expand its new 501(c)4 standards to colleges and universities, it would “fundamentally damage the role that colleges and universities have played for hundreds of years in encouraging civic learning and democratic engagement,” the American Council on Education said in a letter Thursday.

    Wow !! Just wow !!
    Look who got drafted into the tea party

  • But the public still blames Bush.
    Which makes their suffering quite palatable to me.

  • He’ll be flexible during his third term, because you don’t change horses in mid global conflict you see.

    • Krauthammer used the term “flaccid”.  Which is quite apt in describing a “more flexible” dick.

  • We have a viable alternative now, called the Taxed Enough Already Party.

  • Obama gives executive “deferred action” amnesty to young illegal immigrants (“DREAMers”) and suddenly there’s a surge of young illegals from Central America crossing the border. So weird!  It’s almost as if the two events are somehow connected. …

    Hmmm…  There COULD be something to this whole “cause-and-effect” thingy, after all…

  • It’s called “Cloward-Pivin”.
    It has a distinct purpose.
    It IS working…quite well, in fact.
    Hide and watch!