Good night, foul prince

October 26th, 2012

How it all happened, why it’s all gone sour:

The President is also missing the larger import of the Register’s question. As Mr. Obama likes to remind voters now, in 2009 the economy had suffered a financial heart attack and needed to be nurtured back to health. That required careful management and attention to reviving consumer and business confidence.

Yet rather than work with both parties to fashion a growth agenda, he went all-in for a Keynesian spending blowout and subcontracted the details to House Democrats. And rather than wait to see how strongly—and even whether—the economy then recovered, he dove headlong into fighting to pass 40 years of pent-up liberal social policy.

It wasn’t merely ObamaCare. The President also tried to impose a cap-and-tax on carbon energy production, end secret ballots for unions via card check, while promising to raise taxes in 2011 until he was stopped when voters elected a GOP House in 2010.

Mr. Obama likes to say he inherited “the most severe economic emergency we’ve had since the Great Depression,” but then he claims that it didn’t matter that he staged a two-year fight to remake one-sixth of the economy and threatened to remake another four-sixths.

If recessions following financial crises really are worse than normal, as the President also told the Iowa editors, then why didn’t he take special care to postpone legislation that would add new costs to business, undermine confidence and thus weaken the recovery?

Mr. Obama didn’t really answer the Register’s question, so we will. He didn’t focus on the economy because he didn’t and still doesn’t understand how the private economy works. He doesn’t understand that incentives matter, or how government policies and regulation can sabotage growth. He really believes that government is the engine of economic prosperity.

Of course he does. There’s a shorter way of putting it that meets the case, although it’s good now and then to go over the details again: he’s a damned socialist. And to hell with everybody on our side who thinks it too impolite to say so right out loud so’s somebody might hear.

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  1. October 26th, 2012 at 21:52 | #1

    As Mr. Obama likes to remind voters now, in 2009 the economy had suffered a financial heart attack and needed to be nurtured back to health.

    I guess Obama thinks you nurture a heart attack victim back to health by injecting him with more blood clots.

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