Has there ever been a single human being in all of history so smug and self-satisfied, with so little justification for it? Even one?
When President Obama was asked recently what he wants to be remembered for, he quickly answered that it would be as the savior of the American and global economies.
“There are things I’m proud of,” he said, citing Obamacare, then added, “Saving the world economy from a Great Depression, that was pretty good.”
Well, I suppose it would have been, if he’d actually, y’know, done it.
The American economy grew at an annualized rate of only half a percentage point in the first quarter of this year, it was announced Thursday. This is bad news for Obama’s legacy and for Hillary Clinton, running for her former boss’s third term. It is certainly a strain to see it as vindication of Obamanomics after six years of stimulus, pump-priming and stagnation.
This is the bitter fruit of creationist economics, the erroneous belief that government activity can somehow conjure new wealth and value.
Obama clings to the belief he brought with him into office, that he can legislate and regulate economic activity into existence. He promoted and signed a much-touted stimulus law that gave taxpayers’ money to items on a Democratic wish list and to well-connected businesses, while doling out microscopic tax refunds to some workers. Beyond that, Obama’s economic policy has consisted of imposing greater burdens on business in the form of labor rulings, environmental regulations, and mandates that increase the cost of job creation.
Higher minimum wages, new mandatory health costs, obligatory paid leave, and new powers for corrupt labor unions all hamper economic growth. For workers to get a larger piece of pie, the pie must grow. And right now, it is growing by only five thousandths per year.
And if that statistic is anything like the parboiled garbage we get on other economic indicators like unemployment, say, it’s nothing but a lie too.
Gee, whodathunkit? Socialism, which has failed every single one of the numerous times it’s been tried, is failing again. Turns out that if you strangle an economy with overregulation and taxes far higher than those which inspired an earlier, better generation to chuck a bunch of tea into Boston Harbor and launch a revolution, why, that economy chokes and dies. Imagine my surprise. Heinlein’s Rule One, in full dismal effect.
Obama’s self-congratulation is nothing more than the prattle of a fool–a lazy, unintelligent, petty mountebank without even a single real accomplishment to his credit. It’s to America’s eternal shame that it ever allowed itself to be hoodwinked into allowing him to occupy the Oval Office as anything other than a janitor or tour guide. We’ll all be paying for that grievous error for a long time to come.