…keep in mind that most of them don’t know the difference between a Kenyan and a Keynesian.
Obama Administration to Revise Total GDP Growth Down 2% Not much a surprise here. The Obama Economy is the worst recovery since the Great Depression.
Radiohead Listening Party in Istanbul Attacked by Islamists No going out to clubs, drinking alcohol, and having fun. It might upset Muslims.
Why the “Lone Wolf” Terrorist is a myth. It takes a village to raise an Islamic terrorist.
Still haven’t cleared out all the tabs…
Powerline reports on Q415 economic growth.
Gross domestic product (GDP) expanded at only a 0.7% seasonally adjusted annualized ratein the fourth quarter of last year, the Commerce Department reported today. That’s quite weak.
2015 as a whole wasn’t so good either. GDP expanded at only 2.4%, the same as in 2014. That’s called limping along. For as James Pethokoukis points out, from the end of World War II through 2005, the economy grew at an average annual rate of 3.5%.
Yup, it’s the worse recovery since the Great Depression.
From the Daily Caller: Secret Fed Docs Show Obama Misled Congress, Public During Debt Limit Crises
No real surprise here. Barry’s entire time during the Occupy the White House Golf Tour has been mainly him lying to Americans.
Time to clear out all the tabs on my browser again.
Let’s lead with this article from the Foundation for Economic Education. It points out what is wrong with Trumps claims about manufacturing jobs, and how to fix the problem. It goes on to point out that Trump is the moderate on the subject when compared to Vermont Socialist Bernie Sanders. Sanders is completely divorced from reality on the subject, and his “solutions” have the high probability of making the thing he wants to fix even worse.
Socialists in America, like Bernie Sanders, used to point to Venezuela as the modern example of how socialism works. No so much anymore. Probably because socialism has created a Humanitarian disaster in Venezuela.
On the subject of 2016 Presidential candidates, the Washington Post reports that the FBI is granting immunity to person who set up Hillary Clinton’s private email server. In legal circles, this is what is known as a “bad sign.”
Modern Healthcare has a report on the Illinois Obamacare program. I’ll give you the short version, they operated at a $90.8 million loss in 2015. Remember back before the so-called “Affordable Care Act” was passed in the middle of the night right before Congress left Washington for Christmas? Come on, you remember. It was done using a procedure that even the democrats own resident high ranking Klansman objected to, in order to avoid a vote in the Senate. Something to do with the democrat stronghold of Massachusetts electing a Republican expressly to vote against Obamacare. There were some people, mainly those who had actually read the ACA, who objected to it, claiming it was economically unviable. They were uniformly called “racists”, which we now know means “anyone who disagrees with a democrat.”
Bill Clinton is on the campaign trail trashing Obama’s handling of the so-called economic recovery. Something he has in common with Bernie Sanders. What he is short on is how Hillary is going to a better job from federal prison.
A dose of economic reality from the Foundation for Economic Education. Read the whole article for the facts. I’ll just list the five debunked myths here.
Myth 1. The idea that economic growth helps the poor is trickle-down economics … it doesn’t actually help them.
Myth 2. Free trade doesn’t lead to better economic outcomes in the real world.
Myth 3. The government ended child labor. In a free market, child labor would still exist.
Myth 4. Countries like Sweden and Denmark prove that high taxes don’t harm economic growth.
Myth 5. Capitalism isn’t economically superior to socialism.
I’m going close with a few quotes from a former President who would be driven out of the modern democrat party on a rail.
“Every dollar that released from taxation, that is spent or invested, will create a new job and a new salary”
“It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now … Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”
“The great enemy of the truth is very often not the lie — deliberate, contrived and dishonest, but the myth, persistent, persuasive, and unrealistic. Belief in myths allows the comfort of opinion without the discomfort of thought.”
The former President I quoted was John F. Kennedy. The NRA Life Member who was shot and killed by a member of the ACLU.
“Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. ”
— President Ronald Reagan, who predicted our Dear Leader‘s methods well in advance
“They Just Don’t Want A Job” – The Fed’s Grotesque “Explanation” Why 94.6 Million Are Out Of The Labor Force, or why the current BLS U3 number of 4.9 is a farce. Here is a hint, it has to do with a record low workforce participation rate.
The so called “recovery” our Dear Leader has been ruling over is worse than most recessions.
But no amount of adjustment can obscure how bad the recovery has been for most American families. By many measures, 2014 was the strongest year of the recovery so far; the economy added nearly 3 million jobs, the most since 1999. Yet incomes were stagnant across virtually all groups: young and old, married and single, rich and poor.2 Virtually the only group to see a statistically significant gain in income was immigrants, whose median household income rose 4 percent to just under $50,000. Native-born households saw their income decline 2 percent to just under $55,000.
The recovery has utterly failed to lift the fortunes of the poorest Americans. The official poverty rate was 14.8 percent in 2014, nearly unchanged since the immediate aftermath of the recession, and far above the prerecession level. Some 15 million children and 5 million seniors are living in poverty.
What we have is the worst recovery since the Great Depression.
Is this the change you were hoping for?
The third part of a Bernie Sanders speech is pure socialist class warfare, income redistribution rhetoric. Nonsense which the useful idiots who support him swallow whole because they have no understanding of economics, and are either ignorant of or willfully ignore history.
Bernie is remarkably light on details on just how he is going to pay for his vision of a socialist workers paradise. The math isn’t hard. The Wall Street Journal put the price tag at $18 trillion, which is the current federal debt. Bernie denied the WSJ numbers, but refused to present any of his own. That is because he doesn’t have any plans based in reality. Socialism has failed each and every time it has been tried. It has resulted in economic collapse or has had to kill off large chunks of the population. Usually both. Socialist countries killed over a 100 million of their own citizens in the 20th Century. Remind any useful idiot who babbles about “feel the Bern” of this fact. Odds are it won’t make any difference. They will probably either ignore or deny it.
I’ve mentioned before that Sander’s stump speeches on the topic of immigration are even more hard lined, on both legal and illegal immigration, than Donald Trump’s stance on the subject.
There are two other common themes to a Sander’s speech.
The first sounds a lot like Bill Clinton’s 1992 campaign. One of the major catch phrases of that campaign was, “It’s the economy, stupid!” The brilliant James Carville gets credit for that. For those of you who don’t remember the early 1990’s, in Q492, when the election was held, the US had just come out of a recession. When the President at the time, George H.W. Bush, correctly stated that the recession was over, and the recovery was starting, the Clinton team would go into full attack mode, calling him a liar. Since the recovery had just started, the effects were not wildly felt. This tactic was wildly successful for Clinton, especially since the economy really was starting to recover, and he got to take credit for something that was already happening after he took office.
Bernie Sanders is pounding the pulpit and telling people not to believe the economic news coming from the Obama White House. Obama is telling you that unemployment is 5.6%, and Bernie is telling it’s 10.7%. Thing is that they are both quoting the current federal Bureau of Labor Statistics numbers. Barry is using the more commonly used U3 number. Bernie is using the U6 number, which is considered by rational economists to be a more accurate indicator.
If you have read my previous posts about the Obama Economy, you would think I’m siding with Bernie on this. I have to admit, the self identified Socialist does have a point. The so-called “recovery” has been going on for just over five years now, and it has been described everywhere from CNBC to NPR as “lackluster” and “jobless.” With a U3 of 5.6%, we should be damn close to “full employment”, yet the number of people not in the work force is at levels we haven’t seen since the deep recession of the late 1970s. Barry’s policies have managed to kill most of the economic gain that you typically get coming out of a recession.
While Sanders may be right about our Dear Leader‘s handling of the economy, odds are he will screw it up even more with his socialist economic policies.