(BigGovernment.news) No serious economists have had to read tea leaves or look into a crystal ball in order to deduce that the U.S. economy under President Obama has been as stagnant as a room from of stale cigar smoke. But for some reason, the “official” reports regarding the Obama economy have all been rosy and sweet, aided and abetted, of course, by a corrupt mainstream media that has expended all effort to shield Obama from any criticism. What a great economic leader, this man has been!
Except that he wasn’t. And only now, as he prepares to leave office, is the country being told that his massive expansion of government has cost the economy plenty.
As reported by The Washington Examiner:
A new report on the economy finds that productivity growth is at a 50-year low and that much of the positive talk about the nation’s financial situation in the last election, much of it coming from the administration, was a lie.
The report from the U.S. Council on Competitiveness and Gallup finds that for many, the economy is in reverse despite claims that there is an active recovery ongoing, complete with new jobs.
Just one example: Wages peaked 17 years ago, in 1999.
“Conventional wisdom — as reported in many major newspapers and media — tells us the U.S. economy is ‘recovering.’ Well-meaning economists, academics and government officials use the term ‘recovery’ when discussing the economy, implying that growth is getting stronger. The study finds there is no recovery. Since 2007, U.S. GDP per capita growth has been 1,” according to Gallup Chairman Jim Clifton.
“As this report makes clear,” added Council President Deborah Wince-Smith, “productivity growth is in a serious multi-decade-long slump that is dangerously close to stalling completely.”
The worst of the news came in the report’s executive summary:
“The people are right. The economy is not working well. But the problems did not start with the Great Recession. For decades, the nation’s income, measured as GDP, has barely grown overall; on a per capita basis, median household income peaked in 1999; the subjective general health status of Americans has declined, even adjusting for the aging population; disability rates are higher; learning has stagnated; fewer new businesses are being launched; more workers are involuntarily stuck in part-time jobs or out of the labor force entirely; and the income ranks of grown children are no less tied to the income ranks of their parents,” said the report titled No Recovery — An Analysis of Long-Term U.S. Productivity Decline.
Now you know the real reason behind President-elect Donald J. Trump’s victory: The economy is grotesquely underperforming, and he knew that we knew that was the case.
How many times does it need to be said? Big, fat, burdensome government is a drain on an economy, period. Pinheaded, unelected bureaucrats making tons of new rules at a president’s behest is an economy-killer, period, as this latest piece of data proves beyond any doubt. It also shows that while the Bush years were bad when it came to economic growth, the Obama years have been abysmal.
Why? Obamacare. Heavy regulations imposed on the financial sector. Tons of rules on small businesses and industry. The EPA working overtime to kill the energy and coal sector. And so on.
In addition to all of that, the report notes that educational quality “is stagnant and weak.” To be specific, the report notes the “U.S. education system has failed to instill any measurable gains in the cognitive performance of children and young adults for decades, as U.S. students and adults struggle with poor rates of literacy and numeracy despite high spending growth.”
Trump was the only candidate with a shot at winning who talked about reducing the growth of government and getting rid of red tape – so he can unleash the vast economic potential of this once-great nation. An America freed from the constraints of the federal bureaucracy (within reason – nobody seriously wants to pollute water and air) will unleash a massive spurt of growth unheard of since the post-World War II years.
It can still be done. Trump understands this (he’s a businessman first, after all) and is surrounding himself with the right team to get it done.
It won’t happen overnight, but already companies and industries are responding simply to the potential. They believe Trump and so did voters in the majority of states.
- Finally: GOP Sees A REAL Chance Under Trump To Cut The Size Of The Federal Bureaucracy
- Trump Team Shaping Up To Include Strong Anti-Trust Leaders Who May Challenge Monopolies Like Google, Facebook And Amazon
- Out Of Their Minds: California Lawmakers Just Voted To Regulate Cattle Farts To ‘Combat Global Warming’
© 2016 USA Features Media.