It's just not working

Leading indicators expose Obamanomics' utter failure

 

 

Over and over, President Obama promises he won't rest until.

Until the oil leak is plugged.

Until every American who can work has a job.

Until there's health care reform.

Until no veterans are homeless.

CBS reporter Mark Knoller says Mr. Obama has claimed he "won't rest" with regard to at least 11 different topics of domestic concern.

Of course, few people lucky enough to have a job these days have rested more than this president, who has just enjoyed his sixth vacation of the year -- his ninth since taking office, 9.5 weeks' worth.

How is it that this gentleman is so cavalier, so sanguine, during the worst economic times during the Great Depression? All happening under his watch?

If he did get to work on one thing, just one thing, it should be getting this economy going again.

The problem is, Mr. Obama and those around him -- hardly any of whom have any private-sector experience to speak of -- are ideologically opposed to what needs to be done: The free market must be free again.

The government cannot get the economy going again; all it can do is get in the way. And it is. With the massive and ineffective "stimulus" bill, the new health-care law, a proposal to tax and regulate carbon emissions and plans to raise taxes next year, the federal government has cast a chill on an already cooled economy.

Businesses that have money are holding onto it, uncertain of what Washington will do to them in the way of taxes and regulations. That holds down hiring, props up unemployment and leaves the still-reeling housing and retail markets in limbo.

If people don't have jobs, they can't buy houses and cars and spend on other things.

This administration's handling of the economy is nothing short of a disaster. Much of the economy is idling, while some of it is still receding: Sales of existing homes plummeted 27.2 percent in July to their lowest level in 15 years.

"Downgrading its assessment of the economy," writes The Wall Street Journal , "the policy-making Federal Open Market Committee said the recovery 'has slowed in recent months,' and that the 'pace of economic recovery is likely to be more modest in the near term than had been anticipated.'"

"Day after day," the Journal says in another report, "investors have been hit with more evidence that the economy is stalling."

Analysts have recently decreased their projections for the country's gross domestic product -- the value of what we produce -- to a tepid 1.5 to 2 percent.

That has implications not just in financial markets, but in government policy: The Obama administration's fairy-tale projections on the new health-care law's costs were based on a much rosier outlook.

Mr. Obama can try to blame it all on his predecessor, as is his wont, but Americans increasingly aren't falling for that canard. Nearly two years in, and with housing sales at 15-year lows, this administration can no longer pass the buck.

Obamanomics are a complete failure.

Republicans this week called for Mr. Obama to fire his economic team, as well he should. The president might already have done so, were he in disagreement with their approach -- or were his highest priority the health of the economy rather than the extent of federal power to redistribute wealth. We fear neither is the case.

Again, Mr. Obama's government-centric approach is not just getting in the way, but more and more experts are saying it's inhibiting the economy and holding back job growth. Mr. Obama's appetite for government spending has even been rebuked by the social democracies of Western Europe.

That's akin to an addict telling you that you've got a drug problem.

"We have tried 19 months of 'government-as-community- organizer,' " House Republican Leader John Boehner said.

In other words, socialism.

We can't fire the Obama team just yet. But this November, we can fire their colleagues in Congress and get this economy moving again.

"The most powerful, no-cost strategy Congress can adopt," writes the Heritage Foundation's James Sherk, "is to stop threatening those in a position to hire -- no more taxes, no cap-and-trade legislation, no government takeover of private health care, and no massive increase in the public debt."

Americans shouldn't rest until that happens.

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