The Obama economy is a disaster

  • Article
  • Updated: June 18, 2011 - 11:21 PM

He inherited a tough situation but has made matters much worse.

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JohnSpryJun. 19, 11 1:01 AM

Here is a good presentation about the recession: "The U.S. Recession of 2007 - 201?" by Professor Robert Lucas, University of Chicago 1995 Economics Nobel Laureate http://www.econ.washington.edu/economicsmillimanlecture.htm According to Obama's university colleague, “European economies have larger government role and 20-30% lower income level than US.”

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samo45Jun. 19, 11 3:04 AM

Apparently Ms. Kersten hasn't heard of the growing concentration of wealth in the US, or that Obama is not king. A healthy middle class allows more people to take risks and be entrepeneurs. I don't agree with everything Obama has done, but where was Ms. Kersten when the Bush Administration was leading us into this "Great Recession?" Where was Ms. Kersten when the US subprime mortgage crisis was taking down the global economy, long before Obama was well-known? Where does Ms. Kersten believe the new jobs should come from? Should we rebuild US manufacturing? Should the government employ FDR-like programs? During the Clinton prosperity, it was computerization and fortunately Clinton and Gore recognized its potential. What bothers me about right-wing commentators like Ms. Kersten is that they're always criticizing but never proposing solutions. When they're out of power, they critize the Democrat's leadership. When they're in power, they criticize other cultures and values. US industry IS making money; unfortunately from jobs outside the US. Ms. Kersten, exactly how do you propose that we bring those jobs back to the US? Enough of your sniping; let's solve problems.

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fortherecordJun. 19, 11 3:16 AM

As usual Kersten ignores huge corporate profits, mire jobs created than under 8 years of GWB tax giveaways to the rich, unprecedented deficit spending by the GOP Congress and not one single regressive initiate to spur employment. In fact the right has attempted to block every Democratic initiative to help encourage hiring. This is not Obama's economy...it is the right blaming it's economic hangover on the man who kept us from falling into a second Republican Great Depression.

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rolflindyJun. 19, 11 4:08 AM

This article simply rambles on about what we already know. There is not one substantive corrective action in the whole story. All we have here is anti-Obama hand wringing. It suggests that Ms Kersten's qualifications on economic issues are slim at best.

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stephenkrizJun. 19, 11 6:25 AM

Ms. Kersten's analysis, as usual, is deeply biased and flawed. Obama made a bad situation worse? Most honest economists believe the Obama stimulus saved the economy from catastrophic job losses - we could be looking at 25% unemployment now, had the government done nothing. Of course, this is a matter of opinion and no one will ever know "what might have been". While I am no big fan of Obama, Ms. Kersten offers no solutions to the economic malaise we find ourselves in (more tax cuts, anyone?) and doesn't even seem to understand the simple macroeconomic formula: GDP=C+I+G. Meaning, that if private consumption (C) falls sharply, as it did in 2008, only by increasing either (I) private investment or government spending (G), can you maintain economic growth. Since businesses couldn't or wouldn't step up to the plate, the government had to. You will never learn this like this from Glenn Beck's "magic blackboard", though.

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chuckdancerJun. 19, 11 6:31 AM

I guess I see this differently. What I see is a situation in which a country has become basicly irrevelant to huge international corporations. I believe reports that these corporations are holding in reserve more cash than ever before in history and at the same time earning record profits. Knowing that makes it very hard to convince me that it is our President that we should be blaming for the state of our "economy". As to the charge that Democrats are solely to blame for government spending to prop up the private sector during its crash, the record clearly shows that only after Obama's election did Republicans engage in their political strategy of resolute opposition. Only then did their propaganda apparatus begin its hysterical rants regarding money. No American is that silly as to believe Republicans would have sat back and done nothing while the private sector collapsed. If in power, they would have continued their pattern of spending to aid the private sector. They were kicked out of power and chose politics over country.

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Redsun1909Jun. 19, 11 6:36 AM

Skewer Boeing, Shovel Ready Projects, ObamaCare Waivers, Maintain the Ethanol Subsidy, Blame Bush, Blame ATM's, Cash for Clunkers.....Yes We Can!

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Redsun1909Jun. 19, 11 6:39 AM

Perhaps a Paul Krugman column or something from Politico would be more appropriate.

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goferfanzJun. 19, 11 7:27 AM

In all honesty, this struggle is not shocking and it is eerily similar how both Bush and Obama started in office during a major economic setback. Despite the oft-presented "unicorns and glitter" propaganda about the Clinton years, he left office amidst a recession-->fueled by both a natural cyclic downturn as well as the massive corporate accounting scandal fueling a false stock market bubble.........even though Bush joined with Senate Dems in 2001 to lower tax rates (plus the spending of two new wars), the Bush recovery was anemic, at best.......obama didnt have the luxury of further tax reductions nor big war spending-- so the economy further languishes. Solutions? That is the debate, but it is hard to imagine a robust recovery without cheap energy and major tort reform. The latter is brutal as: why start a business in this country ---even with our available workers and cheap office space--- when Mexico, India, and China is available without the John Edward types.......

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RF6700Jun. 19, 11 7:34 AM

What? Obama's Socialism doesn't work? I guess we just have to look to places like Socialist Greece and the horrible shape they're in torealize this is true.

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