Six Years of ObamaNomics: A Grim Anniversary

President Obama and his media cheer leaders insist that his economic record should begin not at the beginning of his term but six months later when the recession ended and positive economic growth began.  Thus, we mark June 2015 as the sixth anniversary of ObamaNomics.  Our chart below measures the Obama era post-recession recovery, and every previous recovery exactly as he and his supporters want, starting at the first quarter of positive GDP growth after each recession.

10-GDPs-to-Q2-2015According to the report published Thursday by the Commerce Department, Gross Domestic Product (GDP) grew at an annualized rate of 2.3% in the second quarter, ending June 30th. This is about average for the past six years, but not nearly strong growth to begin a genuine recovery, restore the job market and expand prosperity.  And, as the chart shows we’re still suffering through the weakest post-recession recovery since the government began issuing quarterly GDP reports 66 years ago.

Last fall the Administration spiked the football on news of two quarters in a row exceeding 4% growth.  We were told the President’s policies were working and prosperity was growing. But the three quarterly reports since then average an unacceptable 1.66%.  So there’s no celebratory talk from the White House this week.

The American economy, while the most resilient in human history, struggles under the weight of decades of accumulated government intervention in the form of excessive regulation, taxation, and bureaucratic mandates, the most recent being Obamacare and the massive, Dodd-Frank financial regulation law.  These government intrusions into the private sector and the generally anti-business, anti-investment attitude of the Obama Administration discourages and deters entrepreneurs and investors, resulting in dramatically fewer of the business start-ups and expansions that create jobs and expand the economy.

Because Candidate Obama promised so much more than President Obama has delivered polls show voters are restive and dissatisfied. The clear, easily understood failure of Obama’s textbook, big government economic ideas is an historic opportunity for a Republican Presidential candidate, not only to win the election but to do so with a genuine mandate for reduction of federal taxes, regulation and intervention in the economy.

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