Too Late: CBO and WaPo Scare Us With Truth

A week after the election the Congressional Budget Office (CBO) and the Washington Post published key economic data that all voters should have seen – that Liberty Works readers did seebefore the election.

This chart, copied from a November 14 Congressional Budget Office report, appeared November 15 on the Washington Post’s WonkBlog under the title “This graph should scare you.” 

It should indeed scare voters, especially since it’s too late for them to do anything about it. 

The CBO chart compares the current post- recession recovery with the average of previous, post- recession recoveries since World War II.  

Before the election we were told countless times by the media and the Obama campaign that the President deserved our gratitude, our reverence and a second term because the recession he inherited ended and the economy transitioned to a recovery.  Of course they neglected to mention that every previous recession ended and resolved into a new period of economic growth, no matter who was President, which party was in power, or what economic strategies the government pursued.  

Twelve days before the election and 21 days before CBO published its report, Liberty Works readers saw the chart below tracking each post recession economic recovery since the end of World War II.  [continued below the chart]

The Liberty Works comparison is is more informative, and thus even more “scary” than the CBO-Washington Post chart because it makes clear that the Obama economy isn’t just below average, it is THE weakest recovery of all, tenth out of ten.

While the current recovery is extraordinarily weak, one of the strongest, the Reagan recovery of 1982 followed a recession that was by most measures worse the what Obama inherited.  Reagan’s strategy, exactly opposite Obama’s, was to reduce rather than expand the government’s power and intervention in the economy.   Investors and entrepreneurs had the freedom to start new enterprises and create jobs without complex and costly new health care mandates or regulatory interference. 

While Obama has added new taxes to fund his health care law and has constantly threatened tax rate hikes that would directly target small business, Reagan persuaded Congress to enact sweeping reductions in every tax bracket rate, from top to bottom.

The very close election might have been turned out differently if CBO and the media had been as timely as Liberty Works in reporting critical data to voters.

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2 Comments so far

  1. MittRomnesia on November 21st, 2012

    Whats the solution to this? Romney wanted to cut, cut, cut into the safety net which would have hurt the economy by reducing demand for goods and services. Economics 101

    The 47% need help not austerity. Help the middle class and you’ll help the economy and everyone will benefit, even the investor class.

  2. Ancient War Horse on November 21st, 2012

    LovelyM

    You didn’t even read the article. Obama didn’t do anything but to “save” anyone. He made the recession last longer. He sunk hundreds of billions of OUR money into GM without fixing its two biggest problems: The union and wasting a fortune on a stupid liberal wet dream, electric cars.

    Have you followed the Hostess story? There’s GM’s future. What will you dumb liberals say when your beloved union drives GM goes back into bankruptcy and Obama throws another $50 billion down the UAW drain?