Filed under: Bureaucracy, Democrat Corruption, Domestic Policy, Economics, Election 2016, Foreign Policy, Free Markets, Freedom, Immigration, Law, Media Bias, National Security, Politics, Progressivism, Regulation, Unemployment | Tags: Bureau of Labor Statistics, Donald J. Trump, President Barack Obama
“The rate of real economic growth is the single greatest determinate of America’s strength as a nation and the well being of the American people.” President Obama has not delivered a single year of 3,0% growth. The Commerce Department reported that the U.S. economy expanded at the slowest pace in two years, rising at an anemic 0.5% rate after a 1.4% fourth quarter advance. Not good, and one of the reasons why so many people are angry.
From Investors Business Daily:
Legacy: The same day the 0.5% GDP growth came out, President Obama is quoted in the New York Times saying the country has done “better” than “any large economy on Earth in modern history.” Delusional doesn’t begin to cut it.
The only real problem with the economy, as far as Obama is concerned, is that he hasn’t been selling his successful policies aggressively enough.
“We were moving so fast early on that we couldn’t take victory laps. We couldn’t explain everything we were doing. I mean, one day we’re saving the banks; the next day we’re saving the auto industry; the next day we’re trying to see whether we can have some impact on the housing market,” he told the Times’ Andrew Ross Sorkin.
Investors added that Obama didn’t “save” either industry. His only contribution to the GM and Chrysler bankruptcy process was to protect union interests at taxpayer expense. Dodd-Frank killed many, many community banks. The stimulus was an enormous expense and accomplished nothing at all.
At a townhall meeting in London, Obama was asked about what he wanted his legacy to be after eight years.
There are things I’m proud of. The basic principle that in a country as wealthy as the United States, every person should have access to high-quality health care that they can afford — that’s something I’m proud of, I believe in. (Applause.) Saving the world economy from a Great Depression — that was pretty good. (Laughter and applause.)
Well, laughter indeed, but no applause. In early days, Obama was hailed as a great communicator. He was even awarded a Nobel Peace Prize for merely talking about peace. As Noah Rothman said today at Commentary:
The image of Obama as the left’s Great Communicator was always a fabrication. Given how often Obama himself has admitted his persuasive skills have failed his supporters, you might think this invention of a center-left media would have long ago been buried. Yet, it remains with us even today. Born out of a wish and unresponsive to falsifying evidence, the idea that Obama was somehow a marvelously successful communicator will probably be with us long after the president leaves office.
Mr. Trump’s foreign policy speech was similarly hailed as strong and wide ranging. A lot of people believe what Mr. Trump said, and they’re wrong.
Mr. Trump: “NAFTA, as an example, has been a total disaster for the United States and has emptied our states — literally emptied our states of our manufacturing and our jobs. Not true.
The North American Free Trade Agreement went into force January 1, 1994. According to the Bureau of Labor Statistics, these were the numbers at the end of December in 1993:
- Manufacturing employment: 16.8 million
- Labor force participation rate: 66.4%
- Unemployment rate: 6.5%
These were the numbers at the end of December 2000:
- Manufacturing employment: 17.2 million
- Labor force participation rate: 67.0%
- Unemployment rate: 3.9%
After seven years of NAFTA, unemployment was down, more people were in the labor force, and there were more people who were employed in manufacturing. In year 8 China joined the World Trade Organization, and problems came from that. This is when the drop in trade came. China is not a good economic partner, but the Obama administration is negotiating an investment deal with China. Either they should stop or Congress should stop them. In any case, Mr. Trump is plainly mistaken on his major arguments.
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