Obamanomics 101

Andrew B. Wilson at the American Spectator presents a rather scathing critique of Obama’s economic policies, and how they are spun as doing things that they don’t do:

For spendthrift Democrats to go around claiming that they have “cut taxes” is to engage in the most deliberate and outrageous obfuscation — throwing dirt in the eyes of an American public. What Obama and the Democrats have done, in the course of running up $2.7 trillion in federal deficits and spending nearly 25% of GDP over the past two years, is to put checks in the mail to people who, for the most part, pay no income tax — meaning that these payments from the federal government out of borrowed money are indistinguishable from welfare checks. The Obama administration has not cut tax rates for real taxpayers and has no intention of doing so (with huge tax increases soon to take effect with the expiration of the earlier round of George W. Bush tax cuts).

But none of this stops Democratic Party stalwarts from playacting the part of favoring tax cuts. On CNN, California Senator Boxer made the laughable claim that she had supported “$1.2 trillion in tax cuts” through the stimulus bill — which would suggest that the entire stimulus bill, and more, was devoted to tax cuts. In fact, she began her interview with Wolf Blitzer in claiming she had supported $2.2 trillion in tax cuts.

Since Obama came to office in January 2009, the unemployment has risen from just under 8% to close to 10% — where it has stayed for the past year.  There has been a net loss of about 2.5 million jobs.  Even so, the Obama administration continues to claim that it has “created or saved” about 3 million jobs.  That is a meaningless metric, which is not based on any evidence.  It comes from plugging data on government spending into a Keynesian computer model and assuming (against a great weight of contrary evidence) that every dollar spent would provide $1.50 in economic growth and job creation.  It is merely a restatement of what the target was at the outset of the stimulus program, as opposed to an objective measure of what the program has actually achieved.

Read the whole thing.

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