No Thank You Obama

So now we know why Nancy Pelosi and Chuck Schumer  looked as if they were sucking on lemons during President Trump’s State of the Union address.  They wanted him to thank Obama for all the good economic news he was touting.

That’s why members of the Congressional (Democrat) Black Caucus could not bring themselves to cheer when Trump announced that the black unemployment rate was now the lowest in the history of our nation.

Most forget that the financial crisis that occurred from the housing bubble in 2008 was ended before Obama took office.  The recession that followed was made worse by his pathetic attempt to micromanage the economy.  This led to the nation’s weakest economic recovery in modern history.   And let us not forget the $800 billion dollars Obama fleeced out of we the taxpayers for those shovel-ready jobs.   I think it is safe to say that if that $800 billion had been spend as advertised, we would not have an infrastructure problem now.  In fact, many of our roads and bridges would be paved with gold.  

Yes, it’s true.  Most long-term economic trends were improving when Trump took office, but it had been a long, slow slog through this dreaded L-shaped recovery that left American wages flat.  While the economy was limping along, the average worker was still mired in recession.

This was completely predictable.

Let’s say that you are a corporate executive trying to decide where to locate or relocate your headquarters.   Should I put my business in a country with the highest corporate tax rate on the planet?  Should I put my business in a country that just kicked the bottom rungs out of the economic ladder by raising the minimum wage,  making it more expensive to train new workers?  Should I put my business in a country that is paying people more not to work, thereby making it harder to find workers in the first place?  Should I put my business in a country where I likely will be faced with more and more crippling regulations?  Should I put my business in a country that will take years to get through the red tape necessary to build a plant and even longer to deduct my expenses?  Should I put my company in a country where the cost of energy is high and likely to get higher with a war on oil, coal and even natural gas?

Sure, why not.

In your liberal dreams!

While Congressional Democrats want to thank Obama, anyone with an once of common sense is saying, “No thanks and good riddance!”

Meanwhile, American workers are just beginning to reap the benefits of the sound economic policy of President Trump. Wages in January were a full 2.9 percent higher than they were a year ago when Trump took office.  More than two and a half million workers have already received bonuses or salary increases or both due to the corporate tax cut that passed without a single Democrat vote.

Earth to Nancy Pelosi:  Those aren’t crumbs!

Let us not forget that by the end of Obama’s second term, the economy was decelerating  with the annual growth rate falling to 1.8 percent.   Had those policies continued, many economists were fearful of another recession.  Now it is roaring back.  The Atlanta Fed has estimated first quarter GDP to be 5.4 percent.   While that may be a bit high, it is not unreasonable to expect something in the four percent range.

And why not?  The upturn in business confidence that accompanied Trump’s election, led to increased business investment even before the tax cut.  Spending on capital goods accelerated sharply over the first three quarters of last year, growing at an annualized rate of 6.2 percent.  Furthermore, the investment in new plants, equipment and factory upgrades always leads to economic growth and job creation.

Job creation means a tightening labor market which leads to higher wages.  Higher wages leads to consumer confidence which leads to more consumer spending, which leads to higher economic growth.

Finally, we may begin to see the kind of economic growth that should have followed the last recession but didn’t because of Obama’s crippling policies.

It won’t be long before those long faces of the Democrats we witnessed at the State of the Union will become longer still as workers begin to see the effects of the Trump tax cut reflected in their take-home pay.

Then Americans of all political stripes finally will begin to give the credit to the man who really deserves it.  Thank you President Trump!

4 thoughts on “No Thank You Obama

  1. Under Obummer our economy was about as stagnant as “swamp” water. It took a real businessman to not only target the causes of stagnation but to give confidence to business leaders that soon results in advancing business activity. And don’t forget the reduction of oppressive regulations. President Trump has been, and still is, challenged with a do-nothing or do-something-wrong Congress.

    Using aviation as a simile, Obummer was behind the power curve where his wings’ angle of attack (regulations and controls) exceeded that necessary for takeoff and climb. The eventual outcome is running off the runway and dong extensive damage or crashing. Our competent aircraft commander, President Trump, while likely not a pilot (read Washington politician in this story), knew the proper touch on the controls and lifted the nose of our “economic” aircraft just enough to set our angle of attack to lift off the ground quickly, then climb, and if the recent history (one year of presidency) is any indication of his aviation skills, our economy aircraft will soon be soaring. It really pays who is in the left seat (aircraft commander). Up, up and away…!

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  2. Since you’re putting a spin on 2009, I’ll do the same

    The Great Recession, if not the financial crisis itself, was in full swing long after Obama took office, and I and many others were very scared of a general collapse.

    According to this website — http://www.ncsl.org/research/labor-and-employment/national-employment-monthly-update.aspx — the unemployment rate was at 10.3 in Oct of 2009 and didn’t get below 9 percent till Oct of 2011. With many companies teetering on collapse in the early months and years of Obama’s presidency, that was the time, per Keynesian economics and, I’d think, general common sense, to “prime the pump” with deficit spending. Regan did it to end not a financial crisis or “great recession” but a “regular” recession. But I’m bet my life against five cents you wouldn’t criticize him for the same move. But you never see your own cherry picking — you actually think you make sense.

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  3. Unsurprisingly, given his success as a businessman, Trump’s deregulation and trade and tax policies are improving the economy. At the opposite extreme, every socialist or communist nation on Earth has ultimately been a failure; Venezuela is the latest, horrifying example. And every Demoncrap-dominated city in the US is going downhill; Detroit has been virtually destroyed, and Newark, Baltimore, and Chicago are well along in the race to the bottom. San Francisco, with needles, garbage, and human excrement covering the streets, parks, and sidewalks, looks like some Central African hellhole. It is a “sanctuary” for criminals and parasites, but there is no sanctuary for honest, productive American citizens.

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  4. Trump’s “sound economic policy.” 900 billion deficit the first year under his proposed budget? If memory serves, you railed against Obama for traveling to Europe for state business, based on expense, for heaven’s sake, but give the Nut-job in Chief round of applause for willfully pushing us to bankruptcy for no apparent reason whatsoever.

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