Having bungled his way into a “solution” for Syria, Barack Obama has decided to pivot (yet again) back to the economy.
Today he marks the 5-year anniversary of the Great Recession. It is supposed to kick-off a week of events focused on the economy. Obama's goal: Blame the Republicans. If you are upset that the economy hasn't recovered enough, that is because Republicans are blocking Obama's policies. And we cannot forget that this was all Bush's fault to begin with!
In other words, it's time for Obama to return to his familiar schtick of dividing America, blaming conservatives and promoting a victimization mentality.
With deadlines looming on the continuing resolution to fund the government and the debt ceiling, you can bet that we will hear shades of sequestration panic once again. Remember the unbelievably over-hyped PR campaign that Obama and the Democrats engaged in in order to scare the American people into believing that our country would virtually come a halt if we cut some miniscule amount of government spending? That could potentially look like child's play, if Republicans put up a fight to achieve their goals including the delay or defunding of ObamaCare.
What's interesting is that Obama is responsible for quite possibly the worst economic recovery in history, yet responsibility for this never seemed to stick to Obama himself in the poll numbers. But that appears to be changing. Recent polling from Pew Research Center finds that 52% of Americans now disapprove of Obama's handling of the economy.
This is for good reason. While the Obama PR machine can desperately try to tout this economic recovery as a success, it doesn't take a rocket scientist to understand what is really happening.
A column today by Jim Kuhnhenn really nails the reality of Obama's recovery:
“Despite job growth, the unemployment rate remains high at 7.3 percent. Though the rate has fallen, one of the reasons is because some people have dropped out of the labor force and no longer are counted as job seekers. The share of unemployed workers who have been unemployed for more than six months is more than double what it was in 2007 before the recession began. And the income gap between the very rich and the rest of the population is the biggest since 1928.
What's more, some banks that received government aid because they were deemed "too big to fail" are now bigger than they were in 2008, although they are smaller as a share of the economy than the largest banks in other big economies.”
The labor force participation rate is at its lowest in 35 years. Additionally, entitlements, food stamps and disability payrolls are at record highs. One out of every five children in America is living in poverty. There remains fewer Americans working today than when Obama took office in 2009, despite population growth. And a new report from the White House says, “Only 45 percent of wealth lost during the recession has been recovered, and many of the hardest hit households did not benefit as much from the rebound in [Wall Street] financial assets prices.”
Coming off the heels of his embarrassing handling of the crisis in Syria, it will be interesting to see the public reaction to his latest pivot back to the economy. I get the impression that people are tuning Obama out, as his credibility continues to decline on all fronts. The fact is that he hasn't proposed anything new to get our economy growing. He maintains that more government spending and higher taxes is a recipe for economic success. You could argue that his prized ObamaCare encapsulates both: ObamaCare spending has soared from original estimates, it imposes taxes and penalties on individuals and businesses and burdens Americans with big-government regulations – And look at how ObamaCare is effecting our economy. Now apply that on a broader scale and that is essentially the Obama Economy. It's no wonder our economy has stalled.