Society Pays for Big Government
“It is undeniable that the Recovery Act helped every single state represented in this room manage your budgets,” Barack Obama said, describing how he helped respective governments in remarks to the National Governors Association.
But he wasn’t able to say a word about helping society. Because a record number of Americans are unemployed and in poverty, unable to manage household budgets under Obama’s government.
Central Banker Says Obama Recovery Fails
Testifying in a semiannual report to Congress, Federal Reserve Chairman Ben Bernanke explained how Barack Obama’s plan will continue failing American society through the 2012 election.
Following the loss of about 8-3/4 million jobs from early 2008 through 2009, private-sector employment expanded by only a little more than 1 million during 2010, a gain barely sufficient to accommodate the inflow of recent graduates and other entrants to the labor force. We do see some grounds for optimism about the job market over the next few quarters, including notable declines in the unemployment rate in December and January, a drop in new claims for unemployment insurance, and an improvement in firms’ hiring plans. Even so, if the rate of economic growth remains moderate, as projected, it could be several years before the unemployment rate has returned to a more normal level. Indeed, FOMC participants generally see the unemployment rate still in the range of 7-1/2 to 8 percent at the end of 2012. Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established.
From Change, Back to Normal
Let’s get this economic talk straight: Bernanke says unemployment at the end of 2012 will be higher than what Barack Obama predicted without his $821 billion recovery (see figure).
Americans are right to say Barack Obama is doing a bad job handling the economy. In twenty months they’ll be able to return to Bernake’s definition of normal – back to American society’s tradition of success, with enough damage done by Obama’s wild-eyed vision for government change.
Chairman Ben S. Bernanke, “Semiannual Monetary Policy Report to the Congress,” Board of Governors of the Federal Reserve System, March 1, 2011.
Barack Obama, “Remarks by the President and the Vice President to the National Governors Association,” The White House, February 28, 2011.