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Source link: http://archive.mises.org/10410/obama-and-the-economy/

Obama and the Economy

August 6, 2009 by

Travel with me back to yesteryear, the early days of the Reagan administration, when taxes were being cut and spending increases were being curbed (actual spending cuts were few), and when journalists were losing their heads about the supposedly catastrophic state of the economy.

The prevailing ethos in those days in the White House was somewhat sensible. The idea was that the recession had to be permitted to run its course. The late-1970s inflation coupled with recession had wrought dollar depreciation plus high unemployment and high interest rates. These were part of the adjustment process. No one doubted it. FULL ARTICLE

{ 8 comments }

Borislav August 6, 2009 at 10:59 am

No matter how much vast majority of US media spin economics data and support Obama, reality is very much different.

Obama’s Approval Rating Drops on Economy Concerns
By Kristin Jensen

Aug. 6 (Bloomberg) — President Barack Obama’s approval rating is falling on concern unemployment is rising and the budget deficit will grow, a Quinnipiac University poll shows.

Exactly half of the registered voters surveyed from July 27 to Aug. 3 by Quinnipiac said they approve of the job Obama is doing, compared with 42 percent who disapprove. That’s down from 57 percent approval and 33 percent disapproval in a poll taken in late June, according to results released today.

Americans are upset about rising unemployment and worried that health-care plans making their way through Congress will add to the U.S. budget deficit, said Peter Brown, assistant director of the Hamden, Connecticut-based polling institute. The combination has helped drive down the president’s ratings.


http://www.bloomberg.com/apps/news?pid=20601087&sid=apHNO9NOUupo

Som August 6, 2009 at 3:00 pm

This can all be said in one word: Obamaganda!

Daniel August 6, 2009 at 5:15 pm

I am quite pessimistic, so I envision a second term won by “stay the course” poppycock

Pete August 6, 2009 at 7:46 pm

I have seen stories about the horrors of unemployment. The horrors of non-savers realizing their error in Elkhart and such.

The reality of unemployment is often different. The unemployed I encounter most are the layabouts, not working due to their distaste for the options at hand, rather than true lack of jobs.

Russ August 6, 2009 at 9:12 pm

@Pete:

The unemployment rate where I live, in the suburbs around Detroit in Michigan, is arond 17%. This is *not* due to people simply not wanting to work. It’s due to that fact that the companies in the area simply are not hiring right now. Yes, there are jobs in the area, but there are many more unemployed than jobs available.

Bruce Koerber August 6, 2009 at 9:27 pm

Education and Ethics
Monday, August 3, 2009

Is The U.S. Culture Just A Counterfeit?

What an embarrassment! The United States has become what it is down inside – a counterfeit culture. The States are united but only in the sense that they are subjects to the same overlord. The States do the bidding of the Union and have grown dependent like an addict on the flow of counterfeit money.

In a counterfeit culture the worth of contracts disappear. One of the great strengths of America was its protection of private property rights but this contract is fading away. As taxes increase it will become increasingly obvious that property owners are really only renters!

Obviously the currency is counterfeit. There is no restraint on its creation while its distribution is intended to redistribute wealth to those favored by the ones in charge. And speaking of the ones in charge – who are the ones who have counterfeited legislative circles around the Constitution and counterfeited themselves as the ones in charge?

Why is the Congress going along with all of this as if nothing is wrong even as we counterfeit our culture of freedom and liberty by militarizing the world and destroying those cultures by introducing counterfeit ideas about democracy. When politicians knowingly promise things that are fiscally irresponsible and which violate property rights and ethics are they not acting like counterfeits?

Banks and other industries are now just facades, counterfeits of their real selves. Education that teaches an agenda ordained by the counterfeiters rather than training people to investigate the truth is, guess what, counterfeit.

It is time to audit the Federal Reserve and to purge our culture of the counterfeiters!

Russ August 6, 2009 at 10:29 pm

Bruce Koerber wrote:

“It is time to audit the Federal Reserve and to purge our culture of the counterfeiters!”

Are you suggesting that abolishing the Fed will purge our culture of “counterfeiters”?

Bruce Koerber August 7, 2009 at 3:47 pm

Once the audit exposes the economic terrorism of the unConstitutional coup the purging process will continue as the victims of these economic terrorists will seek out the names of the members of the inner circle of the unConstitutional coup. These economic terrorists and their buddies will scurry about seeking to hide but as the refuges for these criminals dry up the hiding places will begin to evaporate too. This is part of what I mean by the purging of the culture of ‘counterfeiters.’

Another part is the exposure of Keynesianism as quackery. Those ‘counterfeit’ academics and their associated counterfeit institutions will also be justly disgraced and shunned.

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