Obama changed the face of our economy for the worse

Discussion in 'Politics' started by Revmitchell, Oct 12, 2016.

  1. Revmitchell

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    Feb 18, 2006
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    Question: What do Hong Kong, Singapore, Chile, Ireland and Estonia have in common?

    Answer: They all have more economic freedom than the United States.

    According to the 2016 edition of the Index of Economic Freedom — compiled annually by the Wall Street Journal and The Heritage Foundation — America has matched its lowest global ranking ever at #11, its seventh decline in the past eight years. Measuring such factors as rule of law, regulatory efficiency, limited government, and open markets, they conclude, “The United States remains mired in the ranks of the ‘mostly free,’ the second-tier economic freedom status into which it dropped in 2010.”

    Many believe we’ve arrived at this state of affairs due to the nature America’s mixed economy—capitalism coupled with government controls—and its nexus with President Barack Obama’s eight years of collectivist ideas and policies into American life and the economy. The result: Obama and his administration have upset, perhaps in some respects irrevocably, the tenuous balance between private enterprise (free markets, productivity, entrepreneurial growth, etc.) and the countervailing winds of government coercion and intervention.

    Certainly one of the primary culprits in this dynamic is the blizzard of regulations imposed under Obama. As reported by Sam Batkins of the American Action Forum (AAF), the Obama presidency has implemented 600 major regulations—defined as regulations that have “an economic impact of $100 million or more”—and is on track to enact 641 major regulations before he leaves office. This figure shatters the 426 regulations under President George Bush and represents a new major regulation every three days—according to Batkins costing, “on average, $1.4 billion . . . With the possibility of 50 more rules, the lame duck tally could push this regulatory cost figure to $813 billion . . . more than the GDP of the Philippines.”

    Faced with these and other findings, Obama remains obdurate and combative—offering kingly declarations in response: “By almost every measure, we are better off than when I took office” and “Anyone claiming that America's economy is in decline is peddling fiction.” These assertions fly in the face of the numerous non-fictions he simply refuses to acknowledge: a labor participation ratenear a 40-year low (including a record number of women); his single-handed accumulation of more debt (at $19.5 trillion and counting) than every other president before him combined;46 million Americans living in poverty and nearly 50 million on food stamps; his presidency overseeing a record number of home foreclosures; as well as America’s credit rating downgraded for the first time ever . . . the litany goes on.


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