Brian Domitrovic: Obama ... The Worst Keynesian Ever
Brian Domitrovic is a Forbes contributor.
The president is bent on raising taxes big time, if not on January 1, when all sorts of rates are scheduled to go up, then shortly thereafter as the new, more Democratic Congress convenes to do its damage.
The rationale? The deficit is getting out of control. Indeed it is. Since January 2009, when Obama took office, the United States has run cumulative budget deficits of $5 trillion. Before that time, debt held by the public was $6.3 trillion. Now it’s $11.4 trillion, an increase of 80%.
What did we get for it? Growth of 1.5% per year. As it happens, the over the eight years of President George W. Bush, the economy averaged 1.6% economic growth, and the cumulative deficit was $2.4 trillion. Obama has more than doubled the W. deficits, while coming up short a tenth of a point of growth. What a horrible record...
comments powered by Disqus
- Priests race to save manuscripts from jihadists in Iraq
- Where Mud Is Archaeological Gold, Russian History Grew on Trees
- Conflict Uncovers a Ukrainian Identity Crisis Over Deep Russian Roots
- Heirs Claim Bank Made Off with Nazi-Looted Art
- Add the University of Virginia to the list of universities actively confronting their association with slavery
- Stanley Kutler’s book on Nixon Watergate abuses has been turned into a show on the web
- China bans books by pro-Hong Kong historian who retired from Princeton
- Fordham Historian Lambasts ‘Shabby Treatment’ In Row Over Israel Boycott, Vows to Continue Fighting Anti-Semitism
- George Mason's digital history program is 20 years old -- and celebrating
- Watergate researchers can now see the materials — including tapes — Len Colodny used in writing "Silent Coup"