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
- U.S. Textbook Skews History, Prime Minister of Japan Says
- Recalling a Film From the Liberation of the Camps
- Skull Fossil Offers New Clues on Human Journey From Africa
- Are crude conspiracies right? Research shows nations really do go to war over oil
- Famed SC civil rights protesters have convictions erased
- Columbia University professors Eric Foner, Alan Brinkley, and Alice Kessler-Harris to retire
- A powerhouse appropriations subcommittee is now headed by a historian: Republican Rep. Tom Cole (OK)
- Slavic scholars divided over a scholarship sponsored (and withdrawn) by Stephen F. Cohen
- Claire Strom to Step Down as Editor of Agricultural History
- Joan Peters’s legacy assessed by one of her fiercest critics, Norman Finkelstein