Brian Domitrovic: Obama ... The Worst Keynesian EverRoundup: Media's Take
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
- This New York Times ‘Hitler’ book review sure reads like a thinly veiled Trump comparison
- Chicago Tribune editorial: The government should release secret grand jury testimony about its 1942 scoop: "Jap Plan to Strike at Sea"
- US owes blacks reparations over slavery: UN experts
- Mali Islamist jailed for nine years for Timbuktu shrine attacks
- Poland wrestles with its past — and present
- Annette Gordon-Reed tells historians the controversy over Harvard law school's shield is different from the fight over the Confederate flag
- Historian EP Thompson denounced Communist party chiefs, files show
- Voting opens soon for the leaders of the OAH in 2017
- A team of science historians are attempting to re-create recipes from sixteenth-century alchemy texts
- David Kennedy recalls his dinners with President Obama