Saturday, April 28, 2012

Obama's "Unprecedented" Recovery

Unprecedented indeed!

The U.S. economy grew at a rate of 2.4 percent since the second half of 2009, which hardly represents a comeback, Stanford University economics professor Ed Lazear said Wednesday.
“The problem is, this is not a recovery at all,” he said on CNBC’s “The Kudlow Report.” “We haven’t made up for the lost ground, and that’s unprecedented.”
So what is a sitting President with less than 50% approval for 32 months to do?
Send in Turbo Tax Tim to attack Mitt Romney's economist Glen Hubbard as a hack of course.
Responding to a Hubbard op-ed in the Wall Street Journal — which calculated that the president’s spending plans would require an 11% tax increase on people earning less than $200,000 a year — Mr. Geithner said, “That’s a completely made-up, remarkably hackish observation for an economist.”
Hubbard a hack?
Besides running a highly respected Ivy League business school, he was the chairman of President George W. Bush’s council of economic advisors. He also earned his Ph.D. in economics from Harvard.
Those definitely sounds like a hackish credentials to me. The bottom line?
This recovery is "unprecedented"...
Weekly jobless claims in April are running 20,000 ahead of March. That might mean next week’s employment report will be another disappointment. And over the eleven quarters of the Obama recovery, real GDP has averaged only 2.4%. Compare that to the postwar average of 4.5%, and the tax-cutting Reagan recovery of 6.1%.
Obama, Geithner, Holder and as many liberals as possible need to be run from office in Nov. Our future depends on it.

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