Wednesday, January 27, 2010

Obama Economic Policies Succeed In Spite of What the Right Says

To hear the right wing radicals tell the story, President Obama has been an utter failure. But the facts don't back them up. GDP is up, job losses are down. Unemployment is still unacceptably high, but employment always lags a recovery. So, it sounds to me like the only thing that is failing is the ability of the conservatives to tell the truth.

GM is stating they are paying back the $6.7 billion the taxpayers loaned them. The banking industry is paying back their bailouts.

That sounds like success to me. One bump in the road, President Obama is expected to announce a spending freeze tonight in the State of the Union. This is bad economic policy, in my opinion. This is what Herbert Hoover did and it lead to the Great Depression. I'm hoping all the criticism on this makes President Obama reverses course on the spending freeze.

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vomamike said...

That is good. It is the legal/constitutional areas that alas, he has fallen short.

Drew said...

I'm not sure if you can pin the great depression on Hoover. But I think it was a Republican Congress, with Republican ideas. But the President at that time and even now doesn't control the purse strings, or at least shouldn't. So everyone should stop blaming President Obama, since it was the Republican Congress who set up the Dominoes and Bush tipped over the very first one just before he left office!