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Obama and the Destruction of America's Economy

President Obama is the stock market's worst nightmare.  A few weeks before the November 2008 election, when it became evident that Obama might win, big money began to leave the stock market in search of safer homes — such as gold or silver.  Or Switzerland.  The Dow lost 1,342 points between the November 4th election and November 13.*  The investors on Wall Street know what socialism can do to large companies, and they expressed their disapproval.

Obama's grandiose plans to spend trillions of dollars on laundry list of liberal politicians' projects has made the situation far worse.  (See Pork products in the bailout bill and in the stimulus bill.)

If Mr. Obama was in fact an enemy saboteur, trying to do everything possible to wreck America's economy, what would he be doing differently?  Not much.  This is even more disturbing because we know the Barack Obama is a man with a mysterious past, he used to be a "community organizer", that is, an anti-capitalist troublemaker, he apparently hates America, and he is gradually weakening America's defenses.

Subsections on this page include:

Obama's self-inflicted economic collapse

Nationalizing the banks

Obama opposes capitalism

Massive spending and the fast track to socialism

Tea parties and other organized rejection of Obama's plans

    ... including town hall meetings

    ... where we are getting a taste of the Obama thugocracy.

    Which side is using "astroturf?"

    Town hall meetings by phone

A few words about FDR's New Deal

The use of AIG as a scapegoat

 

On other nearby pages:

Obama's War on Coal

The use of the EPA as a weapon against the coal industry

A few words about Obama's latest budget proposal

A few words about last year's budget proposal

Lies about job creation and stimulus money

Nationalizing General Motors and Chrysler

Cash for Clunkers

EPA vs the Pebble Mine

Obama studied Black Liberation Theology at the TUCC.

Obama was seen as a big spender long before the presidential election.

Obama spends our money on himself.

Obama's proposed 2012 budget.

 New:  Calls for Obama's impeachment.

Obama's self-inflicted economic collapse

DHS: Obama Gave Work Permits to 2.3 Million Migrants for 2016.  The Department of Homeland Security has released data showing how former President Barack Obama gave work permits to roughly 2.3 million migrants for U.S. jobs in 2016.  The award of 2.3 million work permits was added to the 2016 inflow of roughly 1.1 million new legal immigrants and roughly 500,000 outsourcing visa workers, such as the H-1B white-collar workers.  The combined inflow delivered 4 million legal foreign workers to Americans' economy in 2016, just as 4 million young Americans turned 18 and began looking for decently paid jobs.  From 2012 to 2016, Obama boosted this little-recognized work-permit inflow by 73 percent, from 1.3 million to up 2.3 million.

Trump axes 860 Obama regulations, 179 from 'secret' list.  White House Budget Director Mick Mulvaney accused the Obama administration Thursday of keeping a "secret list" of proposed regulations during Mr. Obama's eight-year regulatory onslaught against businesses, and touted President Trump's rollback of more than 800 Obama-era rules and proposals.  Of the 860 rules or proposed rules that the Trump administration has killed, 179 came from what he called Mr. Obama's "secret" list.  As Trump aides combed through the books, they found pending proposals that included rules on hardwood plywood research and new requirements for contamination control in cattle slaughter operations.

Withdrawal from the Paris Accord is a Win for America.  For starters, the Paris Agreement should have never legally been allowed to happen in the first place.  Article II, Section 2, Clause 2 of the United States Constitution says, "[The President] shall have power, by and with the advice of the Senate, to make treaties, provided two thirds of the Senators present concur..."  The founding fathers incorporated this clause into the Constitution because international treaties are legally binding on our nation and future Presidents.  No president should enjoy such a monarchical type power, but it seems that President Obama believed he alone should.  President Obama ignored this constitutional requirement in an unsurprising move, and circumnavigated the Senate by writing the agreement into law through a series of executive actions.  His administration knew that the agreement would not pass with a two-thirds vote in the Senate.

Yes, President Trump Can Undo Controversial National Monuments.  [Barack Obama] was the king of Antiquities Act abuse, designating more monuments covering more area than any prior president.  He tripled the total area restricted, adding more than 500 million acres in new and expanded monuments.  Most of this area was locked up during the last year of Obama's presidency, once he was no longer accountable to voters.  There's a reason presidents designate "midnight" monuments at the end of their terms:  they can be extremely controversial when people depend on the use of areas being closed off to support their families.  Take Bears Ears National Monument.  In the final weeks of his presidency, President Obama declared 1.35 million acres in Utah off-limits, over the objections of the governor, Utah's congressional delegation, and local governments.  Shortly before, a poll found that only 19% of Utahans supported the monument.

Trump is reviving the energy industry Obama tried to kill.  Buried in an otherwise humdrum jobs report for March was the jaw-dropping pronouncement by the Labor Department that mining jobs in America were up by 11,000 in March.  Since the low point in October 2016 and following years of painful layoffs in the mining industry, the mining sector has added 35,000 jobs.  What a turnaround.  It comes at a time when liberals have been saying that Donald Trump has been lying to the American people when he has said that he can bring coal jobs back.  Well, so far he has.

Obama was terrible for economic growth.  On Thursday we closed the book on the Obama economic "miracle" — and it's a miracle we are not in a recession.  Last week the Commerce Department released its third revision for fourth-quarter 2016 gross domestic product.  The number came in at a paltry 2.1 percent, meaning that growth during President Obama's final year in office — the end of an "Error of Hope" — landed with a big thud at just 1.6 percent.  That low-water mark puts the Obama presidency in last place among all the post-World War II presidents when it comes to economic growth.

New Analysis:  Obamacare Regulations Drove Up Premium Costs by Up to 68%.  Until recently, the House was scheduled to vote on the American Health Care Act, the GOP leadership's proposal to repeal and replace parts of Obamacare.  That vote has been called off.  While the American Health Care Act would have repealed some Obamacare regulations, the bill does not go far enough.  Obamacare caused premiums to rise for various reasons, chief among them being the vast new regulations the law imposed on insurance markets.  A new analysis from Milliman backs this up.  The study provided estimates of the average impact that various Obamacare regulations had on premiums.

A Surge In Optimism After 8 Years Of 'Hope-n-Change'.  We've been cataloging the sharp upturn in optimism since Donald Trump won the November election, and the Business Roundtable has just added a new one to the pile.  Not that you'd know about from the endless media dirge.  The Business Roundtable survey of 141 CEOs — of some of the largest companies in the country — not only found these chief executives more optimistic, but made clear why:  Trump's victory in November and the promise of relief from the anti-business agenda of the Obama years.

Democrats need to help fix the Disastercare they created.  Remember how for years after President Obama first got elected we had to hear all about how Republicans destroyed the economy?  They had driven the car into the ditch, the president complained.  Republicans were standing around, drinking their big Slurpee, Mr. Obama would add, laughing at his own unfunny joke.  It was entirely up to him and the Democrats, he would say, to get America's car out of the ditch.  And then Republicans had the audacity to want the keys back!  As with just about every other thing the former president said, it was pretty much a complete lie.

Obama, Organizing for Action, and the Death Throes of the Democratic Party.  Obama is no fool and he understands — having encouraged Black Lives Matter and the war on police and law enforcement, having facilitated ballooning welfare rolls and doubling student debt to $1.35 trillion, having presided over a flood of immigrants illegally crossing the southern border, and having pushed unprecedented deficit spending that added nearly a trillion dollars annually to the federal debt and doubling that debt in eight years to $20 trillion — that the U.S. is nearer collapse than at any previous time.  And every Marxist knows that socialist transformation first requires collapse of the old order.  Obama has not only been trained in Saul Alinsky's Rules for Radicals, but he's familiar with the "crisis strategy theory" of Richard Cloward and Frances Fox Piven, two neo-Marxists who taught at Columbia University, where Obama later studied.

Thank You, Obama:  U.S. Steadily Lost Ground On Economic Freedom Over Past 8 Years.  The U.S. currently ranks a dispiriting 17th on the Heritage Foundation's Index of Economic Freedom.  That's down from 6th when Obama took office in 2009.  The question isn't whether President Trump can turn this dismal trend around, it's whether Democrats will let him.  The Heritage Foundation has been publishing this index since 1995.  It measures things like property rights, fiscal health, business freedom, tax burden, government spending, rule of law and other indicators of economic freedom in 186 countries.  Based on these, each country gets an overall freedom index score, which then can be ranked against other countries.

The Cost Of Regulatory Compliance: $20,000 For Every American Worker.  [Scroll down]  One direct implication from these soaring compliance costs and the heightened pace of government regulation, is that the US has become, in relative terms, a harder place to start a new business, which may also explain why the bulk of, if not all, job additions under Obama was in minimum-wage, part-time and other low-paid service jobs, leading to a record number of multiple jobholders in recent months.

Obama pushed $157 billion in 'midnight regs,' a year's worth in two months.  Former President Obama made good on his effort to tie President Trump's hands with new regulations, adding $157 billion in new rules from Election Day to Inauguration Day alone.  A new report from American Action Forum, which charts regulations, said that the administration published a full year's worth of new rules in just two months.

The Craziest Regulations in the Obama Era.  The Obama administration set a record by issuing 97,110 pages of regulations for nearly 4,000 new federal rules, at an estimated cost of nearly $350 billion.  Rules such as the Obamacare employer mandate and the Environmental Protection Agency's regulations over power plants and rivers, streams, and ponds are well known, and reflect the expansion of the federal bureaucracy.  But lesser known rules shed light on the size and scope of the government, as well.

The Case for Scott Pruitt to Serve as EPA Administrator.  Of all the agencies that need to be reined in, the EPA is one of the more urgent cases.  Founded in 1970, the EPA is relatively young but has already become one of the most burdensome agencies.  In recent days, the EPA has lost cases in court and even turned the Animas River orange in a completely preventable incident where acid mine waste contaminated the water.  The regulations the EPA places on American businesses means that companies are made to comply with esoteric, everchanging law.  To stay afloat, companies need to spend money on lawyers who can help them navigate through the thicket of regulations.  Combine this with a corporate tax and it becomes clear that America is not the most compelling place to have a flourishing business.  Confronted with this fact, American businesses have a choice.  They can stay and hemorrhage money in order to stay abreast the regulations; productivity will decrease as workers will be laid off so lawyers can be afforded.  Or they can take the more rational approach and relocate their operations to other countries with little to no regulations of this sort.

Putting An End To Obama's Economy-Destroying Regulatory Siege.  Yes, Congress passes many of the laws that make these regulations possible.  In 2016, Congress passed 211 laws, which is pretty impressive given that the House was only in session for about 111 days.  Even so, Obama's bureaucracy in 2016 laid on another 3,852 new federal regulations, without any input from Congress, adding billions of dollars of cost to U.S. businesses and consumers.  At year-end, the Federal Register totaled 97,110 pages — up from 80,260 just last year.  It's a massive tidal wave of new regulation and, economists agree, a major reason why the economy continues to struggle.

U.S. Debt Grows by a Trillion Dollars in 2016.  The latest numbers from the U.S. Treasury say the United State's federal debt has risen by a trillion dollars in President Obama's final year in office, while Republicans controlled both the House and Senate. [...] To put the number in perspective, in order to spend one trillion dollars, you would have to spend ten million dollars a day, every day for 273 years.

Obama Publishes $7.4 Billion Worth Of Regulations In One Night.  The Obama administration is busy pushing out last-minute regulations, including releasing $7.4 billion worth of new rules in just one night.  Sam Batkins, director of regulatory policy at the right-leaning American Action Forum (AAF), compiled a list of regulations published Wednesday night [12/28/2016] in the Federal Register.

Let's Send Him Out With a Laugh.  There was the administration's wink-and-a-nod to an atrocious UN resolution condemning Israeli settlements in the West Bank, a betrayal of an ally which was sharply condemned on a bipartisan basis and repudiated almost immediately by our British friends. [...] More locally, there was the Bacchanal of regulations unleashed by the administration — the total for 2016 ended up being 3,853, which comes to an average of 18 for each of the 211 laws passed by Congress during the year, and an astonishing 97,000 pages added to the Federal Register.  Estimates of the economic effect of those regulations run easily into the tens of billions of dollars.  And naturally, there was the stuffing of the federal employment rolls with as many partisan hacks as possible in an effort to poison the incoming administration with hostile bureaucrats.  Not to mention the last-minute lawsuits Obama is having his agencies cook up in order to punish businesses his administration disfavors.

Full Site..Time for a Drink

http://www.akdart.com/obama12.html

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jtdavis posted:

The first sentence of your post set the tone for the rest of it. Obama was the stock markets worst nightmare. Tell us why the market was 7,000 when he went in office and was 18,000 when he left. 

Your last sentence, should read conservative republicans will believe any lie if it suits them.

Dow: 19,827.25, +94.85, (+0.48%) Jan 20, 2017

Today  22,011  + 152.84

Trump is the reason for the rise in the Market, not mobarry.

Read half of the thread and tell me then how you feel your boy.

NEW YORK (CNNMoney.com) -- Stocks fell sharply Wednesday, with the Dow sliding as much as 513 points, as Barack Obama's historic victory gave way to renewed worries about the struggling economy. November 5, 2008:

http://money.cnn.com/2008/11/0...ets/markets_newyork/

 When President Obama took office on Jan. 20, 2009, the Dow Jones Industrial Average (DJIA) slumped to 7,949.09, the lowest inaugural performance for the Dow since its creation.

Folks, give credit where credit is due; it weren't the politicians who created the sky-high stock market. The Federal Reserve should get the credit for the rise and should get the blame when the bubble bursts. Interest rates are so low money flowed to the stock market. Also growth in foreign markets for products made overseas by US owned companies also helped the stock prices.

I am surprised that the market is still rising though; I thought that we should have hit the ceiling by now and the market should be crashing by now. I guess the effect of curtailing the socialist regulation-nation pattern is having an effect. Also the furrin' negative interest rates might also have something to do with the US markets as well. 

Obama gave us the 1.8 percent average GDP for the last 8 years -- the worst recovery in over 100 years. 

The market is rising partially on expectations and, partially, on reduction in regulations and rising supplies of NG and gas.  

The tax reform is absolutely necessary.  Get the corporate income tax down to 15 percent to lure companies back to the US and encourage others to stay, or be incorporated.  Plus, perhaps, a 12 percent one time tax on the $2.5 to $3 trillion in overseas profits sitting in banks in the Caymans and other tax havens.  

 

Kraven posted:
Is Barry responsible for that 8 year GDP or was that American
engine just idling, waiting for an acceleration from an American
who wanted to rebuild our country, not destroy it.

Obama was responsible for the miserable recovery.  Regulations, obstacles to developing oil, spending trillions with nothing to show for it, high taxes, Obamadon'tcare, and much more. 

jtdavis posted:

To all y'all Obama bashers. This is what happened. When Bush Jr took office in 2001, one of my retirement accounts had 33 or 34 thousand in it. When Obama took office in 2009, it was down to 12,000, when I retired in 2013 (4 years) it was up to 24,000. This is facts, not some alternate facts.

Not everyone understands the Market as well as you.

 

Kraven posted:
jtdavis posted:

To all y'all Obama bashers. This is what happened. When Bush Jr took office in 2001, one of my retirement accounts had 33 or 34 thousand in it. When Obama took office in 2009, it was down to 12,000, when I retired in 2013 (4 years) it was up to 24,000. This is facts, not some alternate facts.

Not everyone understands the Market as well as you.

 

Ha!

FWIW, a number of economists are concerned China may be the next bubble to burst, rather like Japan's .

http://www.dailymail.co.uk/wir...crash-hit-China.html

Nuclear war because of the Norks concerned many.  Personally, I'd be more concerned of a nuclear war between India and China, with Pakistan thrown in for good measure.  China built a road towards the Doklam pass.  It appears to be a logistics road, rather than just for trade.  China has claimed the Indian state of Arunachal Pradesh, as well as other northeastern states such as Sikkim and Assam.  Those areas are heavily populated with Tibetans.  Troop buildups have gone on for months.  China's threatened to invade the Kashmir, which they claim, as well.  India has threatened to cut off China's oil which must pass thru the Indian ocean from the Persian Gulf.    Traditionally, when a dictatorship has internal economic problems, they start wars to distract the populace. 

That will give people something to worry about.

jtdavis posted:

I don't understand the market, that is what happened to my pocketbook. I understand it better. I do know the market went from 7,000 to 18,000 under Obama.

And roosters crowing wakes up the sun to go to work. Both political parties tend to use the correlation of who's in office when things happen as proof that their policies work or their opponents didn't. It's best to dig a little deeper because for both good and bad laws there is usually a bit of a lag time from when they're enacted until the full effect is seen. The "Great Society" policies are a little over 50 years old and I don't think we've seen the full effect yet.

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