Wednesday, September 8, 2010

Bad Economic Policies, Not Time Prevent Economic Recovery


The MSM would have you believe that the economic problems our country is facing, including the non-existent “Summer of Recovery”, is the fault of former president Bush and his Republican Congress. However, if you take a look back at the state of the economy while the Republicans controlled both houses of Congress and President Bush was in office you would notice a startling contrast to the present.  The media fails to recognize that Democrats have been in control of Congress for the last 4 years, starting when the economy was still strong, and that the current President has been shaping and enacting economic policy for 20 months.  

During these last almost two years that Democrats have been in complete control of the federal government, the economy has not improved, but has continued to worsen.  When Democrats took over Congress in 2007, unemployment was at 4.4%.  In the past twenty months,  unemployment increased to 9.6% and the federal deficit ballooned to a previously unheard of 10% of the GDP with the Congressional Budget Office predicting the deficit to hit 90% of GDP under Obama's policies and spending. 

This week the Administration announced their proposal for an additional $50 Billion economic stimulus bill, focusing on infrastructure and transportation projects.  They also confirmed that Americans face the largest tax hike in history on January 1, 2011.

Supporters of the President attempt to argue that he and his economic advisors didn’t fully comprehend the economic turmoil facing the country and that 20 months is simply not sufficient time to turn it around.  In fact, when you look at the President’s actions and record, he has accomplished far more than most Presidents in their initial two years.  He has enacted several massive “reform” bills, almost a Trillion dollars in one spending bill, over 14 tax increases on the American people and extended unemployment benefits to 99 weeks.

It is not that President Obama or the Democrat Congress has not had enough time or not done enough for our economy, it is that he has done the wrong things to get our economy back on track.  What we need is not more spending, more taxes and more stimulus by the federal government.  We can look through history to see what increased government intervention and anti-free market policies do to the US economy.  It prolonged the Great Depression by an added 7 years.  

We need fiscal accountability from government, a spending freeze and tax breaks for small businesses. Such alternatives are being proposed by business leaders, economists and Republican lawmakers, but are falling on deaf ears within the Democrat majority and Presidency.  

There are proven solutions to our economic woes; however, the Administration continues to ignore them and promote down the path of expanding government and the federal deficits to the detriment of the American economy and future generations of citizens. 

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