Just to add some additional perspective to Jim’s post on May’s rotten employment numbers…
We should recall that back during the dark days of 2009, when the economy seemed to teeter on the edge of the abyss, the Democratic response was a massive $800 billion stimulus package. All that cash was supposed to have made things much better by now, as this chart from Cato’s Dan Mitchell illustrates (click on the image to enlarge it). Except it hasn’t:
But before we jump up and down and lay all the blame at Mr. Obama’s feet, it is important to realize that, as Mitchell noted here, the current White House occupant is really just the latest link in the statist economic chain:
My problem with Obama is that he hasn’t fixed any of the problems. Instead, he has kept in place all of the bad policies – and in some cases made them worse. Indeed, I challenge anyone to identify a meaningful difference between the economic policy of Obama and the economic policy of Bush.
Bush increased government spending. Obama has been increasing government spending.
Bush adopted Keynesian “stimulus” policies. Obama adopted Keynesian “stimulus” policies.
Bush bailed out politically connected companies. Obama has been bailing out politically connected companies.
Bush supported the Fed’s easy-money policy. Obama has been supporting the Fed’s easy-money policy.
Bush created a new healthcare entitlement. Obama created a new healthcare entitlement.
Bush imposed costly new regulations on the financial sector. Obama imposed costly new regulations on the financial sector.
I could continue, but you probably get the point. On economic issues, the only real difference is that Bush cut taxes and Obama is in favor of higher taxes.
Some of my Republicans friends tend to forget these points. The only difference between Bush II and Obama is of degree, not kind.
A lot of degrees, to be sure. But when it comes to spending, there really has only been one party in Washington these many, many years…and its avarice knows no bounds.
