A Picture of the Obama Economy
During the Obama years, the federal government has borrowed and spent more than at any time in history. We were assured over the past several years that the borrow-tax-and-spend approach would create jobs and grow the economy. The promises were false.
As multiple economists have demonstrated, economic growth after the 2007-09 recession was much slower and weaker than after previous recessions. Defenders of those policies repeatedly claimed that the tepid economic growth was because the government hadn’t done enough. But those claims just aren’t credible when the government borrowed and spent more—much more—than at any time in history. The economy has improved very slowly, but millions of unemployed and underemployed Americans have simply given up looking for work, federal debt is outrageously high, lower-income workers are struggling, entitlement spending has ballooned, and the public has lost confidence in the government and this administration.
The only way to reverse this mediocre performance is to implement pro-growth economic policies that cut taxes—especially those taxes that discourage investment—reduce harmful regulations, and reform entitlement programs to not only encourage work but also provide a way for workers to set their own money aside in a personal retirement account.