While Democrat strategist’s feel the pain as they try to prove Obama’s “economic recovery,” even fence-riding, faux-myth- bustin’ Bill O’Reilly gets it now – there is no recovery. See it in the explosive video below.
Most striking is that this weak growth follows everything that the Keynesian playbook said politicians should throw at the economy. First came $168 billion in one-time tax rebates in February 2008 under George W. Bush, then $814 billion more in spending spread over 2009-2010, cash for clunkers, the $8,000 home buyer tax credit, HAMP to prevent home foreclosures, the Detroit auto bailouts, billions for green jobs, a payroll tax cut for 2011, and of course near-zero interest rates for 28 months buttressed by Quantitative Easings I and II. [And] we’re probably forgetting something…
Imagine if President Obama had introduced his original stimulus in February 2009 with the vow that, 26 months later, GDP would be growing by 1.8% and the jobless rate would be 8.8%. Does anyone think it would have passed?
Most predictions for growth have fallen precipitously over the past several weeks as rising prices spooked forecasters. Economists surveyed by CNNMoney were predicting growth of 2.0% in the first quarter. But some estimates were as high as 4.3% just two months earlier.
Establishment economists and other economic cheerleaders were disappointed to learn that, despite the government’s best efforts to revive the economy through Keynesian interventions and stimuli, the GDP (Gross Domestic Product) for the first quarter of 2011 was half the rate of growth in the last quarter of 2010…
If the economy had been allowed to heal itself without all the anti-capitalist “attempts to revive” it, there is little doubt that these numbers and outlooks would be vastly different. But because Keynesian and interventionist ideology rules the day, the patient continues to be prodded, injected, manipulated, and “stimulated,” all of which is guaranteed to extend the recovery and the pain.
Bill O’Reilly with Democrat Strategists on No Economic TurnAround (video)