The May jobs report shows that our economy’s slow growth is getting slower and Republicans are suggesting this proves the president’s economic policies are failing. I couldn’t agree more.
The president has allowed corporate interests and Republicans to run roughshod over American economic policy and the affects have been slow growth. This includes the following:
Using corporate tax cuts as a method of economic stimulus.
“Company profits … increased at an 11.7 percent annual rate from the previous quarter and were up 14.8 percent from a year ago.” – CBS News
Continuing the Bush tax cuts.
“Federal taxes as a share of gross domestic product were at their lowest level in generations.” – Bruce Bartlett in New York Times
Failure to implement public option in health care reform.
“CBO estimates for liberals’ preferred version of the public option that show $85 billion more in savings than for the version the Blue Dogs prefer.” – National Journal
Buying into the “Job Creators” argument which allows the rich like Mitt Romney to pay a tax rate lower than the average American.
“Millionaire entrepreneur and venture capitalist Nick Hanauer puts it this way: “An ordinary middle-class consumer is far more of a job creator than I ever have been or ever will be.” – Center for American Progress
Allowing states and the federal government to cut massive numbers of public sector jobs, costing the country more than a million jobs and reducing the GDP by 0.78 percentage point in the first quarter of 2012.
“Typically, the government offers a base level of support” when the economy is weak, says Scott Brown, chief economist at Raymond James & Associates. “In this case, the government is actually contributing to the weakness of the recovery.”
Continuing two costly wars.
“The wars in Iraq and Afghanistan have contributed to the U.S. having severe unsustainable structural imbalances in its government finances.” – Max J. Rosenthal in Huffington Post
The truth is Barack Obama isn’t even remotely close to the radical socialist that Republicans love to portray him as. Heck, he’s hardly even a liberal, but regardless of who is sitting in the Oval Office next January the reality is that we live in a global economy, and blaming one person or even one party for our current economic situation is asinine.