President Obama’s exhaustive claim of inheriting George W. Bush’s bad economy has a loophole. It started going bad when Democrats took over the House and Senate in 2007. If inheritance is a fair standard, then what will Obama leave to his successor? Ironically, a second-term Obama would be better off inheriting Bush’s economy again rather than his own.
Since taking office, unemployment is up, debt is up, poverty is up, commodity prices are up and homeownership is down. Disability enrollees climbed 19 percent faster than the number of new jobs created during his cronyistic “recovery.”
According to the Bureau of Labor Statistics, the unemployment rate in all 43 months of his presidency (9.4 percent average, solvency index of 19.6) decisively exceeds any single month of Bush’s eight years in office (5.3 percent average, solvency index of 7.4). His assurance of no additional deficit resonates $5 trillion later. His bamboozling ObamaCare legislation was constitutionally salvaged as a tax by the Supreme Court, contradicting his September 2009 statements on ABC that it wasn’t a tax.
An honest leader with the business experience this president lacks and the determination to stop the largest single tax increase in American history seems favorable to those whose “fundamental transformation” is economic illiteracy.
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