Tuesday, August 16, 2011

Barack Obama's rotten luck

According to Barack Obama's version of our recent economic history, he had fixed the economy and reversed the recession, but then the economy was struck with bad luck that has nothing to do with his policies.
At a town hall meeting on his campaign-style tour of the Midwest, President Obama claimed that his economic program "reversed the recession" until recovery was frustrated by events overseas. And then, Obama said, with the economy in an increasingly precarious position, the recovery suffered another blow when Republicans pressed the White House for federal spending cuts in exchange for an increase in the national debt limit, resulting in a deal Obama called a "debacle."

"We had reversed the recession, avoided a depression, gotten the economy moving again," Obama told a crowd in Decorah, Iowa. "But over the last six months we've had a run of bad luck." Obama listed three events overseas -- the Arab Spring uprisings, the tsunami in Japan, and the European debt crises -- which set the economy back.

"All those things have been headwinds for our economy," Obama said. "Now, those are things that we can't completely control. The question is, how do we manage these challenging times and do the right things when it comes to those things that we can control?"
And the reason why the economy isn't growing now? Well, that is all due to those pesky Republicans who are playing politics rather than just voting for increasing the debt ceiling. Remember that the reason S&P downgraded us was because they didn't see sufficient efforts to address our national debt. Of course, if we'd followed Obama's preferred policies, there would have been no budget cuts to accompany the debt ceiling increase. He want simply a clean increase. But he doesn't want us to remember what he was saying just a few months ago. Just as he doesn't want us to remember how long the unemployment figures have been so bad and just blame it all on the tsunami and the Arab Spring and the European debt problems. Well, that's the job he sought. He was supposed to be the cool, composed leader who didn't freak out in 2008 when the market started tanking. He could face an emergency and bad luck.

We're still waiting for him to reveal his secret plan to cut our national debt. He promises to reveal it next month. Two and a half years into his presidency, it is about time. And forget about how he added to the debt in those two and a half years. I'm sure he'll be totally credible in addressing the debt, aren't you?

Unless he gets some more rotten luck somewhere in the world.