rightwinger
Award Winning USMB Paid Messageboard Poster
- Aug 4, 2009
- 285,189
- 157,904
The GOP said Obamanomics would kill the economy. It didn t. Now what - The Week
The GOPs messaging is built around blaming President Obama's progressive policies — the Affordable Care Act (aka ObamaCare), the Dodd-Frank overhaul of the financial regulatory system, energy regulation, tax hikes on the rich — for the weak economic recovery. Some Republicans have gone even further in the past six years, predicting just-around-the-corner catastrophe — soaring interest rates, rocketing prices, a collapsing dollar — due to "Obamanomics."
Such apocalyptic forecasts look silly in retrospect. The dollar is at a nine-year high, interest rates remain low, and inflation is still well below the Federal Reserve's 2 percent target. The only thing that has collapsed is the annual U.S budget deficit, from nearly 10 percent of GDP in 2009, to under 3 percent last year. One reason: Non-defense discretionary spending is headed toward its lowest levels in modern history
.
The GOPs messaging is built around blaming President Obama's progressive policies — the Affordable Care Act (aka ObamaCare), the Dodd-Frank overhaul of the financial regulatory system, energy regulation, tax hikes on the rich — for the weak economic recovery. Some Republicans have gone even further in the past six years, predicting just-around-the-corner catastrophe — soaring interest rates, rocketing prices, a collapsing dollar — due to "Obamanomics."
Such apocalyptic forecasts look silly in retrospect. The dollar is at a nine-year high, interest rates remain low, and inflation is still well below the Federal Reserve's 2 percent target. The only thing that has collapsed is the annual U.S budget deficit, from nearly 10 percent of GDP in 2009, to under 3 percent last year. One reason: Non-defense discretionary spending is headed toward its lowest levels in modern history
.