Obama’s Big Government Economic Solution Has Failed!
“Obama’s big government economic solution has failed.” So says the statement from Americans for Limited Government (ALG) regarding the latest unemployment figures.
Americans for Limited Government President Bill Wilson today issued the following status on the worsening unemployment situation in the U.S., with the rate rising to 9.6 percent and underemployment rising to 16.7 percent:
“When the $862 billion ’stimulus’ passed, Barack Obama falsely promised that unemployment would not rise above 8 percent. It’s been 20 months since Obama took office, and unfortunately, it’s been 16 straight months where unemployment has been at or above 9.4 percent. All of this is evidence that Obama’s big government economic solution has failed.
“After over $2 trillion in fiscal and monetary ’stimulus’ the economy is stuck in a web. Unemployment is once again rising, growth is anemic at only 1.6 percent, and after three years housing still cannot find its bottom thanks to government propping up the market.
“The American people don’t want excuses, they want jobs. Now they want nothing more than government to get out of the way of the private sector. All the White House has to offer, with the statement of outgoing economic advisor Christina Romer, is ‘more spending’. More debt is not the answer. Expansive government is not producing more jobs, it is misallocating resources away from the private sector, and into government debt.
“Now is the time for enduring tax relief, including reducing the corporate tax rate, now the second highest in the world, and making the Bush tax cuts permanent. Now is the time to begin to reduce and retire the debt, bring an end to the useless paper trade that is costing Americans their livelihood, and get the government out of the housing, health care, and financial sectors of the economy. Government has had its chance. Now it’s time to let the people have theirs.”
Indeed! It’s time for the markets to do the work, but a lot of bad stuff will happen first. Debt will be wiped out and government will default on all the debt. That is the only thing that will get us back to a healthy economy.
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