Peter Ferrara writes at Forbes about the latest scandal out of Washington--how the Bureau of Labor Statistics apparently faked employment data to make it appear that the unemployment rate at dropped in September 2012, just in time to boost Obama's reelection prospects. In doing so, he also discusses why such shenanigans were necessary in the first place--that the economy is not recovering. Ferrara notes:
Notwithstanding his long-term optimism, he also observes:
That supposed drop in unemployment in September, 2012 was also wildly inconsistent with GDP growth at the time, reported as a meager 1.3% in the second quarter of that year, in long term decline from 1.6% over the first half of that year, 2% in 2011, and 2.4% in 2010. President Obama’s pitiful economic growth record has been only half of normal long term economic growth for America, and only a third or less of the historic growth from a deep recession, such as the Reagan recovery from the 1981-1982 recession.
The American historical record over the nation’s entire history has been the deeper the recession, the stronger the recovery. Too many people are giving Obama a pass on his disastrous economic performance because the recession was so bad when he entered office. That view is held predominantly among the low information voters who are literally clueless about the realities of the nation they live in. The severity of the recession was precisely the foundation for a booming economic recovery to come out of it, which the well informed Obama who does know that real American economic history was expecting. But Obama’s consistently anti-growth economic policies got in his own way, and prevented that recovery, which is still baked in the cake, and will break out spectacularly, once America is liberated from the current, Obama Democrat, economic repression.
America is suffering today from a rapidly gathering stock market bubble that is even more obvious than the housing bubble was in 2006, if not 2007. And with the appointment of Janet Yellen to head the Fed, President Obama is doubling down on the very same policies creating that bubble, and recreating the foundation for a much bigger financial crisis and crash than in 2008.
Moreover, the foolish flower child Obama/Kerry policies regarding Iran’s development of nuclear weapons are creating the foundation for a much, much ruder awakening one morning than on 9/11. More on these developing American tragedies in future columns.
Just remember, you were forewarned here of the lies you were being told during Campaign 2012. And you can now be forewarned here of even greater, developing American tragedies than that election, the greatest political error of the American people in history, is turning out to be.