President Barack Obama delivered to America the worst economic performance of any president in modern times, and in return, America delivered to him a second term.
I could rant endlessly in this column about how in 2007 Obama promised health-care reform that will contain middle-class insurance costs, but instead raised their insurance costs in order to create universal health care, a massive wealth-redistribution scheme.
Or, how Obama promised a giant stimulus package that would focus on “shovel ready projects” that would rebuild our physical infrastructure for the next 50 years, but instead delivered the largest pork–laden spending spree in history. As a stimulus package, it was terribly ineffective. However, as candy for traditional Democratic constituencies, it was sweet indeed.
But such rants would only rehash old debates. Instead, I will focus on macroeconomic facts, many from the White House’s Office Of Management and Budget (OMB).
All four of Obama’s annual budgets produced historic deficits as a percentage of gross domestic product, according to the OMB table 1.2: 2009 – 10.1%; 2010 – 9.1%, 2011 – 8.7%; and in 2012 – 8.5% (estimated). Excluding the World War II years, these are the four highest deficits in modern American history. Read more »