Obama made a huge ecnomic policy speech in Ohio today. He reiterated much of his Keynesian stump speeches from the last four years. Then he gave a clear, unintentional endorsement of Mitt Romney. Obama said “If you want to give the policies of the last decade another try, then you should vote for Mr. Romney”.
Obama’s self-delusional miscalculation is that he thinks things are better now than they were 6 years ago. In fact, Democrats in the House and Senate might really want Obama to just shut up now. Let’s consider the “polices of the last decade”.
When Pelosi/Reid took over Congress, they inherited a 4.4% unemployment rate. At the end of 2008, it was 7.3%. The last time unemployment was under 8% was January, 2009.
Since 2002, George W. Bush had 27 months of unemployment under 5%. Obama had one month, his first in office, with unemployment below 8%.
The last month Republicans controlled the House and Senate, December 2006, unemployment was at 4.4%. The last month Democrats controlled the House and Senate, December 2009, unemployment was at 9.9%.
In fact, Obama has a job growth chart that he loves to show (right up until May) that shows jobs lost and gained. But he only shows it since 2008. I’ve included the graph below since 2001. Note the correlation between job growth and who controls Congress.
Obama has attempted to hit Romney on job creation by saying Romney’s state was as low as 47th in job creation. But what Obama does not mention is that at that point Massachussetts already had 4.7% unemployment. It would be the equivalent of saying LeBron James is short because he grew fewer inches than any fifth grader this year.
While Obama cheers an unemployment rate that has dropped to 8.2%, real unemployment remains at about 14.5%. This rate includes people who have dropped out of the workforce and people who have taken interim under employment.
The last time the deficit was under $1 trillion was 2008. The last time the deficit was under $500 billion was 2008. In fact, even adjusted for inflation, you would have to add up all of Bush’s deficits going back through 2004 to equal one of Obama’s. The last time we had a monthly budget surplus? September, 2008.
The message from Obama was clear. If you want 4.4% unemployment, you need to elect Mitt Romney and Republicans to the House and Senate. If you want deficits under $500 billion per year, you need to elect Mitt Romney. If you want unemployment at 9-10%, give Pelosi/Reid control over Congress. If you want another four years of trillion dollar deficits and unemployment over 8%, re-elect Barack Obama. If you want the policies of the last decade when we had a record number of months of job growth, then do what Obama said. Vote for Mr. Romney.
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