Wednesday, July 25, 2012

The sinkhole in Obama’s head

The president’s ignorance of economics, including the impact of fiscal and tax policy, is like a large cavity in the earth, the surrounding walls of which keep crumbling, making the hole even bigger. His cluelessness is metastasizing, and is likely to gobble up his presidency.

Peter Ferrara at The American Spectator delves into Obama’s personification of the adage that insanity (and I think this also generally applies to stupidity and ignorance) means doing the same thing over and over and expecting a different result.
[E]conomic recovery and growth are not based on increased government spending, deficits and debt, a fallacy that Wall Street Journal senior economics writer Steve Moore has rightly labeled "tooth fairy" economics. That is because the money for such spending needs to come from somewhere, and so drains the private sector to the extent of such increased government spending, leaving no net effect at best.

What drives economic recovery and growth are incentives for increased production, as Reaganomics proved. Obama's assault on such incentives by raising virtually all federal tax rates this January 1 is why trillions are sitting on corporate and bank balance sheets, and America is suffering a capital strike and capital flight. If demand was inadequate, prices would simply fall to clear the market. The result would not be the perpetual stagnation and depression we have seen under Obamanomics.
Really, we can’t afford four more years under a man who, putting things in even the most charitable light, can best be described as a sort of not-particularly-bright presidential apprentice. And I’m hoping that the American people will firmly reject the prospect of another term of Epic Suck this November.

Update: Why is this man smiling?


RebeccaH said...

I find Obama's vast ignorance of economics, history, and human nature more frightening than anything, because it suggests to me that he has never been in charge at all. There is some malevolent cabal behind him (*cough* Valerie Jarrett and co.*cough*) who are equally as oblivous, but who are far more cunning and ruthless in their tactics. I know this sounds like conspiracy-mongering, but in light of this bizarre presidency, what is one to think?

Paco said...

Jarrett's counsel is so bad, so tone deaf, that I'm beginning to think she's a deep cover Republican agent.