Economy: Third-quarter GDP was yet another big disappointment. If the country got a million dollars every time this has happened under President Obama, we'd probably be able pay off the national debt.
The Bureau of Economic Statistics reports that real GDP growth for Q3 came in at a meager 1.5%, below forecast. That means the economy has an annualized growth rate of 2.1% so far this year, well below the 3% economists were expecting.
It's certainly not the economy Obama described in his State of the Union speech last January. Then, he assured us that "after a breakthrough year for America, our economy is growing and creating jobs at the fastest pace since 1999."
The third-quarter reading is just the latest example of the disappointments that have become a fixture of this administration. Every year starts with big promises about growth, every indicator a sign of prosperity just around the corner. His policies are working, the president insists. But the economy just slogs along.
The best example of Obama's failure can be found by comparing where he thought his policies would take the nation to where we actually ended up.
As the nearby tables show, the economy is about $1.4 trillion smaller than Obama forecast when he got into office. The debt-to-GDP ratio — now 75% and rising — was supposed to be down to 68.5% by now, and falling.
Unemployment is only now down to where Obama forecast, but only because so many people have dropped out of the labor force. Without that dramatic loss of workers, the jobless rate would be close to 10%.
Obama likes to excuse his lousy economic record by saying that things were far worse than he thought they were when he took over. Or that obstructionist Republicans in Congress have mucked things up. But check the record.
Every year, the Obama administration predicted strong growth based on current policies, and every year it failed to materialize. Every. Single. Year.
http://news.investors.com/ibd-editorials/102915-778209-obama-fails-to-deliver-economic-promises.htm
The Bureau of Economic Statistics reports that real GDP growth for Q3 came in at a meager 1.5%, below forecast. That means the economy has an annualized growth rate of 2.1% so far this year, well below the 3% economists were expecting.
It's certainly not the economy Obama described in his State of the Union speech last January. Then, he assured us that "after a breakthrough year for America, our economy is growing and creating jobs at the fastest pace since 1999."
The third-quarter reading is just the latest example of the disappointments that have become a fixture of this administration. Every year starts with big promises about growth, every indicator a sign of prosperity just around the corner. His policies are working, the president insists. But the economy just slogs along.
The best example of Obama's failure can be found by comparing where he thought his policies would take the nation to where we actually ended up.
As the nearby tables show, the economy is about $1.4 trillion smaller than Obama forecast when he got into office. The debt-to-GDP ratio — now 75% and rising — was supposed to be down to 68.5% by now, and falling.
Unemployment is only now down to where Obama forecast, but only because so many people have dropped out of the labor force. Without that dramatic loss of workers, the jobless rate would be close to 10%.
Obama likes to excuse his lousy economic record by saying that things were far worse than he thought they were when he took over. Or that obstructionist Republicans in Congress have mucked things up. But check the record.
Every year, the Obama administration predicted strong growth based on current policies, and every year it failed to materialize. Every. Single. Year.
http://news.investors.com/ibd-editorials/102915-778209-obama-fails-to-deliver-economic-promises.htm
