In an unprecedented campaign to sell his trillion-dollar taxpayer spending plan, President Obama has gone beyond talking down the economy. During his first nationally televised news conference, President Obama warned of a pending economic "catastrophe" if Congress doesn't immediately pass and implement his $800 billion-plus economic "stimulus" plan. [snip]
Though the current recession's "misery index" is half of what it was during the recession of the Carter years, President Obama, according to Fact Check, continues to falsely say that:"We also inherited the most profound economic emergency since the Great Depression."
One doesn't have to go back to the Great Depression to find a higher unemployment rate. It is currently 7.6 percent. In June of 1992 it was 7.8 percent. In 1982 it reached 10.2 percent. [Yet somehow the country survived. [snip]
With the exception of the housing and mortgage industries (which were corrupted by government intervention for social "reinvestment") the aggregate economy was not at crisis level in 2008. Not only was John McCain correct in saying that the fundamentals of the total economy were sound during the campaign; he was also being responsible with his words and with his expression of faith.
Yes, faith. Any economist will tell you that a large component of the free market economy is purely psychological and unscientific. The market goes up and down based on a society's level of confidence. An unshakable confidence will send the market through the roof, whereas fear and insecurity will drive it down into miserly despair. [snip]
If Obama keeps talking down the economy with fear mongering and false assertions, things really could get to the misery level of the 1930s...
[But if your true goal is the expansion of government above all else, his tactics make perfect sense. Recommended > ]
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