Obama's Death by Jobs

October 25, 2012

The economic picture given to us by key administration and congressional personnel and leaders is so different from reality that it looks as if it were from a parallel universe. Indeed, America has not turned the corner as Vice President Joe Biden said at the Democratic convention. From unemployment, taxes, regulations and the mishandling of affairs by the administration, the economic situation is not looking good. Our economic outlook looks poor due to the administration's shortcomings, which include lack of transparency, wasteful spending, overbearing regulation and growing distrust of the public sector, says Henry I. Miller, the Robert Wesson Fellow in Scientific Philosophy and Public Policy at the Hoover Institution.

Consider:

  • Only 114,000 jobs were created in September.
  • Seventeen million Americans were unemployed.
  • The hourly wage of college-educated Americans ages 23 to 29 dropped 4.9 percent from 2007 to 2011.
  • Gross domestic product is expected to grow at 1.6 percent instead of 2.5 percent a year.

In addition, the administration's increase in taxes is causing taxpayers to spend less and thus is reducing the demand for goods and services.  A claim of greater transparency is hard to believe when the government's spring 2012 "Unified Agenda of Federal Regulatory and Deregulatory Actions" has not been published.  More financial, environmental and consumer-product regulations are planned that will cost consumers tens of billions of dollars.

Moreover, the White House is meddling in the affairs of the U.S. Food and Drug Administration, such as the case with genetically engineered Atlantic salmon, and into state politics with California's Proposition 37 that requires the labeling of certain foods as "genetically engineered."  Such interference by the Obama administration will increase costs to consumers and slow the economic recovery.

Source: Henry I. Miller, "Obama's Death by Jobs," Hoover Institute, October 10, 2012.

 

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