A recent story in the Washington Times dissects the Obama experience over the last four years. In particular, the writers focus on the catastrophic leadership, or lack there of, that Pres. Obama has displayed while in office. Rather than reach across the aisle, and find practical compromise with his opponents on the hill, he battled them. As a result of his leadership vacuum, the economy is limping along, at antianemic pace. We are suffering from the worst “recovery” on record, and there is no indication that things will get better in the next four years.
Mr. Obama’s economic record has been about as bad as it could possibly be. In his first budget proposal, he promised the economy would be growing at a brisk 6.3 percent by 2012. Instead, it’s limping along at just over 1 percent. He promised that the federal deficit would be carved down to $581 billion. Instead, it has ballooned beyond $1 trillion. In 2009, he promised that if his budget-busting stimulus plan were passed, unemployment would be around 5.5 percent by now. Instead, the official rate is nearly 8 percent. Poverty has increased; the number of long-term unemployed has increased; there are millions more discouraged workers; food stamp use has surged; gas prices are up and family incomes are down. A second term would be no different.