Obama said, “After the worst recession in 80 years, we’ve fought our way back. We’ve seen deficits come down, 401(k)s recover, an auto industry set new records, unemployment reach eight-year lows, and our businesses create 15 million new jobs.”
The American economy has never had such a weak economic recovery as the one through which we are currently suffering. Typically, the greater the downturn the faster and higher the recovery. Marxist and Keynesian policies have once again shown how they limit true economic growth. What Obama did not say is that we have seen our national debt double and the deficit has come off the absurd trillion dollar deficits of his early years. The unemployment rate has come down because the labor participation rate is at all-time lows. The 15 million new jobs that have been created are part time, temporary, and low paying jobs. The economy is stagnant at best. The Federal Reserve has maintained record low interest rates and has flooded the banking system with cash to try to maintain some semblance of growth. This has created the higher stock market despite earnings of American companies declining the last several quarters.
The economy is so fragile that Hillary Clinton referred to it only ten times in her acceptance speech. Never once did she tout the economy of Obama in any specific terms. These are the ten contents in which Hillary referred to the economy.
Instead, we will build an economy where everyone who wants a good paying job can get one. [How?]
And we’ll build a path to citizenship for millions of immigrants who are already contributing to our economy!
A country where the economy works for everyone, not just those at the top. [How?]
Our economy is so much stronger than when they [Barack Obama and Joe Biden] took office.
And I’ve heard from so many of you who feel like the economy just isn’t working.
I believe that our economy isn’t working the way it should because our democracy isn’t working the way it should.
I believe that when we have millions of hardworking immigrants contributing to our economy, it would be self-defeating and inhumane to kick them out.
Comprehensive immigration reform will grow our economy and keep families together — and it’s the right thing to do.
Let’s make sure this economy works for everyone, not just those at the top. [How?]
But Trump, he’s a businessman. He must know something about the economy.
What Hillary proposed is building an even greater Marxist or progressive economy. These are the same economic policies that have produced the slowest recovery in history, a recovery that is currently teetering on the edge of collapse. The GDP numbers for the second quarter were just released by BEA. The second quarter grew by .3% or an annual rate of 1.2%. It is the 1.2% that will be seen by the public. In addition, first quarter was revised to a .2% growth or a .8% annually. Based on the growth rates of .2% and .3%, we grew by just .5% for the first half of the year or an annualized rate of 1%.
This is why Hillary would not and could not talk about the economy. What she also would not say is that the economic policies she is proposing would render the same results; sluggish growth at best, very low labor participation rates, reduced real wage growth, low paying jobs, and greater and greater public debt with more government assistance programs, which eventually leads to total collapse. You can review any Marxist economy that exists or ever existed and you will see the same results and patterns of the Obama economy and the proposed Hillary economy. This is the reality.