Ok. It's time to inject a little reality into "Recovery Summer." David Limbaugh posted an article at Newsmax.com analyzing some of President Obama's recent statements about the current economy and his role in the recovery.
President Obama has claimed repeatedly that he inherited the worst economy since the Great Depression (sounds like Bill Clinton--he said he inherited the worst economy in 50 years). Have both of these men conveniently forgotten Jimmy Carter? Mr. Limbaugh reports that "Carter's interest rates reached 15.27 percent. Inflation soared to 13.5 percent. And unemployment grew to 7.8 percent."
Let's look at the 'horrible' economy of George Bush. According to the article:
"In 2006, the Bush economy grew at 5.6 percent, representing the 18th straight quarter of economic growth, according to the Bureau of Economic Analysis. The unemployment rate was 4.7 percent; it later fell to 4.6 percent, which was lower than the average rate of unemployment for any of the preceding four decades."
About those deficits--according to the article:
"Plus, Obama's refrain that the Bush tax cuts led to deficits is flatly contradicted by the record, which shows that federal tax revenues grew following his tax cuts."
Mr. Limbaugh concludes:
"Obama's major contributions to the economy are astronomical debt acceleration, obscene unemployment, recession bordering on depression, and business and consumer uncertainty across the board. And this is before Obamacare and his other major tax hikes have even gone into effect."
Hopefully the damage this Administration and this Congress have done to the American economy can be repaired. The tax increases that are coming combined with the endless new regulations will prevent a serious economic recovery. We need a new Congress that will lift the yoke of excessive regulation off the small business community and free them to hire new workers and to prosper. As small business prospers, the nation will prosper.
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