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LAMBRO: White House Scrooge
Failed economy means another lump of coal
Question of the Day
That’s not going to continue, particularly with the fiscal cliff up ahead. If Mr. Obama ultimately gets his way, though, spending will continue to soar, which will bury our country in additional debt.
The jump in the economic growth rate certainly wasn’t due to increased business spending for equipment. That declined sharply in the third quarter, dropping at a 2.7 percent annual rate.
This means that despite the ballyhooed report on “CBS Evening News,” the economy is due for much slower growth ahead. “Macroeconomic Advisers expects GDP growth will be only 1.4 percent in the final three months of the year,” reports The Washington Post’s economics analyst Neil Irwin.
Monday night, CBS News anchor Scott Pelley ticked off some positive housing data to make the Obama economy look good, but he ignored that day’s worst economic news: New orders at U.S. factories fell nearly 4 percent, “which bodes ill for the future,” Mr. Irwin said Tuesday.
At the same time, the Federal Reserve says factory output fell 0.9 percent between September and October, and the number of factory jobs dropped to the lowest level since September 2009.
Remember those campaign ads Mr. Obama ran earlier this year saying “factories are humming again”? In his dreams.
For average Americans, the economy will remain weak for the foreseeable future, full-time jobs will be in short supply and that, in turn, will mean weak federal tax revenues, persistent budget deficits and higher debt. Mr. Obama’s spending binge is on course for another $1.1 trillion deficit in 2013.
Despite the $1 trillion in government stimulus spending Mr. Obama has dished out over the past four years, the U.S. economy’s growth rate hasn’t been able to creep much above 2 percent. In real economic output, that’s “only 2 percent above what it was in the fourth quarter of 2007,” Mr. Irwin says.
The November unemployment numbers come out Friday, just 18 days before Christmas. Forecasters say the 7.9 percent jobless rate will rise again, this time, above 8 percent.
Mr. Obama’s campaign promises that “the economy is moving in the right direction” and is “making progress” are not in evidence. Economic growth isn’t improving — it is slowing down. Unemployment and underemployment isn’t on a downward slope — it is creeping upward.
This will be another bleak Christmas for millions of Americans trapped in a chronically weak, undernourished economy. Mr. Obama obviously doesn’t have a clue about how to turn it around.
Donald Lambro is a syndicated columnist and former chief political correspondent for The Washington Times.
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
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