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Obama’s Economy: The Excuses Begin

Blame everything, except the government's policies. Also read: Shrinking Economy? The GOP Built That

by
Tom Blumer

Bio

January 30, 2013 - 12:00 am
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Here are ten of the most obvious out of a list which could easily reach several dozen:

  • The war on fossil fuels, which has limited job growth in energy-related industries and caused prices to be higher than they should be for everyone else.
  • Cronyism on steroids.
  • Trillion-dollar deficit spending.
  • New bureaucracies like Dodd-Frank’s Consumer Financial Bureau, which Congress can’t legally touch.
  • Sarbanes Oxley, a relic of the 2001 Enron debacle which the administration has done nothing to reform, and which has closed off the going-public option for many companies which would have done so before “Sarbox” became law.
  • Unemployment and other government benefits which make remaining unemployed relatively attractive, or a least a more tolerable circumstance than it should be, and for a longer period of time than should be necessary.
  • Onerous labor laws and regulations. I’ve spoken with many entrepreneurs in the past year, some of whom have had employees in the past. A vast majority of them have told me that they won’t hire any new employees in the current regulatory environment, even if the economy improves. Most start-up entrepreneurs likely feel the same way.
  • Trade policy, a problem which spans the past four administrations but is being most acutely felt now.
  • Federal, state, and local tax increases.
  • Last but certainly not least, Obamacare, especially its career-killing definition of a full-time employee as anyone who works 30 or more hours per week, and the destructive impact it will have in slowing medical innovation and research to a crawl.

What the AP series really tells us is that the economy wasn’t performing as well as the government and the establishment press claimed it was during the presidential campaign — something I believe this week’s report on fourth-quarter gross domestic product will confirm — and that the White House really doesn’t expect the malaise to lift during most of Obama’s second term.

Also read: Shrinking Economy? The GOP Built That

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Along with having a decades-long career in accounting, finance, training and development, Tom Blumer has written for several national online publications primarily on business, economics, politics and media bias. He has had his own blog, BizzyBlog.com, since 2005, and has been a PJM contributor since 2008.
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