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The POR (Pelosi-Obama-Reid) Economy: Very Poor

The downturn did not just happen by accident. We have the triumvirate to thank.

by
Tom Blumer

Bio

October 18, 2008 - 12:10 am
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In early July, I welcomed readers to the POR (Pelosi-Obama-Reid) Economy:

House Speaker Nancy Pelosi, presidential candidate Barack Obama, and Senate majority leader Harry Reid aren’t merely talking the economy down; they’re taking it down. …

Businesses and investors are responding to their total lack of seriousness by battening down the hatches and preparing for the worst. …

These three and their party appear not to care one whit about the damage ever-higher energy prices and the prospect of punitive taxes are doing, right now, to both the economy and the stock market. They have set and reached a new low in legislative negligence.

One quarter into the POR Economy, I regret to inform readers that I greatly underestimated the damage these three would do and how quickly they would do it.

It appears that after decent second-quarter growth of 2.8%, the economy will turn in a performance that might — emphasis might — be positive. If so, it will be thanks to export growth.

Three factors, all courtesy of the POR triumvirate, have led us to this point. As noted, I saw two of them coming: energy foolishness and tax increases.

The oil-averse stubbornness of the POR Economy’s architects has ranged from the offensive to the ridiculous. Pelosi infamously asked protesters, “Can we drill your brains?” Reid, who apparently moonlights as a epidemiologist, dolefully informed us that fossil fuels are making us sick. Obama erroneously told us that we can solve our energy problems with tune-ups and tire inflation. Thankfully, because of public pressure in an election year, the offshore drilling ban has expired. But Democrats have made it clear that reinstituting the ban is a “top priority” for next year — never mind the trillions in royalties that could fill federal and state coffers.

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