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

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.