Government: "We won! We won!" cry Democrats on both sides of Pennsylvania Avenue, parroted by their media collaborators. The public haven't forgotten these "winners'" policies are an abject failure.
So the Democrats won on the shutdown and the champagne corks are popping all over Washington. Does their victory change the fact that the national debt is over $17 trillion — having climbed $328 billion in one day last Thursday?
Does their win change the fact that 11 million Americans are out of work and that the unemployment rate is well above 7% four years and nine months into the Obama presidency?
The resilient American economy in the past bounced back from recessions and financial crises.
When Ronald Reagan took over from Jimmy Carter, for instance, the jobless rate was about what it is now, and it would rise to nearly 11% within two years.
But at the time of his re-election it was back below 7.5%, and toward the close of his second term it would drop to 5.3%. The following decade would find it below 4% under the low-tax regime Reagan established.
Thanks to spending $1 trillion on a stimulus that never stimulated, and the ObamaCare government seizure of the health insurance industry, and the new Dodd-Frank hyper-regulatory regime, the U.S. economy now operates under a "new normal" in which the pain goes on and on.
Meanwhile, our president tells us to "remember, the deficit is getting smaller, not bigger. It's going down faster than it has in the last 50 years" — down from a trillion dollars year after year under Obama, well more than three times the deficits under Reagan, and more than twice the size of almost all of each of the deficits under George W. Bush.
(Excerpt) Read more at news.investors.com ...
