New NRSC video: 'Welcome to the Recovery' :: Political News and commentaries

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August 3, 2011

New NRSC video: 'Welcome to the Recovery'

In it's new web video, the National Republican Senatorial Committee marks the one-year anniversary of Treasury Secretary Tim Geithner's "Welcome to the Recovery," op-ed, as well as a slew of other comments from President Obama, Harry Reid, Claire McCaskill, Jay Carney, Tim Kaine, Joe Manchin, Jon Tester, and Debbie Wasserman-Schultz (hat tip - Jim Geraghty).

Just in case you haven't been keeping up with the latest update on what Obamanomics has done to the economy, Peter Ferrara offers this synopsis:

Last Friday's report on economic growth for the second quarter of 2011 completes the burial of Obamanomics. The economy grew a paltry 1.3% for the quarter, with reported growth for the first quarter reduced from a meager 1.8% to a negligible 0.4%. The economy for the entire year so far has actually grown less than the weak growth we thought we had for the first quarter alone.

The growth for the fourth quarter of 2010 was also reduced to 2.3%, meaning that for the last nine months the economy has grown a minimal 1.5%, barely treading water as the weekend Wall Street Journal described it. For comparison purposes, economic growth during the first seven quarters of the Reagan recovery in the 1980s boomed at an average of 7.1%. Economic growth during the first seven quarters of the Obama non-recovery has now been reduced to an average of 2.6%, barely a third as much.

[...] The disgrace of Obamanomics is that its rigid, unreconstructed Keynesian economics was discredited in both theory and practice over 30 years ago. The historic success of Reaganomics was a demonstrated fact for all the world to see (and subsequently imitate) over 20 years ago. But President Rip Van Winkle, playacting dumb, takes us back to the future of the 1970s, reflecting the devout prep-school Marxism of his youth.

So much for the "recovery"!

Related: Cloward-Piven Paradise Now?

Posted by Richard at August 3, 2011 7:54 AM

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