Dear Friends,
It seems to me, progressive Presidents always leave a legacy of economic catastrophe behind them, and Obama is no exception. From Theodore Roosevelt’s Knickerbocker crisis to Obama’s depression… that shall not be named, every progressive has had the benefit of a strong economic tailwind generated by the elite, yet none of them have created a whit of economic growth. This is the fault of progressive economic, social and governmental philosophy. Each progressive in his turn has created economic crisis such that their terms are usually labeled, “The Great…” something. Progressives and progressive policies gave us The Great Depression, the Knickerbocker Crisis, Stagflation, 1920-1921 depression and the tech bubble. Yet each of the progressive Presidents who gave us these crises, also had the benefit of huge amounts of federal spending, rapidly expanding Presidential powers, the adoration of the media, and since the federal reserve, unnaturally low interest rates as well. Obama has had all of these advantages yet has produced an economy that is in depression by any measure other than that of Wall Street.
Obama inherited a recession when he came into office, which under normal circumstances would lead to rapid economic growth coming out of it, especially since, in true Keynesian fashion, the Federal Reserve flushed trillions of dollars into the banking system to keep it afloat, while lowering interest rates to an unheard of before, zero interest rate policy, or ZIRP. Those two things alone should have guaranteed a strong recovery for Obama. Rather than let the economy recover however, implementing good progressive doctrine, Obama set himself to the usurpation of a third of the US economy and unleashed a tsunami of regulations, that smothered new born businesses in the cradle while at the same time handing out billions of dollars to cronies, for fake green energy projects, none of which have amounted to a penny of actual economic growth. Instead, these policies that act as friction to the economy, have ground small business creation to a halt.
During his term in office, Obama has run up the deficit more than all other Presidents before him… combined! Over ten trillion dollars in deficit spending to prop up the economy so Obama wouldn’t look so bad, and with the fawning media cheer leading for him, the average person had two choices, believe the media that called itself unbiased or our own eyes. Meanwhile, as Obama was going through trillions of dollars like a baby goes through diapers, the Federal Reserve was monetizing the debt to the tune of eighty five billion dollars a month! That is enough money to make eighty five thousand people a month… millionaires. Imagine the economic activity that would have created! Instead, all that money was printed and handed over to corrupt banks and government, generating profits for bankers and Wall street executives… and no one else.
Obama’s signature law, the “Affordable” Care Act, otherwise known as Obama care, has been a total absolute disaster in every sense of the word. It has driven the cost of healthcare through the roof, while lowering the quality, is fining people because they cannot afford the more expensive coverage they couldn’t afford before… let alone now, and has set up a wall between doctors and their patients. People have to pay for coverage they do not need and subsidize things we believe are sins. Obama care offends our pocketbooks, sensibilities, religion, social cohesion and even our very health. Fortunately the Affordable Care Act will probably be overturned, but regulation never fully retreats, once it has gained ground it always holds some. The results of Obama care will be with us for a long time to come.
You really can’t blame Obama for the pathetic results of his policies, he is after all a brainwashed progressive, and like all progressives, when theory comes into conflict with results, it is results that are thrown out. The economic results of progressivism are so uniformly bad, every time progressivism becomes main stream, they always leads to a repudiation of progressivism, and it’s Frankfurt School philosophy. Until a new generation is born that has not been taught the results of progressivism, innocents who will listen to the sirens singing their songs, then change course to hear better, dashing themselves against the shoals of socialism. Until then, Obama will go down in history with all the other progressives who have left the US economy in shambles, Roosevelt, Wilson, Hoover, Roosevelt, Carter, and Clinton.
Sincerely,
John Pepin
