Freedom Line Blog

With a new Gallup poll showing Obama’s unpopularity higher among business owners than any other occupational group, this week we dismantle his desperate “You didn’t build that – somebody else made that happen!” alibis.  Peggy Noonan, in this weekend’s column, believes they’re now his most famous words:

President Obama’s comment – ‘You didn’t build that’ – is the political gift that keeps on giving.  They are now the most famous words he has said in his presidency. And oh, how he wishes they weren’t.”

Now, with this morning’s sour unemployment report, prepare to hear, “I didn’t cause that – somebody else made that happen!” from the White House.  The nation’s unemployment rate rose yet again, to 8.3% from last month’s 8.2%.  That means we’ve now suffered a record 42 consecutive months of unemployment in excess of 8%, a level Obama promised we’d never reach in the first place under his economic plan.  The White House will also attempt to emphasize the 163,000 new jobs created, but keep three things in mind.  First, our economy must add 200,000 jobs each month just to keep up with population growth and substantively reduce the unemployment rate.  Second, nearly as many Americans – 155,000 – dropped out of the labor market altogether, according to this morning’s report.  Third, according to the Labor Department, employment growth has averaged just 151,000 per month in 2012, which is below 2011’s average of 153,000 per month.  Some “recovery.”

Fortunately, there is an alternative.  The early-1980s recession witnessed even worse numbers – higher unemployment, higher inflation and higher interest rates.  But President Reagan’s policy of lower taxes and less regulation slashed unemployment from 10.4% to 6.7% in the three years following the effective date of his tax cuts in January 1983.  In contrast, Obama’s policies of higher spending, higher deficits, higher taxes and more regulation have caused the worst recovery since the Great Depression.

Obama just hopes that enough people fail to notice that he really is making that happen.