In this week's Liberty Update we highlight the potentially catastrophic threat of H.R. 3, the healthcare…
CFIF on Twitter CFIF on YouTube
Notable Quote: WSJ on H.R. 3, Biden & Pelosi's Dangerous Healthcare Bill

In this week's Liberty Update we highlight the potentially catastrophic threat of H.R. 3, the healthcare and drug price control bill that Joe Biden and Nancy Pelosi are attempting to rush through Congress.  The Wall Street Journal helpfully offers further insight this morning on how H.R. 3 would threaten lifesaving U.S. pharmaceutical innovation and leadership, including on things like the Covid vaccines:

Companies that refuse the government’s price must pay a 95% excise tax on all revenue they generate from that drug in the U.S.  They’d also have to offer the government price to private insurers.  There’s no “negotiation” when a gun is pointed at your head.  A new study in the Journal of the American Medical Association estimates that drug spending in the U.S. would…[more]

September 23, 2021 • 10:23 AM

Liberty Update

CFIFs latest news, commentary and alerts delivered to your inbox.
By the Numbers: Obama's Economic, Jobs and Deficit Performance Is the Worst On Record Print
By Timothy H. Lee
Thursday, February 05 2015
Obama's economic record can only be labeled one of failure.

Given what we know now, only Barack Obama could attempt to characterize his economic record as one of achievement rather than historic failure. 

Only Obama could attempt to characterize his record on deficits, which dwarf those of any other president that preceded him, as a successful one.   

And only Obama could characterize today's record federal spending and incoming tax receipts as "senseless austerity." 

First, the sluggish economy. 

Last week, the Commerce Department reported that despite the highest level of consumer spending in almost a decade, the U.S. economy grew just 2.6% in the fourth quarter of 2014.  For the entire year, gross domestic product (GDP) grew just 2.4%.  That marks the ninth consecutive year of GDP growth below 3% on an annual basis. 

To put that into proper perspective, the average U.S. quarterly growth rate since World War II has been 3.3%.  During a post-recession recovery, which in this case began all the way back in June 2009, growth is typically higher than that average due to the "bounce" effect.  Yet under Obama, we've rarely witnessed a quarter above that 3.3% average, and not once over an entire year.  According to the federal government's economic growth records, which date back to 1930, America has never endured a stretch equaling the current nine-year streak without GDP growth exceeding 3%. 

In terms of jobs and income, never in our history has median income actually declined during a post-recession recovery.  Yet Obama has achieved that dishonorable distinction.  He offered himself as a transformative political figure, but this couldn't have been what he had in mind. 

Meanwhile, the percentage of the U.S. population with jobs has fallen to lows not seen since 1978, before women fully entered the workforce.  And despite the promises made at the onset of his trillion-dollar wasteful "Stimulus," unemployment exceeded 8% for the longest stretch in recorded U.S. history. 

Accordingly, Obama's economic record can only be labeled one of failure. 

Regarding his record on federal deficits and debt, Obama's attempted triumphant tone is even more shameless. 

According to the U.S. Treasury Department, outstanding public debt now totals $13 trillion.  On the day he entered the White House, it was $6.3 trillion, less than half today's total. 

Prior to 2009, the year Obama entered the White House, the largest nominal deficit in U.S. history was $459 billion in 2008. 

During Obama's tenure, deficits have reached $1.41 trillion in 2009, $1.29 trillion in 2010, $1.3 trillion in 2011, $1.1 trillion in 2012, $680 billion in 2013 and $492 billion for 2014.  Even accepting for the sake of argument that the 2009 deficit is attributable to Bush - even though Obama governed for 3/4 of that fiscal year and introduced such spending initiatives as the failed "Stimulus" - he must still account for the subsequent trillion-dollar deficits over which he alone presided with a Congress controlled overwhelmingly by his party. 

By way of comparison, for the record, the last deficit during a year in which Republicans controlled the White House and both houses of Congress was a puny $161 billion in 2007. 

Moreover, the claim from Obama and his apologists that his deficits resulted from the Bush tax cuts and the Iraq and Afghan wars is flatly false.  The Bush tax cuts arrived in 2003, yet 2007 witnessed a record peak in federal revenues.  Accordingly, the federal beast was hardly starved.  And as for the two wars, spending on them actually peaked in 2007, yet the deficit was miniscule. 

While deficits have indeed declined over the past two years, credit more properly flows toward the Republican House that provided some obstruction.  Never since the Korean War has federal spending declined for two consecutive years, but that has occurred following the budget sequestration agreement that Obama claimed would wreck the economy. 

So what is Obama's proposed course as he winds down tenure, staring at a Republican Congress elected to interrupt his agenda?  Higher taxes and more spending.  After proposing a budget that spends $4 trillion and increases taxes by hundreds of billions of dollars, Obama told CNN's Fareed Zakaria that it's now time to put an end to "senseless austerity." 

Fortunately, according to a new Rasmussen survey, the American public maintains dramatically different priorities: 

"President Obama is expected to propose a near-$4 trillion federal budget that includes tax and spending increases, but most voters still prefer to cut spending and don't see a need for higher taxes.  Just 16% of likely U.S. voters favor a federal budget that increases spending, according to a new Rasmussen Reports national telephone survey.  Fifty-four percent (54%) like a budget that cuts spending, while 21% think spending levels should remain about the same." 

That might not, standing alone, cause Obama to reconsider.  But at the very least, it should encourage and fortify leaders in Congress who retain the power to stop him. 

Quiz Question   
What is the single deadliest disease epidemic to the U.S. population in history?
More Questions
Notable Quote   
 
"According to the left-of-center Tax Policy Center, Biden's tax plan will raise taxes on 75% of middle-class families next year and 95% of families over the long term. Biden's policies are already slowing the economy. In August, the U.S. added just 235,000 jobs, a far cry from estimates that 720,000 jobs would be created. The economy has over 600,000 fewer jobs than the Biden administration boasted…[more]
 
 
—Grover Norquist, President of Americans for Tax Reform
— Grover Norquist, President of Americans for Tax Reform
 
Liberty Poll   

Pres. Biden is seeking IRS authority to monitor every American financial transaction exceeding $600. Is there any legitimate government reason you can think of for such micro-monitoring of individual financial transactions?