Obama-Loving Media Spin the Economy

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Radio host Kai Ryssdal recently talked about the weak economy. His guests, two reporters from The Washington Post and The New York Times, acknowledged the obvious — that the economy is underperforming.

Yet, in the 20 minutes of my sitting and listening in the car in bad Los Angeles traffic, I heard no one mention the words “President Barack Obama.”

Time magazine, in a cover story on the economy, called the current economic recovery a “97-pound weakling.” It informs us that our sluggish economy is now driven by broad, virtually uncontrollable worldwide economic trends. Only once in this lengthy article did Time mention Obama — and only to say that Republican presidential challenger Mitt Romney “plans to use the economy as a hammer against President Obama.”

That’s it. The President, Mr. Hope-and-Change, you see, is powerless to do anything about the economy. None of that “the buck stops here” stuff for him.

Investor’s Business Daily writes that our neighbor up north sees things differently: “The Obama administration and its economic czars have flailed about for years, baffled about how to get the U.S. economy growing. In reality, the president need look no further than our neighbor, Canada, whose solid growth is the product of tax cuts, fiscal discipline, free trade and energy development. That’s made Canada a roaring puma nation, while its supposedly more powerful southern neighbor stands on the outside looking in.”

Canadian Finance Minister Jim Flaherty said: “Creating jobs and growth in our economy is our top propriety. … We are creating the conditions for businesses to successfully compete in the global economy by investing in Canada and creating jobs and growth for all Canadians. Through our government’s low-tax plan … we are continuing to send the message that Canada is open for business and the best place to invest.”

What about the economies of our 50 states? If Obama is powerless to do anything about the economy, surely the states alone are at least as impotent?

But low-tax states outperform high-tax states. Seven states have no personal income taxes (PIT) — Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two states tax only income on interest and dividends — New Hampshire and Tennessee. The average state and local revenue growth of these nine states from 2000 to 2009 was 81.53 percent.

Average revenue growth in the nine states with the highest PIT rates — Ohio, Maine, Maryland, Vermont, New Jersey, California, Oregon, Hawaii and New York — was 44.88 percent.

Similarly, gross state product growth from 2001 to 2010 averaged 58.54 percent in the nine states with no PIT versus 42.06 in the nine states with the highest PIT rates.

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  • StephenD

    Just pointing out his rationale for raising taxes is enough. He wants to "redistribute wealth" as if it is a zero sum game. If the rich guy has it…I can't have it. What nonsense. I don't have it and never did. But I don’t want it handed to me either. I have something you find rarely among the entitlement folks; self-respect. What I do have I've earned working my entire life. No one gave me anything except the desire to be self-sufficient. In that regard, I am wealthy beyond measure. You want to make things better for those without…Go ahead and redistribute my work ethic.

  • kafirman

    Thank you for your public service Mr. Elder. Wish you were President, Sir. Vis-a-vis capital gains we're (always) at the top half of the Laffer. Rates go up, revenues go down. http://www.heritage.org/research/reports/2004/06/… But then again, for capital gains taxes, since 0 is the optimal rate, we are always at the top half.

  • egruberman

    Perhaps the Canadian economy is outperforming the US because business don't have to pay for employee healthcare like they do here.

    • Marla

      The Canadians have a Conservative government, with a Prime Minister who understands and is implementing reductions in tax rates. The policies of lower tax rates, decreased regulation, and freedom of economic transactions are what are causing Canada to outperform the US.

      The Canadian medical system is a mess. There are long lines, inconveniences, waits until the condition cures itself or kills the patient.

    • ebonystone

      Do business pay taxes in Canada? If they do, they're paying for part of their employees' healthcare. And for part of the health care of everybody else in the country.

  • RiverFred

    Obama, the master of illusion, and his cronies summed up in one word:
    INEPTOCRACY
    A system of government where the least capable to lead are elected by the least capable of producing and where the members of society least likely to sustain themselves or succeed are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers. In other words destroying America one trillion at a time.

  • Rifleman

    I don't think the industrial sized lipstick will help that pig. This economy is nothing like "Morning in America." They can't even compare it to the Bush recovery without looking pathetic.

  • Ronald Johnston

    Anybody who thinks osama obama is incompetent has his or her head up their rear end!!!! The homosexual dope addict terrorist plant knows exactly what he is doing!!!!

  • SoCalMike

    What a surprise!
    Slime Magazine, the NY Slimes and the Washington Compost ALL lie with the greatest of ease.
    Why do they still have readers?? Maybe just to see what schemes officialdom is cooking up since these "news" organs are nothing more than mouthpieces for government.
    And by default according to the brainwashed Slimes and Compost writers, that which grows the government by definition is good and that which shrinks it is evil and must be defeated at at cost and by any means possible.
    That's why they pretend to care about the environment as the treat the information well we all draw from like their own personal toilets.
    There is a special place in hell with their names on it.

  • H&R_ Barack

    Just when Big-media dinosaurs face extinction and their tar pits de mortuis, some realist points out that:

    The GOP "leadership" has not enough collective huevos to make a frittata!

    One step forward…..three steps backwards under such GOP Phart-Knockers as:

    Mitch McConnell,
    John Boehner,
    The National Republican Senatorial Committee (NRSC) John Cornyn,
    Michael Steele.
    Reince Priebus, et al.

  • H&R_ Barack

    Great article Larry.

    It shall forever be debated whether Jimmy Carter, or Barack Obama is the epitome of incompetence.

    When Ronald Reagan assumed office in January of 1981, we were in the throes of a recession with annual inflation running at 13.5% under Jimmah Carter. The job facing Reagan was the most daunting since the Great Depression.

    ~ "Reaganomics" created more than 22 million jobs. – Obamanomics LOST 88 MILLION jobs! (in 3 years!)

    During Reagan's first term GDP grew by an astounding 7.19%!

    TO THE POINT: The inflation rate declined under Reagan to 4%. And when the lowest unemployment in ten years was announced,

    I recall Connie Chung's snarky comment…..
    "while many more citizens are currently employed under Reagan; most claim that they do not like their job."

  • shirley schmidt

    when St. Ron took office I was in law school thanks to the 18% mortgage loan rates which eliminated my job/prospects in the loan and building industry –we actually had underwriting guidelines in those days. Obama and others with the "community organizer" – redistribution of wealth mentality are simply thieves. Thieves of the freedom and prosperity this country once had. Where did it go? to the globalist pirates who have long coveted and hated what we have here. America wake up before it is too late.

  • Len_Powder

    The Left would find something nourishing in Obama's excrement. They probably won't even find the odor offensive.