This week, President Obama is set to “pivot” once again and focus on the economy. The White House says, without a whiff of irony, that Washington has taken its eye off the ball and let itself get bogged down in petty political battles.
Nevermind, of course, that Mr. Obama is always a combatant in those battles and that his White House is the center of political Washington; now our president is newly focused on fixing an economy he’s presided over for more than four years.
The obvious problem with that is Mr. Obama is largely what ails the economy. The recession ended in June 2009. We’ve technically been in recovery ever since, although normal people would hardly know it.
Wall Street does though. Mr. Obama’s Federal Reserve has been showering the street in billions in borrowed money – called Quantitative Easing – and the stock markets have profited greatly from the government’s generosity.
The real economy hasn’t been so fortunate. Businesses are hanging onto billions more in cash, hiring has been sluggish at best, wages are flat, and housing prices remain depressed. Why? Mr. Obama’s policies.
Obamacare is economic enemy No. 1. With its 1,000+ pages of mandates, regulations, fees and taxes, it has frozen businesses large and small by forcing them to wait and see just how expensive new employees will be and whether they can afford to keep the employees they have.
Those political battles Mr. Obama bemoans are another culprit, particularly over the budget and spending. Government spending has remained high despite the end of the recession and Democrats have refused to get serious about our country’s spending crisis. We’ve already seen this failure lead to one debt downgrade and every business is waiting to see whether Obama will ever lead on the issue.
It’s these stupid policies that are hobbling growth, and as long as Mr. Obama is committed to them, there’s simply no fixing the economy.Matt Cover is Content Editor at Rare. Follow him on Twitter @MattCover