Black: Obamanomics Has Failed American People

Comment   Email   Print
Related Articles

Over the last month, unemployment has risen to 8.2 percent, according to the Bureau of Labor Statistics. Sadly, the jobs report has become a monthly reminder of how badly President Obama’s fiscal and economic policies have failed the American people. Upwards of 23 million Americans are either unemployed or underemployed. And their prospects for finding full-time employment are persistently bleak after 40 straight months of unemployment at 8 percent or higher. This is completely unacceptable.

By the White House’s own estimates in January 2009, the President’s recovery plan, also known as the stimulus, would bring unemployment down to below 6 percent by May 2012. It’s clear that the stimulus failed to produce the number of jobs that were promised, but all of the hype came with a big price tag for taxpayers who are left holding the bag.  Since President Obama took office, he has increased U.S. debt by 5 trillion dollars, and more than 1 trillion of that came from the failed stimulus package. If only the President were as good at creating jobs as he is at raking up more debt.

Massive fiscal stimulus, ballooning debt, and regulatory uncertainty, due in large part to Obamacare, have stalled the economic recovery and kept unemployment unacceptably high. I am fighting to repeal this disastrous piece of legislation and other costly, unnecessary regulations and mandates that expand government and limit freedom and opportunity. I have cosponsored and voted for numerous job-creating bills that have already gone through the committee process and passed the House of Representatives, including regulatory relief for small businesses, repealing Obamacare tax hikes, and more. To track the status of important jobs legislation as it moves through Congress, you can go to

As you can see from the jobs bill tracker, the vast majority of these bills remain stalled in the Democrat-controlled Senate. All the while, millions of Americans remain jobless, and small businesses are struggling to stay afloat amongst the onslaught of new regulations and taxes.

To get our economy moving again, we must work together to enact pro-growth tax reform, repeal Obamacare, and provide regulatory relief for America’s job creators.



Read more from:
Comment   Email   Print
Members Opinions:
June 02, 2012 at 5:48am
Taxes today are lower than they were on inauguration day 2009. Back in January 2009, the CBO projected that total federal tax revenue that year would amount to 16.5 percent of GDP. This year? 15.8 percent.
The deficit this year is going to be lower than what it was on the day President Obama took office. Back then, the CBO said the 2009 deficit would be 8.3 percent of GDP. This year’s deficit is expected to come in at 7.6 percent.
After-tax profits and corporate profits as a share of gross domestic product (GDP) are now higher than they were in the middle of the last decade, after a similar vertical spike. Despite massive profit gains, however, corporations are adding more jobs overseas than they are in the United States and paying one of the lowest effective tax rates in the developed world.

The fact is that Obama inherited a disaster of a federal budget. Eight years prior, when President George W. Bush took the oath of office, there was a $281 billion surplus. By the time Obama was sworn in, he was facing a $1.2 trillion deficit. The truth is that spending, taxes and the deficit are all lower today than when President Obama took office.
June 02, 2012 at 9:44am
The real problem is NAFTA which was supported by both parties and has drained America of its income tax paying jobs, so until jobs are brought back to America the federal goverment is broke and has no income to spend so quit blameing Bush it aint all his fault it goes back to his father and Clinton. It is like I said though NAFTA was supporeted equally by both parties.
June 02, 2012 at 3:06pm
Wow MMW you really need to go help spread those lies with Obama's administration.

I am glad to see you give George Bush the the $281 million dollar surplus considering that came while the Congress was controlled by the Republicans during his first six years.

How convienent that you always forget the deficit and the disater you say Obama had when he took over was started in the last two years when the Democrats held control of both the House and the Senate and his first two years as well.

Look no further than your spend happy Democrats for the disaster your spend happy President has today.

You also seem to forget the "shovel ready" jobs we were promised, the "deficit cut in half by May", the 19 "green companies like Solyndra that have filed for bankruptcy and cost the tax payer millions because of your gracious President's investment into stupid back room deals.

You have to admire your selective memory!
June 05, 2012 at 1:02pm
AMEN Corey
June 06, 2012 at 9:32pm
I agree with you Corey. MMW must be living in a fantasy world or hasn't been affected by the economy---YET!
Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: