The Obama Administration and the nation have cause to breathe a sign of relief as today’s monthly jobs report shows 243,000 jobs were created in January. Those numbers are of course good news, another positive sign of recovery, and another clear indication of the enduring strength of the American economy and American economic system. But, really, so long after recession’s end, we should be doing much better — and would be but for President Barack Obama’s debilitating anti-growth policies. In reality, the economy is recovering despite — not because of … More
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On this day last year, I posted two charts that I developed using the Minneapolis Federal Reserve Bank’s interactive website. Those two charts showed that the current recovery was very weak compared to the boom of the early 1980s. But perhaps that was an unfair comparison. Maybe the Reagan recovery started strong and then hit [...]
One Year Later, Another Look at Obamanomics vs. Reaganomics is a post from Cato @ Liberty – Cato Institute Blog
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President Obama’s Council on Jobs and Competitiveness released its third report January 17 entitled “Road Map to Renewal,” a worthy description of serious issues affecting the American economy coupled with set of proposals that, with few exceptions, can best be described as pretty thin gruel. The council—chaired by Jeffrey R. Immelt, the chairman and CEO of GE—was obviously constrained in many cases by political considerations imposed on it either by the Obama Administration or by itself as it recognized the political season. However, this report will likely be best known … More
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In his announcement rejecting the Keystone XL pipeline today, President Obama boasted that under his administration, “domestic oil and natural gas production is up.” Obama, of course, failed to mention that his administration can’t actually take any credit for the increase. The vast majority of America’s new oil and gas production is happening on private lands in states like North Dakota, Alaska and Texas. It’s not that Obama is devoid of responsibility. His administration oversees oil and gas production on federal lands by issuing leases. But when measuring oil and … More
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So you think you’re free? Thanks to big government spending and exploding debt, the United States — and indeed the world — is less economically free today than it was a year ago, according to the 18th annual Index of Economic Freedom, released yesterday by The Heritage Foundation and The Wall Street Journal. Economic freedom — the ability of individuals to control the fruits of their labor and pursue their dreams — is central to prosperity around the world. Heritage and The Wall Street Journal measure economic freedom by studying its pillars: the … More
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Today’s jobs report from the Department of Labor was encouraging news for the U.S. economy. It shows that 200,000 jobs were created and the unemployment rate ticked down from 8.7 percent to 8.5 percent. Jobs were created in every sector of the economy save one — government! This report is consistent with other economic indicators and shows that the economy is finally coming out of its malaise. But like any reports, they must be put into context. The creation of 200,000 new jobs is solid growth and above the 130,000 … More
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Indiana lawmakers are bracing for another high-profile fight over a right-to-work bill when the legislative session opens Wednesday. Last year Democrats fled the state in protest, preventing the legislature from conducting business for five weeks. The right-to-work bill would end forced unionization for private-sector workers in Indiana. Its supporters say the bill would increase jobs and choices in the Midwestern state with a 9 percent unemployment rate. Unions complain it threatens their existence. Indiana Gov. Mitch Daniels (R) is speaking out in favor of the bill, even recording a 60-second … More
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New polling data reveals that voters in Iowa and New Hampshire overwhelmingly believe the federal budget deficit is the most important economic issue facing the United States today. Despite the nation’s persistent high unemployment rate, voters in the two early-voting states chose the deficit by wide margins. The CNN/Time/ORC poll was conducted before and after Christmas with 999 registered Republicans in Iowa and a total of 1,508 adults in New Hampshire. The results, released Wednesday, paint a clear picture about what voters are thinking about heading into 2012. They also … More
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When it comes to creating jobs, North Dakota has found the right formula. The state has the largest percentage increase in employment over the past year and was the fastest of all 50 to recover from the recession. The reason is simple: energy production. “North Dakota has been the poster child for what can happen when we unleash free enterprise and allow states to develop and commercialize their resources,” Heritage’s Nick Loris wrote recently on The Foundry. “North Dakota is drilling at record pace.” The state’s unemployment rate is 3.4 … More
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Today, the U.S. House of Representatives is set to vote on a bill that would, among other things, open the door for the creation of thousands of new jobs, prevent a tax hike on American workers, and help reduce the crippling deficit. However, President Barack Obama has promised that he would bring the legislation to a halt with a veto—all because of his opposition to the single measure in the bill that would create jobs. What’s so offensive that would cause the President to level a veto threat? A provision … More
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