Politics The Obama Boom economy.......

Discussion in 'The Howard Stern Show' started by Ving, Jan 11, 2016.

  1. Ving

    Ving Well-Known Member

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    The Obama Boom


    Paul Krugman JAN. 11, 2016

    Do you remember the “Bush boom”? Probably not. Anyway, the administration of George W. Bush began its tenure with a recession, followed by an extended “jobless recovery.” By the summer of 2003, however, the economy began adding jobs again. The pace of job creation wasn’t anything special by historical standards, but conservatives insisted that the job gains after that trough represented a huge triumph, a vindication of the Bush tax cuts.

    So what should we say about the Obama job record? Private-sector employment — the relevant number, as I’ll explain in a minute — hit its low point in February 2010. Since then we’ve gained 14 million jobs, a figure that startled even me, roughly double the number of jobs added during the supposed Bush boom before it turned into the Great Recession. If that was a boom, this expansion, capped by last month’s really good report, outbooms it by a wide margin.


    Does President Obama deserve credit for these gains? No. In general, presidents and their policies matter much less for the economy’s performance than most people imagine. Times of crisis are an exception, and the Obama stimulus plan enacted in 2009 made a big positive difference. But that stimulus faded out fast after 2010, and has very little to do with the economy’s current situation.

    Photo
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    President Obama with factory workers in Cleveland in 2013. Credit Gabriella Demczuk for The New York Times
    The point, however, is that politicians and pundits, especially on the right, constantly insist that presidential policies matter a lot. And Mr. Obama, in particular, has been attacked at every stage of his presidency for policies that his critics allege are “job-killing” — the former House speaker, John Boehner, once used the phrase seven times in less than 14 minutes. So the fact that the Obama job record is as good as it is tells you something about the validity of those attacks.

    What did Mr. Obama do that was supposed to kill jobs? Quite a lot, actually. He signed the 2010 Dodd-Frank financial reform, which critics claimed would crush employment by starving businesses of capital. He raised taxes on high incomes, especially at the very top, where average tax rates rose by about six and a half percentage points after 2012, a step that critics claimed would destroy incentives. And he enacted a health reform that went into full effect in 2014, amid claims that it would have catastrophic effects on employment.

    Yet none of the dire predicted consequences of these policies have materialized. It’s not just that overall job creation in the private sector — which was what Mr. Obama was supposedly killing — has been strong. More detailed examinations of labor markets also show no evidence of predicted ill effects. For example, there’s no evidence that Obamacare led to a shift from full-time to part-time work, and no evidence that the expansion of Medicaid led to large reductions in labor supply.

    So what do we learn from this impressive failure to fail? That the conservative economic orthodoxy dominating the Republican Party is very, very wrong.

    In a way, that should have been obvious. For conservative orthodoxy has a curiously inconsistent view of the abilities and motivations of corporations and wealthy individuals — I mean, job creators.

    On one side, this elite is presumed to be a bunch of economic superheroes, able to deliver universal prosperity by summoning the magic of the marketplace. On the other side, they’re depicted as incredibly sensitive flowers who wilt in the face of adversity — raise their taxes a bit, subject them to a few regulations, or for that matter hurt their feelings in a speech or two, and they’ll stop creating jobs and go sulk in their tents, or more likely their mansions.


    It’s a doctrine that doesn’t make much sense, but it conveys a clear message that, whaddya know, turns out to be very convenient for the elite: namely, that injustice is a law of nature, that we’d better not do anything to make our society less unequal or protect ordinary families from financial risks. Because if we do, the usual suspects insist, we’ll be severely punished by the invisible hand, which will collapse the economy.

    Economists could and did argue that history proves this doctrine wrong. After all, America achieved rapid, indeed unprecedented, income growth in the 1950s and 1960s, despite top tax rates beyond the wildest dreams of modern progressives. For that matter, there are countries like Denmark that combine high taxes and generous social programs with very good employment performance.

    But for those who don’t know much about either history or the world outside America, the Obama economy offers a powerful lesson in the here and now. From a conservative point of view, Mr. Obama did everything wrong, afflicting the comfortable (slightly) and comforting the afflicted (a lot), and nothing bad happened. We can, it turns out, make our society better after all.
     
  2. Mark Mayonnaise

    Mark Mayonnaise You look like a tree! VIP

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    Ving! What are you doing here, I thought I told you to go fuck your mother
     
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  3. Tipsey Russell

    Tipsey Russell VIP Extreme Gold

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    no ear protection
    that's a no no
     
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  4. PI Nate

    PI Nate Disenfranchised since 1984... Gold

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    :lmao:
     
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  5. Divorce Chicken

    Divorce Chicken white punk on dope VIP

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    :facepalm:
     
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  6. scoobyla

    scoobyla Well-Known Member

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    its not the obama economy. the vast majority of economic policies are republican
     
  7. PI Nate

    PI Nate Disenfranchised since 1984... Gold

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    "Racist!!"
     
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  8. ltd86

    ltd86 Racist Banned User

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    :backlol:

    wages down, market crashing, record poverty, record food stamp use, part-time jobs as the new norm, record debt, skyrocketing healthcare premiums and deductibles, a majority of americans have less than $500 in savings, lowest labor force participation rate in 40 years....

    :lol:

    things are looking great if you're a brainwashed retard who sucks off the government teet
     
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  9. ltd86

    ltd86 Racist Banned User

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    what does this even mean
     
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  10. Ving

    Ving Well-Known Member

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    You're obviously commenting on an article you didn't read.
     
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  11. scoobyla

    scoobyla Well-Known Member

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    what do you mean
     
  12. Ving

    Ving Well-Known Member

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    And when unemployment drops below 5% nobody will hire you then either.

    Now this dope wants the government to force people to save more money. Holy shit are you stupid. :backlol2::backlol2::backlol2::backlol2:
     
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  13. ltd86

    ltd86 Racist Banned User

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    I don't know what the economy being a Republican economy means
     
  14. scoobyla

    scoobyla Well-Known Member

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    i dont read articles, and i certainly wouldnt read any article linked by you.

    no article can change what the current economic policies are or who supported them
     
  15. Mark Mayonnaise

    Mark Mayonnaise You look like a tree! VIP

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    And the battle of wits continued into the night
     
  16. ltd86

    ltd86 Racist Banned User

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    Force? No, I want people to not be stuck working shit jobs so they can actually save up money, you disgusting mongoloid.

    Your boy has wrecked our country worse than GW Bush could have ever dreamed of.

    Fuck you and Obama, welfare queen :)
     
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  17. Evil Clown

    Evil Clown 34 VIP

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    I can sense that this thread will be non-controversial and everyone will get along as all historical political threads have done so.
     
  18. Ving

    Ving Well-Known Member

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    Explain how raising taxes on high incomes was a republican policy?
     
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  19. ltd86

    ltd86 Racist Banned User

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    even the cheez-it guy thinks ving is retarded :lol:
     
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  20. Lemmy

    Lemmy Douchebag Extraordinaire Gold

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    Type less, plan suicide more. :toptip:
     
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