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Barbra Streisand Thinks Economy Is Doing Great Under Obama
Singer, actress, and political activist Barbra Streisand wants Americans to know that the economy is doing great under President Barack Obama.
She recently published an opinion piece in the Huffington Post entitled, “Have You Heard The Good News?” In the piece, she argues that given the economy Obama inherited, the nation is doing great. She points to the unemployment rate being at 5.5 percent thanks to the 11 million new jobs created since the president took office. She cites liberal New York Times columnist Paul Krugman’s claim that the economy is adding jobs at a rate not seen since the Clinton years in the 1990s.
Striesand’s analysis of the American economy is missing a few key points. First, given the depth of the recession, which began in 2007, the fact that the economy is adding jobs at a fast rate is to be expected, based on past recoveries. Furthermore, the March jobs numbers were nothing to write home about, with the economy adding a meager 126,000 new workers. She fails to mention that the real unemployment rate is over 9 percent, and the nation had not experienced such a low labor participation rate–62.7 percent–since the late 1970s.
The last time the nation experienced a similar recession during the late 1970s and early 80s, Washington took the exact opposite approach Barack Obama and the Democratic Congress took. As President Ronald Reagan famously pronounced, “In this present crisis, government is not the solution to the problem; government is the problem.”
Based on this assessment, the president and Congress cut taxes for individuals, businesses, and investments rather than raising them. They got rid of regulations burdening the energy sector and overall business climate. Overall, they created a climate where people wanted to start new businesses and grow the ones they had.
The results speak for themselves. The nation experienced unprecedented economic growth, with the economy of the United States growing an entire third larger (the size of the entire German economy) while adding 18 million new jobs; real unemployment dropped from over 10 percent to five. Add to this the fact that revenues to the Treasury doubled thanks to the booming economy.
Heritage Foundation economist Stephen Moore identifies a few key steps leaders in Washington could take to get the nation back on track:
Approve the Keystone pipeline, reverse recent EPA regulations that are strangling our oil and gas producers and our utilities, suspend the 50-workers and 30-hours-a-week rules that trigger Obamacare mandates and regulations, and cut the corporate tax rate. The 6.6 million jobs deficit is holding back family incomes and growth and bodes poorly for the future.
No matter what tune Streisand tries to sing about the great Obama economy, Americans know better.
This post originally appeared on Western Journalism – Equipping You With The Truth
Source: http://www.westernjournalism.com/barbra-streisand-thinks-economy-is-doing-great-under-obama/
