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Keynesian Economics

Among ordinary Japanese, the spending is widely disparaged for having turned the nation into a public-works-based welfare state and making regional economies dependent on Tokyo for jobs. Much of the blame has fallen on the Liberal Democratic Party, which has long used government spending to grease rural vote-buying machines that help keep the party in power.

Despite assurances from politicians and most economists of Keynesian persuasion, not only did the biggest and most rapid increase in our federal debt burden since WW II fail to boost the economy, it coincided with the weakest recovery in history—growth of only 2.2% per year on average. -Scott Grannis Go To Site

Keynesianism became gospel. Its central tenet, this magazine explained in its 1965 cover story, was that "the modern capitalist economy does not automatically work at top efficiency, but can be raised to that level by the intervention and influence of the government. Go To Site

Mr. Obama really believed that government spending would unleash a robust recovery in employment and housing—an “economy built to last.” Now that this hasn’t happened and with the Congressional Budget Office predicting a possible recession for 2013, Team Obama claims these woeful results were the best that could have been expected. The problem with this line is that every President who has inherited a recession in modern times has done better. . . . Under Mr. Obama, measured on the basis of jobs, GDP growth and incomes, this has been by far the meekest recovery from the past 10 recessions. Go To Site

Liberal, Government, Incompetence, Financial, Narrative, Oops, Economy, Regulation

Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt. After scrutinizing Roosevelt's record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.

  "As we've seen in the past several years, salaries and prices fall when unemployment is high. By artificially inflating both, the New Deal policies short-circuited the market's self-correcting forces."

The Obama Administration "Stimulus Plan"...

A Monumental Keynesian Failure

Can we admit that this was a failure now?

Image: Left Of The Mark

April 2010: “Some time in the next couple of months we’re going to be creating between 250,000 jobs a month and 500,000 jobs a month,” Biden said at a fundraiser today in Pittsburgh. Next month, Biden predicted, the nation’s employers will add between 100,000 to 200,000 jobs to their payrolls.

Democrat, Liberal, Incompetence, Obama, Oops, Economy

As congressional budgeters warn of a debt crisis in the coming years, a new poll shows that 44 percent of Americans say they believe they are worse off under President Obama than in early 2009, when the economy was still technically in recession.

Democrat, Liberal, Government, Incompetence, Obama, Economy

Data released by the Census Bureau today showed the proportion of people living in poverty climbed to 15.1 percent last year from 14.3 percent in 2009, and median household income declined 2.3 percent. The number of Americans living in poverty was the highest in the 52 years since the U.S. Census Bureau began gathering that statistic. Those figures may have worsened in recent months as the economy weakened.

Ronald Reagan Vs. Barack Obama: GDP Growth

Reagan Vs. Obama GDP Growth

Gross Economic Incompetence

Image: Powerline

The reality, however, is that the current recovery is the weakest of modern times, as economic growth, after more than five years of Democratic Party policies, stands at near zero.-John Hinderaker

Democrat, Liberal, Incompetence, Obama, Oops, Economy

Aug 2012: Back in February 2009, the Obama Administration promised the American public that after their nearly trillion dollar stimulus too effect, the unemployment rate would drop down to 5.3% at the end of his first term. Today it’s at 8.3%.

The idea that something as fundamental as the distribution of wealth can be radically altered in a democracy without disastrous side effects is an intellectual fantasy. Prohibition, a far simpler social engineering project than fundamentally redistributing wealth, didn’t get rid of demon rum, it gave us Al Capone. And the people who wanted to drink kept right on doing so. Intellectuals, especially in the social sciences, have a nasty habit of thinking that, “This is the way the world should be, therefore this is the way the world can be.” This is what leads them to come up with so many ideas that are, in George Orwell’s phrase, “so stupid that only intellectuals believe them.” -John Steele Gordon, The American Go To Site

Editorial, Liberal, Tax, Narrative, Economy

There is a point at which in peace times high rates of income and profits taxes discourage energy, remove the incentive to new enterprise, encourage extravagant expenditures and produce industrial stagnation with consequent unemployment and other attendant evils. -Woodrow Wilson

Government, Incompetence, Obama, Financial, Oops, Economy

Recent research at Harvard Business School began with the premise that as a state's congressional delegation grew in stature and power in Washington, D.C., local businesses would benefit from the increased federal spending sure to come their way... "It was an enormous surprise, at least to us, to learn that the average firm in the chairman's state did not benefit at all from the unanticipated increase in spending," Coval reports.

Liberal, Incompetence, Economy

Most Japanese economists have tended to take a bleaker view of their nation’s track record, saying that Japan spent more than enough money, but wasted too much of it on roads to nowhere and other unneeded projects. Dr. Ihori of the University of Tokyo did a survey of public works in the 1990s, concluding that the spending created almost no additional economic growth. Instead of spreading beneficial ripple effects across the economy, he found that the spending actually led to declines in business investment by driving out private investors. He also said job creation was too narrowly focused in the construction industry in rural areas to give much benefit to the overall economy.

Democrat, Liberal, Incompetence, Obama, Economy

WASHINGTON (AP) — The ranks of America's poor swelled to almost 1 in 6 people last year, reaching a new high as long-term unemployment left millions of Americans struggling and out of work. The number of uninsured edged up to 49.9 million, the biggest in more than two decades.

Keynesian economics is the false vision of human action that says the way to promote economic recovery and renewed growth is through increased government spending, deficits and debt. If that sounds nuts, that's because it is... Keynesian economics arose in the 1930s in response to the Depression. It never worked then, as the recession of 1929 extended into the decade long Great Depression. And it never worked anywhere it's been tried since then, in the U.S. or abroad. -Peter Ferrara Go To Site

Democrat, Liberal, Incompetence, Economy

"I’m talking about a jobs program of a trillion dollars or more. We’ve got to put Americans to work. That’s the only way to revitalize this economy. When people work they earn money, they spend that money, and that’s what gets the economy up and going," -Rep. Maxine Waters (D-CA)

Financial, Funny, Academia

Too small in size and too heavily tilted toward tax cuts rather than direct job-creating spending, it was simply not capable of returning the economy to full employment.

Keynesian economics is fundamentally misguided because it focuses on how to encourage more spending when the real goal should be to figure out policies that result in more income.

Democrat, Liberal, Incompetence, Obama, Oops, Economy

The White House economic adviser who determined in 2009 that if President Barack Obama's stimulus bill were passed unemployment would not go above 8 percent, now says he was wrong and that he does not think unemployment will go below 8 percent before the end of 2012--the last year of the four-year term Obama won in 2008.

Editorial, Economy

According to the historical tables of the Office of Management and Budget, spending in 1929 was $3.1 billion, up from $2.9 billion the year before. In 1930 it was $3.3 billion. In 1931, Hoover raised spending to $3.6 billion. And in 1932, he opened the taps to $4.7 billion, where it basically stayed into 1933 (most of which was a Hoover budget). As a percentage of GDP, spending rose from 3.4% in 1930 to 8% in 1933...

In contrast - back in 1980 during a similar economic downturn President Ronald Reagan took the exact opposite approach as Barack Obama. Reagan cut taxes and regulations. When Reagan signed the Economic Recovery Act at his ranch in 1981, it was the largest tax cut in American history. And it was a massive success. Jobs were created. In 15 months in 1983-84 job growth was 4,655,000, while in the comparable 15 months in 2011-12 it was 2,475,000, just a little more than half as many. The average GDP during Ronald Reagan’s 4th year in office was a whopping 7.75%. Go To Site

Democrat, Liberal, Incompetence, Obama, Economy

The Federal Reserve's massive stimulus program had little impact on the U.S. economy besides weakening the dollar and helping U.S. exports, Federal Reserve Governor Alan Greenspan told CNBC Thursday.

Democrat, Liberal, Incompetence, Obama, Narrative, Oops, Economy

Grpah shows that the US economy stabilized before the stimulus funds were spent.

Democrat, Liberal, Obama, Oops, Economy

The Great Recession has now earned the dubious right of being compared to the Great Depression. In the face of the most stimulative fiscal and monetary policies in our history, we have experienced the loss of over 7 million jobs, wiping out every job gained since the year 2000. From the moment the Obama administration came into office, there have been no net increases in full-time jobs, only in part-time jobs. This is contrary to all previous recessions. Employers are not recalling the workers they laid off from full-time employment.

Democrat, Liberal, Incompetence, Obama, Narrative, Oops, Economy

Twenty-eight months after Congress passed President Obama’s signature economic stimulus law, and nearly one year after he declared the summer of 2010 to be “Recovery Summer,” 1.9 million fewer people are employed.

On page four of the 2009 Romer/Bernstein report a chart states that the unemployment rate nationwide with the $821-billion economic stimulus package would peak at 8 percent. Go To Site

Democrat, Liberal, Government, Incompetence, Obama, Financial, Brilliance, Oops, Economy

At this point, Obama smiled and interjected, "Shovel-ready was not as ... uh .. shovel-ready as we expected." The Council, led by GE's Jeffrey Immelt, erupted in laughter. The Obama administration promised the Recovery Act ("the stimulus") would prevent the jobless rate from going over 8%. It now stands at 9.1%.

Democrat, Liberal, Incompetence, Obama, Oops

Back in January 2009, Christina Romer and Jared Bernstein produced a report estimating future unemployment rates with and without a stimulus plan. Their estimates, which were widely circulated, projected that unemployment would approach 9% without a stimulus, but would never exceed 8% with the plan.

Government, Incompetence, Narrative, Economy

On Feb. 17, 2009, Congress passed the American Recovery and Reinvestment Act of 2009 at the urging of President Obama, who signed it into law four days later. A direct response to the economic crisis, the Recovery Act has three immediate goals: Create new jobs and save existing ones, Spur economic activity and invest in long-term growth, Foster unprecedented levels of accountability and transparency in government spending

Democrat, Incompetence, Obama, Economy

Nearly two years after the economic recovery officially began, job creation continues to stagger at the slowest post-recession rate since the Great Depression.

Liberal, Oops, Economy

Blindside: Why Japan Is Still on Track to Overtake the U.S. By the Year 2000
By 1994, it was apparent that Japan was girding itself for a new leap forward with the help of powerful Keynesian economic stimulation via increased public spending.

Liberal, Oops, Economy

By 1994, it was apparent that Japan was girding itself for a new leap forward with the help of powerful Keynesian economic stimulation via increased public spending. Keynesianism has, of course, been out of fashion in the West for decades, where its side effects such as inflation, increased government borrowing, and a rise in imports are deemed intolerable.

Three economists (from MIT and Tex A&M) have crunched the numbers and discovered that Obama’s Cash-for-Clunkers scheme back in 2009 was a failure even by Keynesian standards. Go To Site