It’s already known that America’s 2016 national debt has surpassed the $19 trillion mark under President Obama, a dramatic increase from the debt accumulated over 233 years which at stood $10.6 trillion when he took office.
The hike has been startling, but even more so when one considers that nothing of significance or lasting value has been added to the U.S. with all that expenditure. Other periods of heavy spending resulted in clearly visible results. During the 1940’s, extensive outlays produced a victory in the Second World War. The 1950’s saw the development of the U.S. highway system. President Reagan’s arms buildup in the 1980’s ended the first Cold War.
Even in comparison with the anemic growth that has become common since Mr. Obama assumed office, the state and outlook of the economy as 2016 moves into February is worrisome. The latest Bureau of Labor Statistics release on Jobs indicates that job growth, in particular, remains disappointing.
The Bureau of Economic Analysis notes that real gross domestic product — the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes – barely edged up at an annual rate of 0.7 percent in the fourth quarter of 2015, a reduction from the very weak third quarter increase of 2%.
CNS News reports that the huge jump in the national debt represents a liability of $70,612.91 for every U.S. household
The first evidence of an extremely expensive and utterly failed economic policy came from the $830 billion dollar “stimulus,” passed early in the Obama Administration’s reign, which tripled the yearly annual deficit.
The Wall Street Journal summarized it this way: “The federal government poured billions into the government and education sectors, where unemployment was low, but spent only about 10% on promised infrastructure, though the unemployment rate in construction was running in double digits. And some of the individual projects funded by the law were truly appalling. $783,000 was spent on a study of why young people consume malt liquor and marijuana. $92,000 went to the Army Corps of Engineers for costumes for mascots like Bobber the Water Safety Dog. $219,000 funded a study of college ‘hookups.’
“In aggregate, the spending helped drive federal outlays from less than $3 trillion in 2008 to $3.5 trillion in 2009, where federal spending has roughly remained ever since.
The legacy is a slow-growth economy: Growth over the last 18 quarters has averaged just 2.4% — pretty shoddy compared to better than 4% growth during the Reagan recovery in the 1980s and almost 4% in the 1990s recovery.
“The failure of the stimulus was a failure of the neo-Keynesian belief that economies can be jolted into action by a wave of government spending. In fact, people are smart enough to realize that every dollar poured into the economy via government spending must eventually be taken out of the productive economy in the form of taxes.”
In addition to skyrocketing debt with no substantive return, the nature of the once robust American economy seems to have been altered. The Heritage Foundation notes that “America’s Economic Freedom Has Rapidly Declined Under Obama, largely due to rapidly rising government spending, subsidies, and bailouts.”
Heritage’s annual 2016 Index of Economic Freedom reveals that “America’s economic freedom has tumbled. With losses of economic freedom in eight of the past nine years, the U.S. has tied its worst score ever, wiping out a decade of progress. The U.S. has fallen from the 6th freest economy in the world, when President Barack Obama took office, to 11th place in 2016.” In addition to the enormous new debt, the huge impact of new regulations and healthcare takeover are cited as reasons.
Heritage worries that “This is not something to take lightly. Economic freedom is the foundation of U.S. economic strength, and economic strength is the foundation of America’s high living standards, military power, and status as a world leader. The perils of losing economic freedom are not fictional. It is painfully clear that our economy has been performing far below its potential, with individuals, families, and entrepreneurs being squeezed by the proliferation of big-government bureaucracy and regulations…Self-inflicted wounds include:
- The S. has the highest corporate tax ratein the developed world. This has driven new jobs to other, more competitive nations and has meant fewer jobs and lower wages for Americans.
- The overall annual costof meeting regulatory requirements has increased by over $80 billion since 2009, with more than 180 new regulations in place. In terms of ease of starting a new business, analyzed by a recently published World Bank report, the U.S. is ranked shockingly low at 49th, trailing countries such as Canada, Georgia, Ireland, Lithuania, and Malaysia. No wonder the labor force participation rate has remained at near record lows after more than five years of steady decline.
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In the past, major global recessions were healed by the dynamic strength of the U.S. economy. However, eight years after the “Great Recession,” America’s failure to unleash the potential of its free market has not provided that boost. The World Bank notes that “Global growth disappointed again in 2015, slowing to 2.4%. “