Forget what Obama says, our economy needs an injection of growth steroids

Barack_Obama_addresses_joint_session_of_Congress_2009-02-24By Stephen Moore

From Fox News:

Obama bashed Republicans in Congress today for the rut the economy is in. ‎ 

But the Obama agenda for reviving the economy is simply a replay of what we’ve already tried and what obviously failed. 

Back in Obama’s first term we had minimum wage hikes, stimulus plans, shovel ready projects, $1.5 trillion deficits, tax increases on the rich and so on. None of it worked and Republicans are right to reject it.

The U.S. Economy is stuck in quick sand. Every new statistic documents what American voters keep saying: they are sick of slow growth, flat wages, runaway debt, and the gains going only to the top 10 percent.

So here are the latest indicators of big trouble ahead.

* The GDP in 4th quarter grew by‎ 0.8 percent and without government growth the private economy hardly grew at all.

* the stock market had one of its worst January’s ever!

* Jobs slumped to 150,000 in January, and the real unemployment rate taking account of the ‎long term unemployed is close to 10 percent.

* Business spending and investment is falling.

* A majority of Americans have less than $50,000 in savings.

* Wages are flat. Real take home pay hasn’t made gains in at least a decade.

* Two of three Americans say the American Dream is dead. They don’t believe their children will be better off.

* the deficit is rising again and headed back to $1 trillion.

Read more at Fox News.

Learn about Stephen Moore at SupplySideEconomist.com.

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