The US is in a dire financial situation but there is no real outrage. The latest dismal growth numbers haven’t raised concerns from our politicians, not even Republicans. We hear crickets.
The US added 200,000 jobs last month but we would need 400,000 to keep up with population growth. Our economic growth has slowed to 0.5% for the first three months of 2016, the slowest pace in two years.
The U.S. had only grown 1.4%, 2% and 3.9% in the prior three quarters and last quarter will be revised downward.
Real Clear Markets reports that the CBO is “now forecasting that America will never see 3.0% economic growth again.” If that is accurate, we are on a short path to not being able to sustain ourselves.
“From 1790 to 2000, U.S. RGDP growth averaged 3.79%. America needs at least 3.0% economic growth-the nation cannot defend itself and pay its bills without it,” real clear markets reported.
The year 2015 marks the tenth year without 3% growth, the longest run since the Great Depression. The next longest was four years.
Hillary Clinton has promised to continue these great Barack Obama policies that led us to this dismal place. Barack Obama is the first president to not deliver a single year of .3% growth. Obama’s record can’t hold a candle to that of the much-maligned George W. Bush.
The US is probably already in a recession.
As real clear markets wrote, “The rate of real economic growth is the single greatest determinate of both America’s strength as a nation and the well-being of the American people. And, Obama’s record in this area has been truly dismal.”
The US is not running a free market. We are enmeshed in more and more regulations, bureaucracy and taxes. Hillary believes in “progressively” expanding the size, power, and reach of government and she has promised more and more freebies that we can’t afford to pay for. She will build on the Progressive policies of Obama. She truly is an Obama third term.
The redistributionist policies will not foster growth. They discourage investments and entrepreneurship. The rich will hide their money where the enormously big government can’t get it.
This is Obama’s legacy and it will be Hillary’s. She promised it would be.