Obamanomics, the name for “spreading the wealth around,” in reality only spreads poverty and economic decline. By any measure, President Obama’s economic policies have been a total disaster. There are millions of men and women seeking work who want to build a better future for their families. From communities large and small and businesses of all sizes, the work ethic of middle-income America is what anchors this country. As we turn the corner into Fall, and the time when Americans begin to make up their minds about our next president, President Obama’s economic record needs to be directly challenged, and bold alternatives proposed that address the troubles faced by struggling American families.
Yet, still, many are seeing their jobs disappear. In these difficult economic times, we have a president who seemingly doesn’t understand the challenges facing so many working families. Rising energy costs, burdensome regulations, and increased taxes, only makes their situations even harder. The President has created an environment which only encourages businesses to outsource jobs and work to other countries. Below are some of his other top economic “accomplishments”:
1) INCREASED UNEMPLOYMENT AND POVERTY: 41 months of unemployment greater than 8 percent. 23 million Americans struggling to find work. Poverty at historic levels with 1 in 6Americans in poverty. 1 in 4 children on food stamps.
2) INCREASED DEBT: Our national debt has grown by over $5.2 trillion to $16 trillion dollars—an increase of 49 percent, and he has increased each American’s share of that debt by $17,013. We have had now 4 consecutive years of deficits exceeding 1 trillion dollars. And he has supported Senate Democrats inability to pass a budget for 3 years in a row. The only major area that the President has been willing to cut is defense spending, the primary responsibility of the federal government, where he has pushed cuts of over $1 trillion.
3) INCREASING HEALTH CARE COSTS: Obamacare would cost taxpayers about $2 trillion according to the nonpartisan Congressional Budget Office. Despite its cost and unprecedented reach into Americans’ lives, Obamacare would, as of a decade from now, leave 30 million people uninsured and completely fails to address the massive problem of increased healthcare costs. Furthermore, an estimated 1.6 million jobs could be lost due to increased mandates and burdens two-thirds of which are likely to be from small businesses.
4) INCREASING TAXES and REGULATIONS ON US MANUFACTURERS: Leading an effort to increase taxes on two thirds of manufacturing businesses in the US and setting new records on burdensome job killing regulations, rather than supporting these critical job creators. President Obama has put us at a disadvantage with China who has increased their manufacturing base by 18 percent and its economy grew by $2 trillion just last year. Our economy grew by only 1.5 percent in the most recent quarter. President Obama would rather support liberal unions and extremist environmentalists than American manufacturing and job creation.
5) INCREASING GAS PRICES by an average of $1.65 a gallon on American families, at a time when real wages are stagnant.
6) PREVENTING DOMESTIC ENERGY PRODUCTION: Blocking the construction of the Keystone Pipeline, effectively killing the delivery of an additional 700,000 to 830,000 barrels of oil per day to the U.S. and the creation of 20,000 jobs. The decision has encouraged Canada to send its energy to China instead. Furthermore, the President plans on delaying new offshore permits off the Atlantic coast for another five years, and imposed environmental regulations that have closed down numerous power plants around the country.
7) WASTING RESOURCES ON ELITE RATHER THAN LOW COST ENERGY OPTIONS. By pursuing the left-wing’s energy preferences over low cost energy options, and liberal ideology over commonsense, President Obama has picked winners and losers in the energy sector and in communities and families around our country. Look no further than the failure of the green energy companies like Solyndra and Beacon Power and the hundreds of millions of dollars of losses to taxpayers. Non-hydro renewable energy now receives two-thirds of all federal government tax preferences, while fossil fuels only receive about 15 percent.
8) PROTECTING FANNIE MAE AND FREDDIE MAC. Misdiagnosed the factors responsible for the financial crisis and added regulatory burdens to community banks that did not create the housing crisis, while ignoring primary culprits behind the housing crisis such as Fannie Mae and Freddie Mac with no reforms passed after 4 years of additional struggling by many Americans. 5.7 million residential mortgages are either 30 days delinquent or in foreclosure. In some states half of the home mortgages are “underwater”.
9) BLOWING A WAD OF TAXPAYER MONEY ON THE “STIMULUS”: Signing into law an $830 Economic Stimulus Package that was to provide “shovel ready” jobs which it turned out were not, and inventing the data point “saved jobs” to justify the waste. In fact, 443,000 jobs have been lost since Obama took office. President Obama also bailed out favored industries rather than American families and taxpayers.
10) PROMOTING ILLEGAL TRAVEL AND DISRESPECT FOR THE LAW through incentivizing illegal immigration at the expense of US taxpayers and those immigrants who obey the law. By unconstitutionally abusing and expanding executive powers to legislate the DREAM Act, the cost to taxpayers could be an estimated $585 million to the US taxpayer and take away numerous jobs from US citizens in addition to the unfairness to those whose families were separating to legally pursue the dream of America. Instead of promoting rule of law, jobs, and free trade, President Obama waited 3 years to send already-negotiated Latin American free trade agreements to Congress. President Obama has been too busy hurting our economy to secure our borders and enforce our laws.
Rick Santorum, a former representative and senator from Pennsylvania, ran as a candidate for the Republican nomination for president. He is the founder of Patriot Voices, an organization to mobilize one million conservatives committed to promoting faith, family, freedom, and opportunity.