An Obama-worshiping liberal/Democrat friend recently told me about another friend of his who served on the economic advisory team to several U.S. presidents. This advisor resigned in frustration while working for George W. Bush. He allegedly could no longer stand Bush’s economic illiteracy; Bush, I was told, just didn’t seem to comprehend what his economic advisors were trying to explain to him.
Among the biggest frustrations, according to this story, was Bush’s lack of desire to fix Social Security. According to his friend the economic advisor, when it came to Social Security reform, Bush was all talk and no action.
Now, I don’t want to call my lib-Dem friend a liar, but there is something really wrong with this picture. First of all, say anything you want about some of Bush’s economic decisions (can you say TARP!?), the man was the first U.S. president to hold an MBA. Second, how could my friend with a straight face accuse Bush of not wanting to reform Social Security! There was nothing Bush could have done without the cooperation of Democrats in Congress!
Ironically, this conversation with my lib-Dem friend took place not long after the Joe Wilson “You lie!” outrage. My friend, naturally, was as offended as any other Obamaniac by Rep. Wilson’s remark on the House floor. But he apparently did not know that Congressional Democrats pulled a “Joe Wilson” a hundred-fold when in both 2005 and 2006 they heckled Bush on the same House floor when he mentioned the need to fix Social Security.
But why would anyone look to George W. Bush in search of economic illiteracy when it is currently running rampant throughout Democrat-controlled Washington like never before in American history? In the White House we have a Marxist ideologue who has surrounded himself with other Marxist ideologues making economic policy decisions that have never worked in the history of humankind. In Congress we have opportunistic demagogues who are good at waxing eloquent about “helping middle class families” but enacting no legislation that actually … um … helps middle class families.
Let's look at the Recovery Act, a.k.a. the stimulus pork bill. Here are some statements from our delusional president [h/t Randall Hoven at American Thinker and The Hill]:
If we don’t act swiftly and boldly, we could see a much deeper economic downturn that could lead to double-digit unemployment. —January 2009.
... A full accounting of jobs created or saved thus far... yields estimates ranging from around 600,000 to 1.5 million... we are solidly on track to meet our goal of 3.5 million jobs saved or created by the end of next year. — October 2009.
Increasing job growth is the “overriding focus” of [Obama’s] administration. … “Having brought the economy back from the brink, the question is, how are we going to make sure that people are getting back to work and able to support their families? … It's not going to happen overnight, but we will not rest until we are succeeding in generating the jobs that this economy needs.” — November 2, 2009
That’s the flowery rhetoric. Here’s the grim reality:
Obama’s Failed Stimulus in Pictures: 10.2% Unemployment
If job growth is the overriding focus of Obama’s administration, than Barack Hussein Obama is a failure of the highest order. Every month since passing of the $787 billion stimulus pork bill, the unemployment rate has in actuality been higher with the bill than what “experts” predicted in theory without the bill. The stimulus bill didn’t “bring the economy back from the brink,” as Obama says at least once a week. The economy is worse despite the stimulus bill than it was predicted to be without it.
Translation: The Recovery Act is a big fat failed waste of taxpayer dollars. And forgive me for thinking this wasn’t just an honest mistake. It was a deliberate economy-destroying scam. Possibly the biggest scam in American history other than the looming cap-and-tax bill and government-run health (s)care. (And whodathunk that the three biggest prosperity-depleting scams in American history all would have happened within one year under the same administration and under the same Congress?)
It’s like New Deal all over again. Most economists and historians agree that the U.S. economy would have bounced back faster had FDR and the federal government not imposed itself upon the free market. Either Obama and the Democrats are too ignorant to learn from history, or they are plowing full speed ahead with their economy-destroying legislation knowing the lessons of the New Deal all too well (i.e., it made millions of Americans dependent on the Democrat Party, buying their votes and therefore maintaining control of the federal government for decades.)
But President Hope&Change should take comfort in knowing he isn’t the only one whose economic illiteracy has contributed to these disastrous unemployment numbers. He had help from the biggest economic ignoramus in Congress, House Speaker Nancy Pelosi.
Since the Democrats took over both houses of Congress in January, 2007, there have been three federally-enforced minimum wage increases.
Nancy Pelosi, naturally, was the loudest crusader for minimum wage increases, making it one of her Congress’s first priorities. In 2008, pandering to the supposedly disenfranchised 99% of the American population, Madame Speaker said [h/t Randall Hoven at American Thinker]:
Last year, the New Direction Congress enacted the first minimum wage increase in a decade—which is being implemented in three steps … The previous Republican-controlled Congresses blocked minimum wage proposals from being considered. In 2006 alone, Republicans blocked minimum wage legislation from coming to a vote 11 times. The minimum wage increase passed by the Democratic-led Congress is the first pay raise for working Americans in almost 10 years. This raise is part of our New Direction towards shared prosperity, and is a down payment on a broader American agenda for working families.
Critics like Thomas Sowell, author of Basic Economics and Economic Facts and Fallacies, knew the dire consequences: Employers were either going to have to (1) fire workers they will no longer be able to afford to pay, (2) cut back on products/services or the quality thereof, (3) pass the extra cost onto us, the consumers, or (4) all of the above.
But when you’re a liberal-Democrat, ideologically-driven “compassion” trumps cold hard economic facts.
So no surprise when in October we find out from the Bureau of Labor Statistics [h/t Tom Blumer at BizzyBlog] that:
Seasonally adjusted teenage unemployment hit 25.9%, the highest rate in the nearly 62 years BLS has been reporting this number. The previous record was last month’s 25.5%.
Unemployment among black teens not enrolled in school is over 50%.
The rate among 20-24 year-olds is also alarmingly high at 15.1%.
Blumer makes this depressing, yet unsurprising, observation. Yet another chief figure of economic illiteracy, the mainstream media, who tossed rose petals at Congress with every minimum wage increase, could now not understand the unprecedented levels of teen unemployment.
With the exception of a single Wall Street Journal piece (an editorial no less; not even a news story), not a single mainstream media outlet reported the plain-as-day fact that their precious minimum wage increases was the primary factor.
In case you’re still not convinced, consider this graph:
With that, I give you the following 20 minutes from the first hour of Thursday’s Mark Levin show. In it, The Great One gives President Hope&Change and the Democrats a much-needed lesson on economics.
[Edited for commercials, long pauses, and other extraneous content]

Download Levin2009-11-12-Pt1_80kbps
Download Levin2009-11-12-Pt2_80kbps
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