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Obamanomics is a term describing the attempt by the Obama Administration to turn America into a European-style Social democracy. Its main doctrine is massive government spending (as evidenced by the American Recovery and Reinvestment Act of 2009) in excess of $1 trillion, which is funded by massive borrowing through U.S. Treasury bonds.[1] With unemployment at 10.2% as of October 2009[2] and the value of the U.S. dollar plummeting,[3] it has proven to be a failed system.

Obamanomics did not produce 1% growth in its first year, and growth turned down significantly 9 months into recovery.

Through three fiscal years, the federal government takes in $6 billion a day and spends $10 billion a day.[4] One outcome of Obamanomics has been to saddle America with debt and no positive benefits can be attributed to the gobs of money spent.

Nevertheless, budgets passed under President Obama have included the smallest average annualized growth of federal spending (1.4%) since before President Reagan. Federal spending grew an average of 8.7% per year during Reagan's first term and an average of 8.1% per year during George W. Bush's second term.[5]

Key Components of Obamanomics

Reaganomics produced 3%+ sustained growth immediately, and more than 22 million new jobs were created over the next 28 years.

Obamanomics is diametrically opposed to Reaganomics, embraces higher taxes, more regulation, more spending, and loose money.[6] Whereas Reaganomics jump started sustainable recovery during the 1980s, Obamanomics is expected to impede recovery.

By mid 2010 the U.S. Commerce Dept. reported Gross Domestic Product did not responded adequately to the economic stimulus passed in February 2009. More than 3 million jobs however were lost and more than a trillion dollars was added to the National debt.

By contrast, the 3.0%+ growth rates sustained by the Reagan era tax cuts as the United States emerged from the 1982 recession provided the necessary stimulus to maintain a growing population and declining unemployment.

Increased government spending

Loose monetary policy

Increased regulation

Tax increases

Obama tax increases.JPG

On September 12, 2008, while campaigning in Dover, New Hampshire, then candidate Obama made this solemn promise to the American people:

I can make a firm pledge: under my plan, no family making less than $250,000 will see their taxes increase - not your income taxes, not your payroll taxes. [7][8]

As of January 1, 2011, income taxes and payroll taxes are slated to increase on all working people in the United States, including the poor and those least able to afford it. A working family with four children, for example, will pay $215 more per month under President Obama and the Congressional Democrats economic program.

Capital gains tax

Dividends tax

Income tax

Obamaonomics proposes raising income taxes on all working Americans effective January 1, 2010. The rate of increase on the poorest workers, those least able to afford it, is 50%, from a progressive tax rate of 10% to a rate of 15%. By contrast the upper 2%, those with taxable income of $250,000, will only experience a 10% increase, from 36% to 39.6%.

Payroll tax

Cap and trade energy tax

Main article: Cap and Trade

VAT tax proposal

Catastrophic impacts of Obamanomics after administration end

Global Coronavirus Depression from China trade and return of command economy

President Obama, Vice President Joe Biden, and Secretary Hillary Clinton along with supporters like billionaires Michael Bloomberg, Jeff Bezos, Mark Cuban and Bill Gates always touted the economic benefits of trade with China, which only benefited a select few like Hunter Biden and Mitt Romney. Instead of global economic prosperity because of China trade, US companies flouted US labor laws by producing in China, detrimentally impacting many Americans who played by the rules. Additionally, because of open trade with China that Obama pushed, the world experienced the worst global depression ever - which may or may not lead to another World War (China has already threatened a new Cold War with the US). Additionally, liberals engage in denialism of obvious evidence that the Wuhan Institute of Virology was engaged in gain of function research that makes viruses either more deadly and/or more infectious on the SARS coronavirus.

This is the same research that Barack Obama banned Americans from doing in 2014 (later reinstated by President Donald Trump to be able to protect against a real pandemic like CCP virus), but trusted the US number one geopolitical foe, China, to do the same research. In case there was any doubt that the Chinese have evil intent during the coronavirus pandemic, the Chinese maliciously withheld N95 masks made in China (Obama thought it was wise to offshore all of our Personal Protective Equipment (PPE) production to China - yet somehow wants credit for having some junior staffer prepare a document asking repeatedly multiple times if US should just call the NIH or DHHS without a single intelligent idea on how to actually handle a pandemic.).

See also