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'''Obamanomics''' is a term describing the school of economic thought and policy being pushed by the [[Obama Administration]].  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<ref>[http://www.amherstwire.com/2009/03/06/faq-obamas-economic-stimulus-package/ ''Amherstwire.com'': "FAQ: Obama's Economic Stimulus Package"]</ref>. With unemployment at 10.2% as of October 2009<ref>[http://www.newsmax.com/newsfront/jobs_lost/2009/11/06/282644.html ''Newsmax'': "U.S. Jobless Rate Hits 10.2%; 190,000 Jobs Lost"]</ref> and the value of the U.S. dollar plummeting<ref>[http://www.cbc.ca/fp/story/2009/11/09/2202568.html "Gold, Loonie Soars on Plunging Greenback CBC News]</ref>, it has proven to be a failed system.

'''Obamanomics''' is a term describing the school of economic thought and policy being pushed by the [[Obama Administration]].  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.<ref>[http://www.amherstwire.com/2009/03/06/faq-obamas-economic-stimulus-package/ ''Amherstwire.com'': "FAQ: Obama's Economic Stimulus Package"]</ref>  With unemployment at 10.2% as of October 2009<ref>[http://www.newsmax.com/newsfront/jobs_lost/2009/11/06/282644.html ''Newsmax'': "U.S. Jobless Rate Hits 10.2%; 190,000 Jobs Lost"]</ref> and the value of the U.S. dollar plummeting,<ref>[http://www.cbc.ca/fp/story/2009/11/09/2202568.html "Gold, Loonie Soars on Plunging Greenback CBC News]</ref> it has proven to be a failed system.

[[File:G.D.P. Q2 2010.JPG|175px|right|thumb|Obamanomics did not produce 1% growth in its first year, and growth turned down significantly 9 months into recovery.]]

[[File:G.D.P. Q2 2010.JPG|175px|right|thumb|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. <ref>[http://nation.foxnews.com/president-obama/2012/01/02/every-day-obama-regime-takes-6-billion-and-spends-10-billion Every Day, the Obama Regime Takes in $6 Billion and Spends $10 Billion, Fox Nation, January 02, 2012]</ref>  One outcome of Obamanomics has been to saddle America with debt and no positive benefits can be attributed to the gobs of money spent.  

Through three fiscal years, the federal government takes in $6 billion a day and spends $10 billion a day.<ref>[http://nation.foxnews.com/president-obama/2012/01/02/every-day-obama-regime-takes-6-billion-and-spends-10-billion Every Day, the Obama Regime Takes in $6 Billion and Spends $10 Billion, Fox Nation, January 02, 2012]</ref>  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.<ref>{{cite web|url=http://www.forbes.com/sites/rickungar/2012/05/24/who-is-the-smallest-government-spender-since-eisenhower-would-you-believe-its-barack-obama/|title=Who Is The Smallest Government Spender Since Eisenhower? Would You Believe It's Barack Obama?|publisher=Forbes|author=Rick Ungar|date=May 24th, 2012}}</ref>

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.<ref>{{cite web|url=http://www.forbes.com/sites/rickungar/2012/05/24/who-is-the-smallest-government-spender-since-eisenhower-would-you-believe-its-barack-obama/|title=Who Is The Smallest Government Spender Since Eisenhower? Would You Believe It's Barack Obama?|publisher=Forbes|author=Rick Ungar|date=May 24, 2012}}</ref>

==Key Components of Obamanomics==

==Key Components of Obamanomics==

[[File:Obama tax increases.JPG|right|275px]]

[[File:Obama tax increases.JPG|right|275px]]

On September 12, 2008 while campaigning in [[Dover]], [[New Hampshire]], then [[Barack Hussein Obama 2008 Presidential campaign|candidate Obama]] made this solemn promise to the American people:

On September 12, 2008 while campaigning in [[Dover]], [[New Hampshire]], then [[Barack Hussein Obama 2008 Presidential campaign|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.'' <ref>[http://www.youtube.com/watch?v=Q8erePM8V5 Video]</ref><ref>[http://www.realclearpolitics.com/articles/2008/09/obamas_remarks_in_dover_new_ha.html Transcript]</ref><br>

:''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.'' <ref>[http://www.youtube.com/watch?v=Q8erePM8V5 Video]</ref><ref>[http://www.realclearpolitics.com/articles/2008/09/obamas_remarks_in_dover_new_ha.html Transcript]</ref>

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.

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.