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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>[https://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.]]

[[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>

:''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>[https://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.