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Line 1: + + + + − ==Key Components of Obamanomics==+ + + − Obamanomics is diametrically opposed to [[Reaganomics]], embraces higher taxes, more regulation, more spending, and loose money.<ref>[http://online.wsj.com/article/SB123431484726570949.html Wall Street Journal: Reaganomics v. Obamanomics]</ref> Whereas Reaganomics jump started recovery during the 1980s, Obamanomics is expected to impede recovery.
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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.]]
==Key Components of Obamanomics==
[[File:GDP Q2 1983.JPG|175px|right|thumb|Reaganomics produced 3%+ sustained growth immediately, and more than 22 million new jobs over the next 28 years.]]
Obamanomics is diametrically opposed to [[Reaganomics]], embraces higher taxes, more regulation, more spending, and loose money.<ref>[http://online.wsj.com/article/SB123431484726570949.html Wall Street Journal: Reaganomics v. Obamanomics]</ref> Whereas Reaganomics jump started 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]].<br>
===Increased government spending===
===Increased government spending===