Siteadmin, Check users, oversight, Administrators
20,682
edits
Changes
Jump to navigation
Jump to search
mLine 1:
Line 1: + + +
update
'''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.
==Key Components of Obamanomics==
==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 were created over the next 28 years.]]
[[File:GDP Q2 1983.JPG|175px|right|thumb|Reaganomics produced 3%+ sustained growth immediately, and more than 22 million new jobs were created over the next 28 years.]]