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Barack Hussein Obama (view source)

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{{see also|Obamunism|American Recovery and Reinvestment Act of 2009}}

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Critics of the Obama administration have coined the word "[[Obamunism]]" to describe Barack Obama's [[socialism|socialistic]] and "[[fascism]] light" [[economic planning]] policies.<ref>[[Benito Mussolini]] defined fascism as the wedding of state and corporate powers. Accordingly, trend forecaster [[Gerald Celente]] labels [[Obama administration corporate bailouts|Obama's corporate bailouts]] as being "fascism light" in nature.</ref><ref>{{cite web|url=http://www.thebigmoney.com/articles/daily-intel/2009/07/20/obamunism-inc|work=The Big Money|publisher=WashingtonPost.Newsweek Interactive Co. LLC|format=HTML|language=English|title=Obamunism, Inc.|author=David Sessions|date=July 20, 2009}}</ref><ref>{{cite web|url=http://www.smallbusinessadvocate.com/small-business-interviews/gerald-celente-6944|author=Jim Blasingame|title=Is the government creating a bailout bubble?}}</ref> Obamunism can also refer to Obama's [[Obama administration fiscal policy|ruinous fiscal policies]] and [[Obama administration monetary policy|reckless monetary policies]].<ref name="gerard">{{cite web|url=http://seekingalpha.com/article/120883-monetary-policynot-obama-s-stimulusis-what-needs-watching|title=Monetary Policy-Not Obama's Stimulus-Is What Needs Watching|author=Gerard Jackson|date=February 16, 2009|work=Seeking Alpha}}</ref><ref name="bam">{{cite web|work=New York Post|date=May 17, 2009|url=http://www.nypost.com/seven/05172009/postopinion/editorials/bams_wise_words_169731.htm|title=BAM'S WISE WORDS}}</ref><ref>{{cite web|url=http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/|title=Bush Deficit vs. Obama Deficit in Pictures|work=The Foundry|publisher=The Heritage Foundation|author=Conn Carroll|date=March 24th, 2009}}</ref> As seen in his own actions, Barack Obama instructed his advisors to find loopholes that would enable the president to act as a [[dictator]] by pushing through legislation and increases in spending without congressional authority.<ref>http://www.theblaze.com/stories/executive-dictatorship-obama-instructs-advisers-to-push-through-stimulus-projects-without-pesky-congressional-authorization/</ref>

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Critics of the Obama administration have coined the word "[[Obamunism]]" to describe Barack Obama's [[socialism|socialistic]] and "[[fascism]] light" [[economic planning]] policies.<ref>[[Benito Mussolini]] defined fascism as the wedding of state and corporate powers. Accordingly, trend forecaster [[Gerald Celente]] labels [[Obama administration corporate bailouts|Obama's corporate bailouts]] as being "fascism light" in nature.</ref><ref>{{cite web|url=http://www.thebigmoney.com/articles/daily-intel/2009/07/20/obamunism-inc|work=The Big Money|publisher=WashingtonPost.Newsweek Interactive Co. LLC|format=HTML|language=English|title=Obamunism, Inc.|author=David Sessions|date=July 20, 2009}}</ref><ref>{{cite web|url=http://www.smallbusinessadvocate.com/small-business-interviews/gerald-celente-6944|author=Jim Blasingame|title=Is the government creating a bailout bubble?}}</ref> Obamunism can also refer to Obama's [[Obama administration fiscal policy|ruinous fiscal policies]] and [[Obama administration monetary policy|reckless monetary policies]].<ref name="gerard">{{cite web|url=http://seekingalpha.com/article/120883-monetary-policynot-obama-s-stimulusis-what-needs-watching|title=Monetary Policy-Not Obama's Stimulus-Is What Needs Watching|author=Gerard Jackson|date=February 16, 2009|work=Seeking Alpha}}</ref><ref name="bam">{{cite web|work=New York Post|date=May 17, 2009|url=http://www.nypost.com/seven/05172009/postopinion/editorials/bams_wise_words_169731.htm|title=BAM'S WISE WORDS}}</ref><ref>{{cite web|url=http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/|title=Bush Deficit vs. Obama Deficit in Pictures|work=The Foundry|publisher=The Heritage Foundation|author=Conn Carroll|date=March 24th, 2009}}</ref> As seen in his own actions, Barack Obama instructed his advisors to find loopholes that would enable the president to act as a [[dictator]] by pushing through legislation and increases in spending without congressional authority.<ref>Naked Emperor News (2011, October 12). [http://www.theblaze.com/stories/executive-dictatorship-obama-instructs-advisers-to-push-through-stimulus-projects-without-pesky-congressional-authorization/ Exclusive Dictatorship: Obama Instructs Advisors to Push Through Stimulus Projects Without Pesky 'Congressional Authorization']. ''The Blaze''.</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 24th, 2012}}</ref>

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[[Wall Street]] firms and banks that were bailed out were among Obama's biggest campaign supporters.<ref>http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638</ref> Therefore, the Obama administration bailouts of corrupt, unproductive, and reckless Wall Street firms was hardly surprising, and many argue that it was not helpful in making the United States economy more productive and prosperous by encouraging more risk taking through letting banks off with a slap on the wrist. Others argue that bailing out the banks kept credit flowing and prevented a much deeper recession and a total collapse of the financial system. The government will recoup some though not all of its capital infusions over time. A 2005 study found that government corporate bailouts are often done for mere political considerations and the economic resources allocated exhibit significantly worse economic performance than resources allocated using purely business considerations.<ref>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=676905</ref> Proponents of [[free market]] capitalism said Bernanke should not have bailed out failing firms and instead should have allowed free market capitalism to quickly recover as it did in the depression of 1920 without government intervention (free market capitalists assert that government intervention drags out economic recessions and depressions).<ref>http://www.youtube.com/watch?v=czcUmnsprQI</ref>

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[[Wall Street]] firms and banks that were bailed out were among Obama's biggest campaign supporters.<ref>''OpenSecrets.org''. [http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638 Barack Obama: Top Contributors]. The Center for Responsive Politics.</ref> Therefore, the Obama administration bailouts of corrupt, unproductive, and reckless Wall Street firms was hardly surprising, and many argue that it was not helpful in making the United States economy more productive and prosperous by encouraging more risk taking through letting banks off with a slap on the wrist. Others argue that bailing out the banks kept credit flowing and prevented a much deeper recession and a total collapse of the financial system. The government will recoup some though not all of its capital infusions over time. A 2005 study found that government corporate bailouts are often done for mere political considerations and the economic resources allocated exhibit significantly worse economic performance than resources allocated using purely business considerations.<ref>Faccio, M. et. al. (2005, March 1). [http://papers.ssrn.com/sol3/papers.cfm?abstract_id=676905 Political Connections and Corporate Bailouts]. ''Social Science Research Network''.</ref> Proponents of [[free market]] capitalism said Bernanke should not have bailed out failing firms and instead should have allowed free market capitalism to quickly recover as it did in the depression of 1920 without government intervention (free market capitalists assert that government intervention drags out economic recessions and depressions).<ref>Woods, T.E. (2009, April 10). [http://www.youtube.com/watch?v=czcUmnsprQI Why You've Never Heard of the Great Depression of 1920]. ''Ludwig Von Mises Institute''. Hosted on ''YouTube''.</ref>

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Top trend forecaster [[Gerald Celente]] predicts that the corrupt economic policies of the Obama administration will lead to a second [[Great Depression|great depression]] (Celente predicted the 1987 US stock market crash, the dot.com crash, the US 2008/2009 recession, and the collapse of the USSR in the early 1990s) and may lead to a "second [[American Revolution]]" (Celente predicted the [[Tea Party Movement|tax protests]] that are now occurring in America).<ref name="celente1">http://www.youtube.com/watch?v=8MMX3SKzrfU&feature=channel_page</ref><ref name="celente2">http://www.youtube.com/watch?v=sy9bfw1ebgw&feature=response_watch</ref> Celente also asserts that the costly and inefficient temporary short term methods that the Obama administration is using to alleviate economic problems in the short term (which is causing massive increases in [[Obama administration deficit spending]]) is only making matters worse and will not prevent the worse economic depression in United States history from occurring.<ref>http://www.youtube.com/watch?v=_C8K7rWkGGw</ref><ref>http://www.youtube.com/watch?v=1LBffdIW0XA&feature=response_watch</ref>

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Top trend forecaster [[Gerald Celente]] predicts that the corrupt economic policies of the Obama administration will lead to a second [[Great Depression|great depression]] (Celente predicted the 1987 US stock market crash, the dot.com crash, the US 2008/2009 recession, and the collapse of the USSR in the early 1990s) and may lead to a "second [[American Revolution]]" (Celente predicted the [[Tea Party Movement|tax protests]] that are now occurring in America).<ref name="celente1">Celente, G. (2009, August 1). [http://www.youtube.com/watch?v=8MMX3SKzrfU&feature=channel_page pt 2/2 Gerald Celente on Financial Sense Newshour Aug 1st 2009]. ''Financial Sense Newshour''. Hosted on ''YouTube''.</ref><ref name="celente2">Celente, G. (2009, August 2). [http://www.youtube.com/watch?v=sy9bfw1ebgw&feature=response_watch ]. ''Financial Sense Newshour''. Hosted on ''YouTube''.</ref> Celente also asserts that the costly and inefficient temporary short term methods that the Obama administration is using to alleviate economic problems in the short term (which is causing massive increases in [[Obama administration deficit spending]]) is only making matters worse and will not prevent the worse economic depression in United States history from occurring.<ref>Celente, G. (2009, August 11). [http://www.youtube.com/watch?v=_C8K7rWkGGw pt 1/2 Gerald Celente on Howestreet.com 11 Aug 2009]. ''HoweStreet.com''. Hosted on ''YouTube''.</ref><ref>Celente, G. (2009, August 11). [http://www.youtube.com/watch?v=1LBffdIW0XA&feature=response_watch pt 2/2 Gerald Celente on Howestreet.com 11 Aug 2009]. ''HoweStreet.com''. Hosted on ''YouTube''.</ref>

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The Obama administration has been sharply criticized for [[Obama administration deficit spending|its massive deficit spending]] and [[Obama administration monetary policy|its reckless monetary policy]] via vast increases in the [[money supply]], although inflation under Bernanke has been below the historic mean.<ref name="gerard"/><ref name="bam"/><ref>http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/</ref> Celente predicts that if a "second American Revolution" occurs in a peaceful and productive manner, it may include a [[Third Party System|third party movement]] of governance that will advocate a more [[free market]] [[capitalism]] approach to the American economy and a more strict interpretation of the [[United States Constitution|United States constitution]] as far as the authors' [[original intent]].<ref name="celente1"/><ref name="celente2"/>

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The Obama administration has been sharply criticized for [[Obama administration deficit spending|its massive deficit spending]] and [[Obama administration monetary policy|its reckless monetary policy]] via vast increases in the [[money supply]], although inflation under Bernanke has been below the historic mean.<ref name="gerard"/><ref name="bam"/><ref>Carroll, C. (2009, March 24). [http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/ Bush Deficit vs. Obama Deficit in Pictures]. ''The Foundry''. The Heritage Network.</ref> Celente predicts that if a "second American Revolution" occurs in a peaceful and productive manner, it may include a [[Third Party System|third party movement]] of governance that will advocate a more [[free market]] [[capitalism]] approach to the American economy and a more strict interpretation of the [[United States Constitution|United States constitution]] as far as the authors' [[original intent]].<ref name="celente1"/><ref name="celente2"/>

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During what the [[White House]] billed as [[Recovery Summer]], one half million workers per week continued losing their jobs. His signature legislative achievement, [[ObamaCare]],has been found to be [[unconstitutional]]<ref>http://www.bloomberg.com/news/2010-12-13/u-s-health-care-law-requirement-thrown-out-by-judge.html</ref> by several judges and constitutional by others, and is credited as a major cause of uncertainty, high [[unemployment]],<ref>http://www.humanevents.com/article.php?id=33220</ref> lagging job creation,<ref>http://blog.heritage.org/2010/08/05/it%E2%80%99s-official-medicare%E2%80%99s-finances-shadowed-by-uncertainty/</ref> and risk of a credit default crisis.<ref>http://www.washingtonpost.com/wp-dyn/content/article/2010/03/28/AR2010032802353.html</ref><ref>http://www.thestreet.com/story/10703361/cramer-obamacare-will-topple-the-market.html</ref>

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During what the [[White House]] billed as [[Recovery Summer]], one half million workers per week continued losing their jobs. His signature legislative achievement, [[ObamaCare]],has been found to be [[unconstitutional]]<ref>Schoenberg, T. & Fisk, M.T. (2010, December 13). [http://www.bloomberg.com/news/2010-12-13/u-s-health-care-law-requirement-thrown-out-by-judge.html Obama's Health-Care Law Ruled Unconstitutional Over Insurance Requirement]. ''Bloomberg''.</ref> by several judges and constitutional by others, and is credited as a major cause of uncertainty, high [[unemployment]],<ref>http://www.humanevents.com/article.php?id=33220</ref> lagging job creation,<ref>Foster, J.D. (2010, August 5). [http://blog.heritage.org/2010/08/05/it%E2%80%99s-official-medicare%E2%80%99s-finances-shadowed-by-uncertainty/ It’s Official: Medicare’s Finances Shadowed by Uncertainty]. ''The Foundry''. The Heritage Network.</ref> and risk of a credit default crisis.<ref>Samuelson, R.J. (2010, March 29). [http://www.washingtonpost.com/wp-dyn/content/article/2010/03/28/AR2010032802353.html With health bill, Obama has sown the seeds of a budget crisis]. ''The Washington Post''.</ref><ref>Cramer, J. (2010, March 16). [http://www.thestreet.com/story/10703361/cramer-obamacare-will-topple-the-market.html Cramer: Obamacare Will Topple the Market]. ''The Street''.</ref>

His 2012 Budget plan has been roundly criticized in the mainstream and liberal press as not a serious effort to deal with the nation's economic crisis.<ref>[http://republican.senate.gov/public/index.cfm?FuseAction=blogs.view&blog_id=1551d6f5-2ac9-4b8d-97ab-74def354024e Newspapers Call Out White House: ‘What Would That Path Be, Mr. President?’]</ref>

[[Jeffrey Tucker]] wrote, "President Obama's economic policy has been catastrophic for liberty, enterprise, and the American dream—the very archetype of what not to do to end recession." [http://www.amazon.com/gp/product/1118186176/ref=as_li_tf_tl?ie=UTF8&tag=anncoulter-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=1118186176]

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====2009 Stimulus====

In early 2009, Obama lobbied Congress and the public to pass sweeping Stimulus legislation for the ailing economy<ref>(2009, January 3). "[http://www.msnbc.msn.com/id/28479998/ns/politics-white_house/t/obama-urges-congress-pass-stimulus-plan/ Obama Urges Congress to Pass Stimulus Plan]." ''Associated Press''.<br>Parsons, C. & Nicholas, P. (2009, February 10). "[http://www.msnbc.msn.com/id/28479998/ns/politics-white_house/t/obama-urges-congress-pass-stimulus-plan/ Barack Obama Sternly Urges Congress to Pass Economic Stimulus]." ''Chicago Tribune''.</ref> known as ''The American Recovery and Reinvestment Act of 2009'' (H.R. 1)<ref>"[http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.1: Bill Text Versions: H.R. 1]." 111th Congress (2009-2010). ''Library of Congress''.<br>"[http://www.irs.gov/newsroom/article/0,,id=204335,00.html The American Recovery and Reinvestment Act of 2009: Information Center]." ''IRS''.</ref>, ignoring a report by the Congressional Budget Office that the legislation would ultimately harm the economy.<ref>Dinan, S. (2009, February 4). "[http://www.washingtontimes.com/news/2009/feb/04/cbo-obama-stimulus-harmful-over-long-haul/ CBO: Obama Stimulus Harmful Over Long Haul]." ''U.S. News''.</ref> Contrary to his earlier promises of bipartisanship<ref>Dinan, S. (2009, March 28). "[http://www.washingtontimes.com/news/2009/mar/28/mccain-obama-breaks-campaign-promises-shuns-bipart/?page=all McCain: Obama Breaks Promise of Bipartisanship]." ''Washington Times''.</ref>, the bill passed the House 244-188 without a single Republican vote on January 28, 2009,<ref>Calmes, J. (2009, January 28). "[http://www.nytimes.com/2009/01/29/us/politics/29obama.html House Passes Stimulus Plan With No G.O.P. Votes]." ''New York Times''.</ref> and received just 3 Republican votes when passing the Senate 61-37.<ref>Herszenhorn, D.M. (2009, February 10). "[http://www.nytimes.com/2009/02/11/washington/11web-stim.html Senate Approves Stimulus Plan]." ''New York Times''.</ref> One third of the massive $838 billion bill consisted of tax cuts<ref>(2009, February 11). "Senate Passes $838 Billion Stimulus Bill]." ''Associated Press''.</ref> and the rest spending on "just about every pent-up Democratic proposal of the last 40 years."<ref>(2009, January 28). "[http://online.wsj.com/article/SB123310466514522309.html A 40-Year Wish List]." ''Wall Street Journal''.</ref> In responding to criticism of the broken bipartisanship promise at the time, House Speaker Nancy Pelosi famously quipped, "We won the election. We wrote the bill."<ref>Kane, P. (2009, January 23). "[http://www.washingtonpost.com/wp-dyn/content/article/2009/01/22/AR2009012203961.html Stimulus Plan Meets More GOP Resistance]." ''Washington Post''.</ref> On February 18, 2009, the Stimulus was signed into law by Obama.<ref>(2009, February 17). "[http://www.msnbc.msn.com/id/29231790/ns/politics-white_house/t/obama-stimulus-lets-americans-claim-destiny/ Obama: Stimulus Lets Americans Claim Destiny]." ''Associated Press''.</ref> In August 2009, Republicans and Democratic Senator David Obey drew attention to mistakes on the Recovery.gov site claiming Stimulus jobs created that didn't exist. Obama responded by saying the errors just indicate the accounting is an "inexact science".<ref>(2009, November 18). "[http://www.foxnews.com/politics/2009/11/18/obama-calls-stimulus-data-errors-issue-says-focus-job-growth/ Obama Calls Stimulus Data Errors 'Side Issue,' Says Focus Is on Job Growth]." ''FOX News''.</ref>

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