By
Tom Blumer
J
anuary 22, 2013
President Barack Obama’s
second inaugural address on
Monday was mostly what one would have expected: A paean to the wonders
of statism and how great America could be if we would just overcome our
unhealthy legacy. In Obama’s world, we would all be so much better if we
could get over obsessions like rugged individualism and the true
meaning of the words contained in our nation’s Constitution, and let a
benevolent, all-knowing government take more control over our everyday
lives.
But in the midst of his “we know better” exercise, Obama made the
most stunning admission of abject failure I have heard a president utter
in my lifetime. I’ll have more on that shortly.
In his speech, Obama made a pretense of paying homage to our Founding
Fathers, but followed it with a clear indication that he believes their
wisdom is passé by claiming that “preserving our individual freedoms
ultimately requires collective action.” Other than our involvement in
wars, which he falsely claims will soon be coming to an end, I can’t
imagine what he could be thinking of. Obama even added a dose of coldly
calculated and contemptuous ridicule to the mix by including an
insulting reference to the modern wartime inadequacy of “muskets and
militias.”
Though it was indeed, as the Politico’s Glenn Thrush
correctly noted,
“the most liberal speech he has delivered as president,” it clearly
disappointed some of those in the establishment press who wanted to hear
Obama go for his opponents’ jugulars. That group includes John
Dickerson, who has been
Political Director at CBS News since November 2011.
Dickerson put on his best game face at Slate
after the speech, but it’s clear from reading his previous
2,000-word battle plan disguised as a column on Friday that Obama didn’t go as far as he would have liked.
The column’s headlines called for Obama to “Go for the Throat!” and
“declare war on the Republican Party.” In his content, Dickerson claimed
that Republican recalcitrance meant that “Obama’s only remaining option
is to pulverize,” and that the president “can only cement his legacy if
he destroys the GOP.” Slate was so thrilled with the piece that
it amped up its
“most popular” tease list title to read: “Why Obama Should Seek To
Destroy the Republican Party.” Dickerson’s occupation of such an
influential perch at CBS and the presence of so many others like him at
other news outlets largely explain why last year’s establishment press
coverage of the GOP primaries and the general election was so ruthlessly
biased against Republicans and especially conservatives.
Given the content of the rest of his speech, it was astonishing to
hear Obama say the following five words: ”An economic recovery has
begun.”
Wow.
We’re just three weeks shy of the fourth anniversary of the passage
of the February 2009 “stimulus plan.” It was supposed to turn the
economy around after the evil George W. Bush ruined everything. Obama’s
Keynesian economists told us that without the stimulus plan’s immediate
implementation, unemployment would rise
to an unacceptable 9 percent by the summer of 2010. But if we would just pass this monstrosity which
nobody read, unemployment would peak at 8 percent in just a few months and gradually fall to 5.2 percent by the end of 2012.
What really happened is that despite the plan’s passage (actually,
largely because of it), the unemployment rate hit 10 percent before 2009
was even over, stayed above 8 percent for a post-World War II record
43 months, and is still
at 7.8 percent.
The Obama government, set into fiscal motion by the Democratic Congress
of 2009-2010 and running on autopilot ever since, has run up $5
trillion in supposedly stimulative budget deficits and has been the
beneficiary of four years of supposedly stimulative near-zero interest
rates courtesy of
Ben the Betrayer Bernanke’s Federal Reserve.
Now, after all of that ruinous stimulus, the best our president can
say is: “An economic recovery has begun.” It’s almost as if he wants us
to believe that this strange, uncontrollable beast called the economy
has finally decided to get better on its own.
Unfortunately for those who are unemployed, under-employed, and
discouraged, there’s still reason to believe that the economy, after so
many false starts during Obama’s first term, is once again sputtering.
Economists have been wearing out their erasers and “delete” keys
writing down their estimates of economic growth during the fourth
quarter of 2012. The rough consensus is that gross domestic product will
grow by an annualized 1.5 percent,
down from 3.1 percent in the third quarter –
if we’re lucky.
Seasonally adjusted job growth has only averaged 130,000 during the past ten months. That’s below
the 150,000 jobs needed just
to keep pace with growth in the adult population. Additionally, in a
sign that the trend is in the wrong direction, the raw number of jobs
changes before seasonal adjustment
has been lower than that seen in the same month of the previous year during three of the past four months.
Finally, in perhaps the most ominous sign of decay, last week’s
report on initial jobless claims told us that the raw number of claims
filed (i.e., before seasonal adjustment) was greater than the comparable
week a year ago — the first time this has happened in a truly
comparable non-holiday week
since October 2009.
The way things are going, Obama’s successor may very well use those
same five words — “An economic recovery has begun” — in his or her
inaugural address four long years from now.