Obama’s Economic Alchemy

Over the centuries, in his quest for riches, man has tried various and sundry means in an attempt to “get rich quick”. It is an inherent trait of man to attempt to achieve as much wealth as possible through as little effort as possible. Take, for example, the science of alchemy which dates back possibly as far as ancient Egypt and was a driving force during the Middle Ages. Alchemy was a quest to discover the means by which base metals such as lead could be changed – or transmuted – into gold or silver. According to historians, alchemists were motivated more by the quest for scientific knowledge and spiritual enrichment than by profit since alchemy was heavily rooted in philosophy and religion.

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Contrast this with President Obama and his attempt to work his own brand of “economic alchemy”. For the better part of three years, he and his complicit Congressional cohorts have been attempting, through out-of-control deficit spending, to turn economic lead into gold. Like the alchemists, Obama has been trying to transmute a sagging economy and turn it into a robust recovery – or, at least, make it look like one. Since Obama took office in 2009, the administration’s goal has been to paint the nation’s economy with a smiley face. They try to convince the electorate that the bad economic signs that we have seen, such as recent increases in the unemployment rate, are merely “bumps in the road”. Since Obama’s inauguration – when not blaming his predecessor for bad economic news – he and his minions have consistently attempted to make the economy look better than it actually is. In February of 2009, we were assured that there would be millions of jobs “saved or created” by passing the $787 billion stimulus. We were told that there were thousands of “shovel-ready” projects just waiting to be started and that, by passing the stimulus bill, the unemployment rate would not exceed eight percent. In June of 2010, Obama boasted that, "Our economy . . . is now growing at a good clip," even though, at that point in time, the unemployment rate had been above nine percent for well over one year. One year later, by June of 2011, Obama himself admitted that, perhaps all of those shovel-ready projects were not so shovel-ready after all. Not only did he actually make this statement, but he delivered it in a most pompous and farcical tone. Yet we are still being bombarded by news from the administration boasting that the economy is improving. Officials point to the growth of the nation's Gross Domestic Product which would normally indicate an improving economy. However, the growth that we have seen since the Great Recession "officially" ended in June of 2009 has been so anemic that, according to most polls, Americans have grown exceedingly pessimistic about the economy and the prospects for the future. Add to that three consecutive months (April, May & June 2011) of rising unemployment and prospects for that golden economy look rather dim indeed. The Obama administration likes to point to all of the jobs that have been created since the president assumed office. However, the number of jobs that have been created is nowhere near sufficient to appreciably reduce the unemployment rate. Experts claim that at least 250,000 new jobs need to be added monthly to bring the rate down. Although there were some signs of improvement in the employment scene during the first few months of 2011, the nation’s unemployment rate has yet to drop below 8.8 percent for the past two-and-one-half years and, since Obama's inauguration, has averaged 9.4 percent. Consumers have not been seeing economic gold either. The first half of 2011 has seen gasoline prices rise to highs not seen since the economic meltdown of 2008 further adding to the angst of consumers. Although government figure show little inflation, working families – the ones for whom Obama professes to care so much – have seen a steady and rapid erosion of the purchasing power of their paychecks as the cost of food and a great many other everyday items such as clothing have skyrocketed in recent months. Steadfast Obama supporters are buying the administration's assessment of the economy. But more and more Americans are becoming disillusioned by the continuing bad news in just about every aspect of the economy. Obama the Alchemist has been trying to transmute the economy for nearly three years now. He has been promising economic gold. But the alchemy is not working. Instead, Obama has been delivering lead.