Tuesday, June 21, 2016

3 Economic Facts That Counter Obama's Recovery Narrative

3 Economic Facts That Counter Obama's Recovery Narrative
"President Barack Obama needs a reality check.
Earlier this month in Indiana, he accused his critics of ignoring the “facts” and purporting “myths” about his economic record.
But if Republicans are truly ignoring the facts, Obama should consider it a blessing.
A quick look at the facts will show that Obama’s economic performance has been weak—even by his own standards.
...But is this really surprising?
We know that Obama has done virtually everything wrong when it comes to promoting growth.
Here’s a reminder:

  • 1. Obamacare: When Obama pushed this boondoggle of a bill, he said on several occasions that it would lower health costs by $2,500 per family. Instead, insurance premiums have risen— in some cases nearly 30 percent.  On top of this, business owners are hiring fewer people to stay beneath the 50 employee threshold, which mandates business owners employing 50 people or more to provide full health insurance.
  • 2. Regulation: It’s hard to grow, when the federal government is literally standing in the way of business.  According to a recent Heritage Foundation study, More than $22 billion per year in new regulatory costs were imposed on Americans, costing Americans nearly $100 billion annually under Obama’s presidency.    
  • 3. Taxes: Obama has raised taxes on investment income by nearly 60 percent (raising capital gains tax from 15 percent to 24 percent), and pushed the top marginal tax rate (the tax on small business owners) to 40 percent.  The U.S. has the highest business tax rate in the world; causing companies to flee offshore (with jobs) to find a better deal elsewhere..."

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