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Oops! Economic Growth Wasn't So Great After All

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jmyrlefuller:

--- Quote from: Relic on April 26, 2013, 02:55:15 pm ---Just as I don't understand the thinking of the average American, I don't understand what's happening economically. I've been reading dire predictions for almost 5 years about how Obama is going to wreck the economy. Hyper inflation, mass panic, crashing market, plague, locusts, dogs and cats living together!

While it's not going well, it's not crashing as predicted.  :shrug:

--- End quote ---
The only people predicting that stuff are con artists trying to sell stuff, usually books and gold, by preying on fear.

It's kind of complicated, but the best way I can explain it is that there was a huge bubble in the late 2000s, one that was well overdue to be burst. Instead of letting the crash take its course, the Democrats and those in charge of the money supply decided to attempt to mitigate those problems through the bailout, stimulus, and the like. The problem was, that cost a lot of money (money America didn't have) and only served to maintain the status quo. It didn't actually improve the economy. It didn't actually give jobs based on the creation of wealth. Compare it to Roosevelt's New Deal: most of Roosevelt's public works projects were products that could be sold. The TVA sold electrical power. The WPA built stadiums that could be used for professional sports. As much as I'm not an FDR fan, at least he understood that there needs to be a return on investment. Obama's attempts were all police, paid fire, and teachers-- their only source of revenue was taxes, and they weren't jobs that were accessible to the common man (teachers require a master's degree in many states, which I think is ludicrous). Instead of addressing the "skills gap" at the heart of the employment crisis, Obama exacerbated it.

The allegations of a market crash and hyperinflation are not grounded in reality. As much of a doofus as Obama is, America is still at least partially restrained in how quickly it makes its money supply.

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