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Obama Invents a “New Economy” in Which He is the Hero

January 18, 2016

In his final (hallelujah!) State of the Union address Obama used the word “economy” 16 times. Twice it was in reference to China’s economy. The other 14 times he was talking about the United States “new economy.” When did we get a new economy, and why wasn’t I notified?
Before we get to this "new economy" that Obama has pulled out of thin air, let me set the stage for you. Once again, I took a hit for the team, and listened to the entire State of the Union (SOTU) address. Most of you don’t have the stomach for it, and many have written that they don’t understand how I can listen to it.
Well, I consider it part of my job. I wouldn’t be doing you a service by just checking the comments of the pundits on the SOTU and then writing about it. To provide honest commentary, I must endure it. So, as I have done for the last seven years, I took anti-nausea medication and made it through the entire hour.
Here are some highlights:
1)      After being insulted and scolded by Obama in a previous SOTU, four of the nine members of the US Supreme Court elected not to attend. Good for them.

2)      When Obama bragged about the strength, soundness and readiness of the US military, the cameras immediately panned to the top military officers of the nation – the Joint Chiefs of Staff and their Chairman. They did not clap, stand or in any way acknowledge his false remarks. They sat there stone-faced in rebuke of this man who has cut the strength, soundness and readiness of the military by 50% - just as he promised he would do in his 2008 campaign.

3)      Trying to recover from the embarrassment of his chief military officers reproving him by their lack of response, he made some kind remarks about the men and women of the military. At this, the Chiefs finally stood, clapped and smiled.

4)      In stark contrast the Democrats in the chamber stood like trained monkeys at all the pre-planned applause points. They dutifully smiled and clapped. Their master was very proud of their performance.

5)      Obama said “We need to focus on destroying ISIL” (what the rest of the world calls ISIS). But he neglected to reveal that the White House and NATO are arming ISIS (see article link below).

6)      Newly minted Speaker of the House Paul Ryan did not smile nor clap for any of the many lies he had to endure. I don’t think I could have remained as impassive as he did during the performance. I’m sure my disgust would have shown, particularly when Obama made it clear that “Climate Change” was more dangerous to the US than ISIS.

7)      Surprisingly, even VP Joe Biden failed to smile, clap or stand at many of the points where the monkeys did so. Perhaps he figured he’s at a place where there’s nothing Obama can do for him or to him, whereas the rank and file Democrats still have to look to Obama for favors – or treats.

8)      The SOTU is required by the Constitution. The president is supposed to report to the Congress on the State of the Union. Instead, as in his last seven addresses, he used his hour to brag about his supposed accomplishments and pat himself on the back. I’m surprised he didn’t dislocate his shoulder.

9)      Finally, he made this ludicrous statement: “No nation dares to attack us or our allies because they know that’s the path to ruin.” Just hours before the SOTU Iran committed an act of war against the US by seizing two of our ships and imprisoning US Navy sailors. But Obama made not a mention of this – not even to ask US citizens to pray for the prisoners.
Moving on, Obama continually referred to the “new economy” but he never explained what it was. So let’s look at his economic claims and see if any of them contained a grain of truth…
Obama – “I cut the unemployment rate in half.”

TRUTH – The official Unemployment Rate is half of what Obama drove it up to (10%) in his first years in office. But the Labor Participation Rate (the number of Americans in the work force or actively seeking work) has steadily declined since Obama took office. It is now at 62%, the lowest in 38 years. The Labor Participation Rate is a far more accurate indicator of the health of US employment than the so-called Unemployment Rate (which is notoriously inaccurate and is easily manipulated). If you want to work, Obama’s “new economy” is not your friend.
Obama: “I created millions of new jobs.”

TRUTH: Businesses, not the government, created what few new jobs there are. Unfortunately, most of the jobs are low-paying, low-skill and often part-time jobs. Skilled and professional people are largely out of luck in Obama’s “new economy.”
Obama: “The US spends more on defense than the next eight nations combined.”

TRUTH: (Politifact says the number is seven, not eight, so we will go with that.) This is actually true – but it is meaningless. That’s like a man saying he has more testosterone than his wife. You can’t compare apples to oranges. The military spending of the US and the next seven nations is almost exactly the same – as are the totals of the sizes of their economies. Besides China, they range from 4% of the size of the US (Saudi Arabia) to 22% (Germany). China’s economy is a little over half the size of ours. But the fact that the defense spending and the GDP of the seven nations and the US are close to the same, a more important fact was left out by Obama. Four of the seven nations are undeveloped or third world economies that couldn’t possibly spend as high a percentage on defense as we do. And the other three (France, Germany and the UK) don’t need to spend much on defense as the US does, because we protect them. Obama’s “new economy” is the old economy – but with more lies.
Obama: “America has the strongest, most durable economy in the world” and that anyone who points out that our economy is actually in decline is “peddling fiction.”

TRUTH: We are close to a global recession, led by China’s precipitous decline, according to many experts. The economists of the Royal Bank of Scotland has warned its clients to “sell everything and exit the stock market as soon as possible. We think investors should be afraid," stated their research chief. While millions of Americans are out of work, we continue to invite immigrants to pour over our borders. Almost 18% of jobs in the US are now held by immigrants. And that doesn’t include the illegals. The average American lost $7,000 in his 401K in just the first two weeks of 2016, as the Dow dropped 2,000 points. This was the worst two-week start of a year in all of history. Finally America has the highest corporate taxes in the world, which has caused millions of US jobs to flee overseas to nations that are friendly to job-creators. Obama’s “new economy” is not looking good in 2016.
Obama: “Our businesses have created jobs every single month since it (Obamacare) became law.”

TRUTH: Obamacare has forced many businesses to stop hiring full-time employees because the law makes them offer his overpriced insurance policies to full-timers or pay a fine of up to $3,000 each – per year. Author Michael Snyder, who has researched Obamacare thoroughly, has stated: “To say that Obamacare is an ‘economic catastrophe’ would be a massive understatement.” (See his article below, “10 Signs That Obamacare Is Going To Wreck the U.S. Economy.”) If Obamacare is the flagship of Obama’s “new economy,” we are indeed in deep trouble.
Obama: “We’ve done all this while cutting our deficits by almost three-quarters.”

TRUTH: With so many lies in one sentence, where do I start? If you have a clothing store and you double your prices, and then have a 50% off sale, how much do you customers save? Nothing, of course. Obama’s initial deficits were double the highest ever recorded in the history of the Republic. Smart move for him. That allowed him to make this outrageous claim. But more important is that deficits are much different from the debt – which is something few Americans grasp. Each year Obamas has been in office, he has spent more than the nation took in in revenues. That is a yearly deficit. Every year the new deficit is added to the National Debt. That is what is killing America, moving us closer and closer to collapse. Amazingly, in just seven years Obama has added more to the National Debt than the first 42 Presidents of the United States combined added over a period of 224 years! The best estimates are that by the time he leaves office he will have more than DOUBLED the National Debt. In fact we are almost there now. If the “new economy” means “new debt” Obama is on track.
Mark Twain famously said that there are three kinds of lies: Lies, Da**ed lies, and Statistics. Obama has proven to be a master of the third kind of lie.
Obama’s Lies about the Economy Revealed

Fact Check: Top 10 Lies in Obama’s State of the Union
US Stocks Post Worst 10-Day Yearly Start in History
White House and NATO are Arming ISIS (see Lie #2 in this article)
10 Signs That Obamacare Is Going To Wreck the U.S. Economy

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Dr. Tom Barrett is a pastor, teacher, author, conference keynote speaker, professor, certified executive coach, and marketplace minister. His teaching and coaching have blessed both church and business leaders. He has been ordained for over 40 years, and has pastored in seven churches over that time. Today he “pastors pastors” as he oversees ordained and licensed ministers in Florida for his ministerial fellowship.

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