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February 10, 2021

Obama’s economic failures drive Biden’s push to ‘go big’ with stimulus

Liz Peek Articles

President Biden says we must “go big” on economic stimulus. Breaking his promise to work across the aisle, Biden is set to jam through a giant $1.9 trillion “relief” bill with only Democratic votes. Biden and his party may drive our nation’s budget deficit to $4 trillion this year, all by themselves.

Biden insists on the unprecedented spending spree, even though fully $1 trillion remains unspent from the first two COVID stimulus bills passed last year. Wait ‘til voters find out.

Why go down that risky path? Because liberal economists like Paul Krugman have convinced him that the sluggish economy that dogged the Obama-Biden years was caused by inadequate government stimulus spending. The $800 billion American Recover and Reinvestment Act passed in 2009, they argue, was too dinky. That’s their excuse for the slowest post-recession recovery in the country’s post-war history.

Biden recently explained: “When this nation hit the Great Recession that Barack and I inherited in 2009…There was a big recovery package, roughly $800 billion…. it wasn’t enough. It wasn’t quite big enough. It stemmed the crisis, but the recovery could have been faster and even bigger.”

Biden’s got it wrong. It wasn’t the size of the stimulus that held us back. It was Obama’s damaging blizzard of regulations that created uncertainty, put hiring on hold and dampened the recovery that should have been delivered by the biggest spending boondoggle in our history.

In early 2015, six years into his presidency, only 38 percent of the nation thought Obama’s policies had made the economy better — the highest rating he earned during that time.

As for the stimulus, as one account noted at the time, “Adjusted for inflation, [the stimulus] was nearly five times more expensive than the Works Progress Administration. It was bigger than the Louisiana Purchase, the Manhattan Project, the moon race and the Marshall Plan.”

Green shoots began to pop up after the financial crisis, and the stimulus bill initially boosted optimism. Biden, charged with overseeing the budget-buster, promised early on that the $800 billion spending marathon would “literally drop kick us out of the recession.” That’s how big it was.

But Obama’s first move as president was not to encourage hiring and growth but to embroil the nation in a bitter brawl over health care. The dogfight over ObamaCare consumed our politics for the first year of Obama’s presidency, with the Affordable Care Act ultimately becoming law in March 2010.

During that period, employers wrestled with emerging mandates over the costs of providing health care coverage; the makers of medical devices faced new taxes and fees and other industries, like hospitals and pharmaceuticals, faced changes too.

So complex and poorly written was ObamaCare that what started out as a 906-page bill grew to more than 20,000 pages of regulations three years later.

The impact from the ACA and other regulations passed by the Obama-Biden White House was to deflate, especially, small business optimism. Surveysconducted by the National Federation of Independent Businesses show that the expectations of mom-and-pop firms, responsible for roughly half the country’s employment, were mired at near-recession levels until President Trump was elected in 2016, when optimism soared.  

It wasn’t just the Affordable Care Act that set managers on their heels. In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which responded to the financial crisis by instigating a slew of new rules for financial institutions.

In addition, Obama empowered agencies such as the Equal Employment Opportunity Commission (EEOC) to pursue charges of “systemic racism.” In 2012, lawsuits brought by the EEOC against private companies “secured more than $365.4 million in monetary benefits,” the “highest level of monetary relief ever obtained by the Commission…”

As one protesting lawyer declared, “[The EEOC] pursued this small business, with no previous dealings with the EEOC, like it was a Fortune 500 Company…Heaven help the small business that becomes the target of the EEOC.”

The same lament was heard from those hounded by the Consumer Financial Protection Bureau.

In 2012, with the economy again hovering on the brink of recession, surveys from the NFIB and the National Association of Manufacturing showed that 69 percent of small business owners agreed that, “President Obama’s Executive Branch and regulatory policies have hurt American small businesses and manufacturers.” Worse, over half said they would not start a business today “given what they know now and in the current environment.”

Having seemingly not learned a thing from those years, President Biden has begun his administration by ordering a slew of job-killing mandates, like the cancellation of the Keystone Pipeline and restrictions on oil and gas drilling, which will dampen whatever boost we might expect from his $1.9 trillion package.

Biden has promised to raise taxes, which will further slow hiring, as will Democrats’ efforts to raise the minimum wage to $15 per hour. The Congressional Budget Office just released a report showing that hike alone would eliminate 1.4 million jobs.

Our economy today is in much better shape than it was in 2008, and much further along the path to recovery. In addition, most of the joblessness and income shortfalls of today are the consequence of government-mandated shutdowns, not any underlying weakness in demand.

Businesses and schools should quickly reopen as the COVID vaccines roll out; out-of-work employees in the restaurant industry or airlines, for instance, will go back to work once we achieve herd immunity and those businesses resume operating. That’s the stimulus the country actually needs.

Biden’s pitch for a $1.9 trillion bill is not about restoring jobs and growth. It is about Democrats’ determination to keep control of Congress in 2022. Democrats seem to forget that Obama-Biden received a “shellacking” in the 2010 midterms, mainly because unemployment was 9.8 percent and inching higher. The $800 billion stimulus didn’t save them then; Biden’s $1.9 trillion won’t save them in 2022.

https://thehill.com/opinion/white-house/538141-obamas-economic-failures-drive-bidens-push-to-go-big-with-stimulus

Published on The Hill

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Workers at @Amazon plant paid TWICE state’s minimum wage- no wonder they rejected union

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Truly disgusting

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Agree 100%

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Liz Peek

2 months ago

Liz Peek

Congress has not even discussed economy- before spending $1.9 TRILLLION shouldn’t we debate why more "relief" is needed?
thehill.com/opinion/finance/536463-our-rebounding-economy-doesnt-need-more-stimulus-checks
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Our rebounding economy doesn't need more stimulus checks

It’s apparently impolite to ask, but can someone please explain why Democrats are so keen to send out $1,400 to able-bodied Americans who are still employed?

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Maybe if you stopped watching Fox News and writing your false diatribes you’d know that there is a PANDEMIC going on in the world !

Um. Yes we do… Struggling to make ends meet for months with landlord bugging me to be on time.. Im in medical and all elective surgeries are still lagging causing a big decrease in home care needing physical therapy.. This Im sure is just 1 example of many… many.. All the waitresses..theres 2 for ya.. All the people that supply food for resteraunts.. Theres 3… The cable companys because we cant afford internet… 4.. etc…. Now we have Mr. Senile jerkoff in the White House causing havoc with our oil… Prices may rise there too and cause problems… Thank god for the vaccine and Trump so Ive had my shots and can at least go to my 10$ month gym and stop sitting at home so much stressing on how am I ever going to get normal again…😞

Liz Peek

5 months ago

Liz Peek

Democrats have lied to us for 4 years – about everything! Why would we trust them on the election?
www.foxnews.com/opinion/liberal-lies-fuel-distrust-elections-trump-liz-peek
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Liz Peek: Liberal lies have created this moment – Trump can do this to secure his legacy

For four years, Democrats and their handmaidens in the liberal media have lied their heads off, spinning false narratives aimed at undermining President Trump.

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With all of the documented and fact checked lies from tRump, this is a satire page, right?

Why not use your gift of writing to bring people together. The curtain has been lifted and we see clearly his tantrums have escalated to violence. Why not write on how we can solve problems together instead of continuing this lie that Americans that don’t vote my party are evil.

Who’s been lying for four years ?? FACT CHECK ! Trumps been lying since he crawled from the slime he still wallows in. Fox, GOP Gingrich, Ailes , you, all professional liars.

All of the non Republicans in the government TOGETHER could not tell as many lies as Mr. Trump – starting with the crown size at the Inauguration.

There's nothing more incredible than a Trump supporter who claims to be concerned about honesty.

So ridiculous.

That you are a professional political writer is truly hilarious.

Ah, you spent your entire column burying the lede:
"But now, to maintain his powerful voice and leadership, he needs to concede. The Left is using his refusal to admit defeat as more proof that he is undermining our democracy. He cannot allow this to be his legacy; his presidency has been so much bigger than that.

Trump should confound the Left, as he has done on so many occasions, by calling off the shaky legal battles and by stepping aside. If only for now."

No wonder you can only find work at Fox News.

You are truly deranged,

thehill.com/opinion/finance/536463-our-rebounding-economy-doesnt-need-more-stimulus-checks yeah, uh uh. This you?

Don’t know why you would share videos of geraldo and joy who are anti trump. You’re part of the deep state Liz.

Liz Peek, you are so full of shit. Your opinions are only yours and create division you pos entitled white Trumper. F u!

You have got to be smoking something! Trump being a lowlife whiny pissant created his own downfall!

Liz, do you like sniffing Trump's butt after he's farted?

You are an idiot. You should be ashamed of trying to prolong this countries horror of the last 4 years. These are times the 1st amendment should be abolished. HE LOST!!!! QUIT BEING A SORE LOSER AND ACT LIKE AN ADULT. And, people like you are only fueling his demented state.

www.foxnews.com/opinion/obama-warning-biden-americans-worried-liz-peek

Produce the exact evidence that Obama ever said this. Better yet, stop writing altogether. You truly are grotesque.

Imagine still thinking the Russia investigation was a witch-hunt.

Go read the REPUBLICAN SENATE report.

Russia tried to help Trump win, because Trump is owned (literally owned) by Russian money. He has a negative net worth.

After the damage done to our democracy, after the murder and mayhem committed by RightWing nuts who actually BELIEVE the vitriol and lies and disinformation spouted by the likes of Liz Peek, she proves that she has no allegiance to the USA, no allegiance to our society (and free elections) and is strictly sycophant of extremist RightWing groups and their propaganda Network, Fox (who supply her with money, thereby giving Liz Peek her "cause" for spreading lies). She's the worst.

Oh honey! Trump is the congenital liar. And remember, in the U.S. a business states it’s rules…No Shirt No Shoes No Service. Don’t follow the rules? Goodbye.

This Peek woman is very very sick.

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Liz Peek

6 months ago

Liz Peek

This election is not over: the China-Hunter-Biden scandal only grows, polls are narrowing – 100+ million people yet to vote. Plus, Joe stepped in it again last night.
Here’s my take on the final debate:
www.foxnews.com/opinion/winners-and-losers-presidential-debate-trump-biden-liz-peek
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Liz Peek: Winners and losers at final presidential debate – What the Trump, Biden scorecard looks like now

At the final presidential debate, Trump came prepared to show the country that he could be civil, stay (mostly) on topic, and still beat Biden.

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Thank you LP. We need more American’s with your insight.

You claim Obama/Biden separated families. Lie. Prove it.

Why was your own son investigated after being abruptly turfed out of the National Security Council? Takes nepotism and corruption to know it so well.

I love your articles. Love the truth. Article on Fox said go to twitter or facebook. I have banned myself from the Democratic control of twitter. I tried other ways posted to contact you and express my gratitude for your fairness. All other channels to contact you seem to be blocked. So… Thankyou and keep fighting for Liberty and Justice!

Here's hoping the investigations into the insurrectionist conspiracy find media outlets like Fox — and bigmouth disinformation spreader like Liz Peek — financially culpable. Hit them in the pocketbook, where it really hurts them.

tRump can't even fundraise as well as Biden – people hate him – except Russian-loving bimbos like you with their heads so far up 45's ass they can't see anything but his polyps. Is that why right wing bimbo Trump horndogs always wear sphincter-colored lip color? Will Putin let you work at his pool house along with 45 and his baby mama sex worker in January? Probably not – after all you're not "an elite" – you're insignificant, irrelevant and inconsequential – just another fading bleached blonde liar. Please make sure to attend his upcoming rally – increase the viral spread! BTW your roots are showing – you even lie about your hair color – looks kind of like the color of a bleached dog turd on a hot August afternoon. Ugly – inside and out.

Good god but you are a stupid vile sack of shit.

The polls are narrowing? LOL electoral-vote.com/

Let's face it Joe Biden is a LIAR & a criminal, Period! Poll 95% say Trump won the debate. Bottom line is Joe ['THE BIG GUY'] Biden flip flops, lies & sells out Americans to enrich himself besides being a crooked & corrupt crime family. PERIOD! Joe was an absolute mess in this last debate! Biden was lying, flip flopping, stuttering, slurring & a forgetful mess. He looked terrible. Sounded terrible. Mic drops where when Trump calls Joe 'THE BIG GUY' & Trump says “They spent 48M on me & found no collusion …nothing. I can spend $1 million on you Joe and find plenty.” LOVE IT WTG TRUMP!! Lt. Tony Bobulinksi confirmed 'THE BIG GUY IS JOE BIDEN & HE GETS 10% [Tony Bobulinski: "There’s no question "H" stands for Hunter & the "Big Guy" is Joe Biden"] & Hunter gets 20%. Tony also said that the Chinese involvement in the deal was for "political or influence investment" on their part, and that "Hunter wanted to use the company as his personal piggy bank by just taking money out of it as soon as it came from the Chinese." Biden's are as corrupt as Clintons, PERIOD!

all over face book biden gaffe re lincoln saying he has new eye computer he was looking up and dint read reply right with all the gadgetry the white house have they should be able to confirm its true or not even if a slight suspicion trump could say biden and his team were corrupt want another debate but biden to be checked by independent electrocis bods and to be screened come on man u know it makes sense je

Does this person get paid to spread this bullshit,Its Fake News.

why didnt trump ask biden why he and obuma didnt setthe record straight when the media nd the nad four said it was trump that did the cages ask trump just ask that at a press gathering or the lady that does the daily white house chat

The fuck

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