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If you didn't read the newspaper carefully (or for us Web citizens, Google News), you'd swear Barack Obama's economic decisions to date have been disastrous. You'd also be largely wrong, because much of what the guy's done to help stabilize the economy has been spot-on. No, it hasn't quite resulted in the job creation we expected, but it has certainly prevented things from getting as bad as they could be.
Just for the record, here are the fruits of some of his legislative successes to date.
The TARP Bailout funds -- both Bush and Obama passed their own versions -- which were universally panned as a waste of gubb'ment money, have largely been repaid to date. While over $700 billion was originally allocated to this initiative, less than half of that money was actually even dispersed, and all but $50 billion of it has since been repaid. By the time all of this money is returned, the government will likely have turned a small profit since this money was lent with interest. (Bet you didn't know that, huh?) Most economists agree that this effort was needed to prevent a total collapse of the U.S. financial sector, upon which most of our capital sources and pension funds are highly dependent.
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The equally reviled Stimulus Package is being administered as scheduled and coming in under budget, according to a recent story in the Washington Post. The package also has had "strikingly few claims of fraud or abuse" (The Washington Post), which is quite amazing when you consider just how much and how quickly money went out the door. Additionally, it delivered the jobs promised, as "The CBO has forecast that the package may be on track to meet the administration's goal of preserving 3.5 million jobs by the end of the year" (The Washington Post). Nearly one third of the package was comprised of tax cuts for families and small businesses, and another one third was for unemployment benefits and payments to states to stave off the effects of the recession. While you could argue that the president's initial claims that the stimulus package could hold unemployment at under 8% were wrong, most economists agree that we'd be pushing a 12% unemployment rate had nothing been done. Again, a win.
Finally, the bailout of auto manufacturers by the Obama administration was derided as "socialism" and dubbed "Government Motors," a particularly lame pejorative for even the GOP. But two thirds of that money has since been repaid, and neither GM nor Chrysler is anywhere near extinction anymore. This of course would have had a job-destroying ripple effect on the many other companies which feed on the auto industry, and jeopardized the pensions of countless former auto workers.
The sad thing is that most Americans think the decision to spend money on these initiatives (and "ObamaCare, which might I note, is allegedly "deficit neutral") was a waste of valuable resources when nearly every tangible economic indicator proves the opposite. Why?
Because the Obama Administration's lousy messaging and public relations arm completely underestimated the power of misinformation from the other side of the political aisle, and failed to properly hype their successes. The fact that no democratic candidate can even mutter the words "TARP," "bailout," or "healthcare reform" right now without seeing their polling numbers negatively effected is proof enough.
I've said it a million times already, and will say it again. If the Dems lose the House and/or Senate this Fall, Obama's 2012 re-election prospects will be dim. While GOP obstruction and misinformation has definitely played a part in painting Obama's decisions as ineffective, his inability to "sell" what he's done to the American people is just as much of a factor.
Questions:
Why isn't the Obama Administration competent enough to communicate these relative successes to the American people?
How has the misconception of these economic initiatives fueled the anti-incumbent backlash seen in polls thus far?
Were you aware of the positive impact of each of these initiatives on the overall economy?
Jay Anderson is a freelance writer from Washington, DC. His work has been featured in the Washington Post and on NPR. When he's not busy talking smack here, he runs the award-winning blog AverageBro.com. Follow him via Twitter @AverageBro.
Comments: (62)
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By: iketheterrible on 10/04/2010 4:25PM
The best PR for a bad economic record is a good economy. I don't trust a liberal rag like the washington Post to sugarcoat the bad economy we live in daily. It may not be as bad as it could be but that;s kind of like an 800 lb man losing 5 lbs and being thankful that he doesn't weigh 1000 lbs. The no fraud and abuse claim for the Stimulus package is not true either. In my state of Delaware alone, a rich resort town was given millions to fix up a boardwalk in the spring. there was only two problems with this: 1) they can't do anything before the beach season ends this month and 2) they already had more money to do the job before the getting Stimulus because everyone in the town is just about as rich as they come. Maybe we should all watch more Fox News because when Obama does bad, they let us know and even when the Republicans totally mess things up, they let us know. Peace.
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By: rojack on 10/05/2010 12:59PM
So genius--your solution is to give it all back to the people who messed it up?? Brilliant. And now that Obama is in office, you expect that he alone will fix all the corruption that exists at your State level. Why don't you hold those people acountable for the fraud? They commited it. Oh, but Fox News didn't tell you to do that, or think that, did they?? It would be nice when we start to think on our own again. Fox News promotes fear and hatred. They have a purpose and an agenda that is not healthy for anyone-certainly not any nation as great as ours with our values. The sad part is when people start to believe they can only find the truth from one source. Try mixing it up a bit with CNN, MSN, and other oposing news sources. Try coming to a conclusion on your own. Truth be told you connect with them because they are promoting what you want to hear. HATE.
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By: westfall on 10/05/2010 4:50PM
Thank you rojack. People need to take personal responsibility for their own messes. President Obama inherited this mess from the last administration and he is doing a fine job of trying his best to pull us out of it. Give the man credit for all he has done. The conservatist element in this country is doing everything it can to undermine Mr. Obama and paint him as inept, and sadly, their whining, sniveling fear tactics are succeeding in in some cases. But we the people know better.
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By: westfall on 10/05/2010 5:16PM
rojack you are so right. People need to take personal responsiblitly, that includes the states receiving this money. Mr. Obama is not responsible to monitor every faux pas in every state. iketheterrible your comments are so like the fearful, whining, sniveling conservatives who at last have to spend money on something else other than themselves and their self interests. Nothing is going to make conservatives stop undermining our President and pointing fingers of blame because they do not want to see anything positive. They desire the former status quo.
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By: Mimi on 10/05/2010 8:07PM
Jane Mayer of The New Yorker uncovered the billionaire Koch brothers’ war against Obama and in her stunning expose, she reveals that the Koch brothers are behind the Tea Party. Koch Industries owns Brawny paper towels, Dixie cups, Georgia-Pacific lumber, Stainmaster carpet, and Lycra, among other products.
Brawny paper towels
Angel Soft toiilet paper
Mardi Gras napkins and towels
Dixie cups
Quilted Northern toilet paper
Stainmaster carpet
Vanity Fair paper products
Mardis Gras napkins
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By: nissa on 10/05/2010 8:39PM
Chris Christie 2012!!!
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By: floyd3049 on 10/05/2010 11:23PM
Fox news, Are you kidding me. The same Ruppert Murdoch who pushes slime on his fox broadcast channel and his morality-laced tirades on Fox news. Give ame a break. Why don't you just say you're an unabashed republicans that cares for yourself and not the country. The country had a suplus, Bush gaves the rich an excessive tax cut that was a total redistibution of wealth. Two wars under his watch (3 trillion dollars) that were not funded, deregulation that allowed the financial sector to do whatever they wanted and republican congress that followed lock, stock and barrel. Blame it all on Obama. It's called revisionist history. I have only one vote. I am not a republican or democrat: I have been a independent all of my voting life. Never expect anything from the government and have work since I was 8 years old. 47 year old african-american male who thinks the republicans have become the main armof the corporations, wall street and the rich. will for the first time in my life vote a straight democratic ticket. At least my conscience wiill be clear about doing the right thing for this country and it's people. I won't be part of destroying the middle class.
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By: mystia2004 on 10/04/2010 4:54PM
Child Please. Like they were really going to give Obama credit for anything. If black history has not taught you anything if should of taught you that black people don't get credit for anything until after everything is said and done. So no there not giving him credit and of course the people behind him are not really behind him because they don't care what success he has had all they care about is what he is not doing. Democrats should be all over the place telling the people about the success they have made in congress over the last two years. They are just a bunch of scared little punks. Why is everything about him when if anyone know crap about the way things work in Americen Government they would understand that congress writes all bills and the President either signs or vetos the bill simple stuff. The president only dicates what he will sign or veto if the bill is not done correct. People you all need to wake up. White people only voted for him just so they can say they did and that was all you see how quick their support faded.
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By: Emory Bell on 10/05/2010 10:08AM
No words can adequately describe your comments. Whenever Black America realizes color plays no role in our leadership and quits using racism as a crutch, Black America will realize we are all Americans. Period. The color of any President of the United States skin does not pursuade sentiment nor the ramifications of actions this President has taken. This administration is spending our country into a financial debt we cannot sustain with a Social agenda. It is overwhelmingly clear the Academia he chose as his Finance Team had no experience what so ever in actual application. Do you realize this President and Congress has spent ober 500,000,000,000.00 each 3 months since in control? Who pays that bill? I can tell you who. You and Me and believe me when the IRS comes knocking at your door for not paying 50% income tax,which is in our near future, the color of our Presidents skin will not matter. Maybe then Black will be taken out of the equation and Green will be the color that you care about in real terms.
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By: Michael Schivo on 10/05/2010 4:08PM
Well there you have it in Black and White...2 really disjointed aspects of life ...Prejudise and Republican viewpoints ..nothing has changed...how sad ..be prepared for much worse.....That statement sickens me!
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