Monday, May 18, 2015

Seven Obama Legacies That Are Gifts For Republicans

After 6-1/2 years of his presidency, conservatives generally despair that Barack Obama has severely and perhaps permanently damaged our free-market economy and succeeded in irreversibly growing the size and scope of government.
We think the reverse may be true, that there's a bright side to the Obama legacy.
That may seem hard to believe, given that President Obama has deluged the nation with $7 trillion in new debt; higher tax rates; a stupendously ineffective health care overhaul; a blizzard of new regulations on the Internet, energy and financial services; a newly resurrected European welfare state; and worst of all, a $2 trillion growth deficit that may never be erased.
But Obama has accomplished something that even heroes like Ronald Reagan could never do: His presidency has discredited liberalism in its every form and incarnation.
He has proved in a compelling way that government really is incapable of solving most societal problems — unemployment, income inequality, lack of health care, the burgeoning national debt, poor schools, racial unrest, corruption, and so on.
Obama is the embodiment of what F.A. Hayek called "the fatal conceit" — the idea that the intellectual class — i.e., academics, professionals, politicians, media, authors, etc. — possess the knowledge and expertise to know, far better than the citizens, how we should live our lives and make the world a better place.
As evidence, start with one of his greatest self-described "accomplishments": the $830 billion fiscal stimulus bill. It was supposed to create millions of jobs through a multiplier effect of spending for "shovel-ready" projects.
Instead, by Obama's own economic analysis, we had fewer jobs in the U.S. economy with this avalanche of spending than we would have had if government hadn't spent a dime.
There was no multiplier effect from this spending blowout. All we have to show for the "fiscal stimulus" is nearly $1 trillion more debt — which our children, and their children, and perhaps their children, will have to pay off.
Keynesian economics was shown (once again) to be a fraud, and the economics lesson is: never again.
Thank you, Mr. President.
Read the other six reasons to thank Obama HERE.

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