print“This Thursday night I’ll offer you what I believe is a better path forward,” Obama said today in Urbandale, Iowa, where the president began his “Road to Charlotte” tour. “A path that grows this economy, creates more good jobs, strengthens the middle class, and the good news is you get to choose which path we take.”
CNN failed to provide the full quote, which I watched. BHO went on to tout all the government workers he was responsible for hiring, thereby conflating the growth of government with job creation.
Au contraire.
This is yet more evidence that the man is as thick as a brick.
In a paper entitled “The Scope of Government and The Wealth of Nations,” economists James Gwartney, Randall Holcombe, and Robert Lawson demonstrate that “government growth as a share of GDP coincides with a decline in GDP growth. Governments in high-income developed economies have now been steadily accreting for decades. The decline in prosperity or in real growth rates in these nations has been concomitant: As government share of the GDP rises, so has GDP in the OECD nations been declining.”
“A 10 percent increase in government expenditure as a share of GDP results in a 1 percent point reduction in GDP growth.”
An increase in the number of jobs for federal employees invariably comes at the cost of real, sustainable, consumer-driven jobs in the private economy.
Obama’s trick is that the private jobs never created cannot be counted.
This US president is seriously dumb.