“A key attack line in President Obama’s campaign stump speech these days“, observes John Merline in Investor’s Business Daily,
is to claim that the country has tried Mitt Romney’s economic policies already, and they were a dismal failure.
Romney, he says, wants to do two things: Cut taxes for the rich and massively deregulate the economy.
“The truth is,” Obama says, “we tried (that) for almost a decade, and it didn’t work.”
Via Instapundit. Now, Mr. Obama’s predecessor cut taxes across the board, but he didn’t “massively deregulate the economy.” He didn’t even moderately deregulate it. As Merline reminds us, “the size and cost of the federal government’s regulatory machinery increased dramatically,” in the first years of this century, “as Bush imposed dozens of major new rules.” (Read the whole thing to learn some details and costs of the regulatory regime of the immediate past President of the United States.)
The last time an administration came close to “massively” deregulating the economy, we saw the beginnings of an economic boom that would last nearly a quarter-century. So, if Mr. Romney really does want to deregulate the economy, he’d be following in the footsteps of policies that we tried and which worked.
We’ve also tried Mr. Obama’s policies and, well, they’re not working. Nearly three-and-one-half years after he signed his “stimulus,” the economy remains in the doldrums, the slowest recovery since the Great Depression, unemployment above 8%, manufacturing stagnant, retail sales and incomes declining and food prices rising.
“You know,” a politician once said, “the idea you would keep on doing the same thing over and over again, even though it’s been proven not to work. That’s a sign of madness.” Given the economic numbers these last few years, you’d think that guy would be hoping for change in the upcoming presidential contest.
FROM THE COMMENTS: John has a theory why Obama continues to misrepresent his predecessor’s record:
Unfortunately, it’s been proven that Obama can say pretty much anything he wants and his fawning media won’t call him out on it in any significant way. Oh they might bury the story deep within some unknown blog that nobody reads, but that’s it.