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Dan Gilmore / July 21, 2015

Party Like It’s 1995, ‘Cause That’s What We’re Paid

Barack Obama is at a point where he is trying to correct for the economic mistakes he made in his first term. Sure, the 2008 recession was bad, but it’s six years out and some economic indicators continue to deteriorate. Take for example the median income. The median American income is lower than it’s been in 20 years. In other words, Americans are paying 2015 bills with 1995 wages. The cause of the numbers is apparent: bad economic policy influencing the pocketbooks of everyday Americans. And yet Obama wants to continue with the strategy of more crushing economic regulations. People’s wages are too low? Let’s pontificate about the virtues of a $15-an-hour minimum wage. Too much dissent over that idea? An executive action changing overtime regulations should do the trick. Oh, and we’ll balance everything out with some more taxes on the rich. The statist economic theories involved heavy government borrowing and spending in promise of a roaring economy in return. Instead, we have a debt train without breaks. As Heritage Foundation economist Stephen Moore writes, government debt and regulation is the factor that is holding the American economy back. Instead, the Obama administration is happy with tepid economic growth and less wages in the checking account of every American.

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