Business Review Board / June 6, 2016

Fact-Challenged Obama Touts Economic Record

He stubbornly stayed on message to say he brought back the economy.

Despite a dismal May jobs report that showed only 38,000 jobs were added to the economy last month, Barack Obama stubbornly stayed on message to say in his weekly address over the weekend that he brought back the American economy. Earlier in the week, before the report dropped, Obama visited Elkhart, Indiana, to tout his economic “legacy” and despite facts to the contrary, Obama claimed the city’s recovery was due to his policies. “It’s also because we made a series of smart decisions early in my presidency,” Obama said, pointing to such policies as bailing out the auto industry and pouring subsidies into the otherwise not-yet-viable alternative energy sector.

Ignoring the recent headlines, Obama turned political with his fact-free speech when he mentioned the presidential election. “We’ve got to come together, around our common economic goals,” Obama said. “We’ve got to push back against policies that protect powerful special interests, and push for a better deal for all working Americans. That’s the choice you’ll get to make this year.”

But if you want to see a frozen economy, only look at what Obama hath wrought. At least one economist — from the left-leaning Brookings Institution no less — says the economy may have actually lost 4,000 jobs in May. Add that to the Bureau of Labor Statistics’ downward revision that said 59,000 jobs were not actually added in March and April. And while the Federal Reserve was going to decide whether to raise interest rates again in a few days, that’s now off the table again because the jobs report indicates the nation is still mired in anemic growth. A few weeks ago, Fed Chairwoman Janet Yellen said she may consider imposing negative interest rates in an effort to get the economy growing again. While Obama’s regulation has choked out industries such as coal, he had the gall to blame “Republicans in Congress” for blocking his job-creating “investments.” Reality, however, is more telling than Obama’s words.

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