From Wikipedia

This is another great article by Peter Ferrara.

President Obama’s claim that his destructive economic policies have pulled our economy “back from the brink” is nonsense.  Instead, we as a nation are further into debt than we were in 2008, massive tax increases are coming for every American, and an increasing number of economists are now worried about a double dip recession.  Even prominent Keynesian economist and director of the Earth Institute at Columbia University Jeffrey Sachs, admitted on MSNBC that Obama’s $1 trillion stimulus has failed. The May jobs report issued by the U.S. Bureau of Labor Statistics showed no significant increase in the number of permanent, private sector jobs, and initial jobless claims jumped 12,000 last week to a seasonally adjusted 472,000, the highest in a month.

In Peter’s article, he draws a parallel between President Obama’s recent speech delivered at Carnegie Mellon University and Mark Twain’s character “The Boss” in, A Connecticut Yankee in King Arthur’s Court. Here’s a clip.

In his speech in Pittsburgh last week, Barack Obama said:

“It has now been a little over 16 months since I took office amid one of the worst economic storms in our history. And to navigate that storm, my administration was forced to take some dramatic and unpopular steps. These steps have succeeded in breaking the freefall. We’re again moving in the right direction. An economy that was shrinking at an alarming rate when I became President has now been growing for three consecutive quarters.”

Consider exactly what Obama is implying in these words. When he came into office, the economy was in “freefall,” “shrinking at an alarming rate.” It was only because of the “dramatic and unpopular steps” he took that this was stopped, and reversed. Otherwise, without Obama’s miracle Grecian formula elixir, the economy would have continued in freefall, all the way back to the stone age.

This claim is in perfect parallel to the claim by Twain’s Connecticut Yankee that he was blocking out the sun during that solar eclipse on June 21, 528, wowing the Dark Ages yahoos. The economy was never going to remain in freefall absent Obama’s miracle cure innovation of trillion dollar deficits. For centuries now, we have experienced the business cycle in market economies, where the economy goes down, and then recovers. We just don’t remember that anymore because Reaganomics was so successful that it banished the business cycle effectively for a record 25 years, with only 2 short, shallow downturns during that time. Even the official scorekeepers at the National Bureau of Economic Research (NBER) have suggested that the period be considered one continuous, unparalleled expansion.

You can read the entire article here.