For payrolls, Obama’s five-year recovery has averaged annual job growth of 1.2 percent (7.9 million jobs). Reagan’s was 3.1 percent (14.6 million jobs). Even with the recent jobs improvement, record numbers of Americans have dropped out of the labor force, part-time employment is replacing full-time, wages are abnormally low, and middle-class real incomes are falling.
The massive federal spending stimulus of 2009-2010 did not work. There were no so-called fiscal multipliers. The fed’s near-$3.5 trillion of balance-sheet creation also failed, with money multipliers and velocity rates collapsing. Obamacare has thrown a wet blanket over business hiring, hours worked, and full-time jobs. Business investment and housing have not really recovered.
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Overregulation has stifled Main Street businesses and start-ups. The highest corporate tax rate among developed countries is forcing American businesses to flee to lower-tax nations, taking their cash and jobs with them. Tax hikes on personal income, capital gains, dividends, and payrolls are reducing growth incentives.
Ronald Reagan’s free-enterprise growth model of easier taxes, limited government, lighter regulation, and sound money strengthened America both at home and abroad. Barack Obama’s model of heavy-handed government, income redistribution, punishing success, and cheap money has diminished us at home and weakened us around the world.
Caveat emptor, voters. It’s truly time for change.
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