Victor Davis Hanson provides some of Obama’s excuses for the economy being so bad:
George Bush did it; the Republican obstructionists in the Congress who were wary of approving another $2 trillion in debt did it; the Tea Party did it; Standard and Poor’s did it; the Japanese earthquake did it; the Japanese tsunami and nuclear accidents did it; the Middle East unrest did it; the European debt crisis did it; new technology like ATM machines did it. Obama has cited these culprits and many more — though never either himself or his advisors who took a weak recovery and turned it into a near recession.
You see, The One is not responsible for a thing. His efforts would have had us back on “easy street” had it not been for the above.
But it is worse than that. His incessent hammering of free markets, businessmen and “success” is creating a bit of John Galt in all producers:
Of course, one Huey Long–like “fat cat,” an occasional adolescent “millionaires and billionaires,” a once-in-a-while juvenile “corporate jet owners,” a few 1960s-like “spread the wealth” or “redistributive change” slips, a single petulant “unneeded income,” or a sole pop-philosophizing “at some point you’ve made enough money,” or even on occasion the old socialist boilerplate “those who make over $250,000 should pay their fair share” in isolation are tolerable. But string them together and even the tire store owner and pharmaceutical rep are aroused from their 70-hour weeks, and start to conclude, “Hmmm, this guy doesn’t like me or what I do, and I better make the necessary adjustments.” And, believe me, they are making the necessary adjustments.
“Going Galt” behavior is beginning to surface. More corporations freeze spending and hiring. More decide to invest abroad, if at all. Money and capital quietly leave the country. Gold is soaring as a a store of wealth and a fear investment.
Mr. Hanson’s column is a good read and he nails our current situation:
… what we are witnessing is a sort of shrug, a pause, best summarized millions of times over as something like “I’m hoarding cash, hunkering down, and am going to wait this bad bunch out.”
So the globe is tottering as the tired-of-it-all American Atlas has finally sorta shrugged.