The lying liars are at it again. Top Obama Spokesliar Stefanie Cutter said this yesterday:
"Well I think that worker has a pretty good idea what has happened over the past four years in terms of the president coming in and seeing 800,000 jobs lost on the day that the president was being sworn in and seeing the president moving pretty quickly to stand the losses to turn the economy around. Over the past 27 months we've created 4.5 million private sector jobs. That's more jobs in the Bush recovery, the Reagan recovery. There's obviously more that we need to do."
I love when socialists invoke Ronald Reagan. Especially when they try to use his actual record of economic achievement to hide their own record of economic catastrophe.
Cutter---who has never really been acquainted with the truth---gives us another big whopper here. Let's take a look at three basic economic metrics to compare Reagan and Obama:
- Job creation: In the first 37 months of the Reagan recovery, there were an astounding 9.8 million net new jobs created. In the first 37 months of the Obama "recovery," there were a comparatively paltry 2.7 million net new jobs created. Differences in monthly job creation are also stark: under Reagan, we were averaging about 300,000 to 600,000 new jobs every month. Under Obama, new jobs have averaged between about 50,000-90,000 per month. One month alone under Reagan, over 1 million new jobs were created. Last August, under Obama, zero new jobs were created.
- Labor participation rate: Under Reagan, millions of people flooded back into the labor force and we got close to near-full employment, since anyone who wanted work could find it. Under Obama, the labor participation rate is at a record low: 63.7%. Millions of unemployed have just given up.
- Economic growth: In the Reagan recovery, the economy boomed, with annual GDP growth rates of 6, 7, 8, even 9 percent. In the Obama "recovery," the economy has been stagnant, with growth rates well below 2%. The latest quarter showed pathetic 1.5% growth.
Policy matters. Reagan cut taxes, deregulated, and reduced the size of government as well as its burdens on businesses of all sizes. He unleashed the private sector, and we all got a roaring economy.
Obama did the exact opposite of Reagan: he expanded government, its costs, and its burdens exponentially, so it should come as no surprise that Obama has gotten opposite economic results.
As important as policy are the laws of economics. Progressives try to write their own economic laws and then try to cover up the dismal--but predictable--results.
Reagan---and his limited government, lower taxes, less regulation, greater freedom approach---really did give us "morning in America."
Obama---and his radical redistributionist agenda of class warfare and culture of dependency---are giving us "midnight in America."
Of course, the leftists want it that way, and they'll move us deeper into the night if re-elected. The outstanding question is whether the majority of Americans have had enough of the darkness and are ready to move into the light. We shall find out on November 6.
Monica Crowley is a Fox News Contributor and the author of the New York Times bestseller, “What The (Bleep) Just Happened?”