(National Sentinel) Economic fiction: To put it bluntly, White House economists working for former President Barack Obama lied repeatedly to the American people when it came to predicting growth, and they weren’t just little white lies, either.
They were monsters.
As reported by The Daily Signal, their estimates were hilariously over-stated – by about 80 percent on average – over a six-year period, according to Freedom Works economic consultant Stephen Moore. The site noted:
Economists predicted growth between 3.2 to 4.6 percent for the years 2010 through 2015. Actual economic growth never hit above 2.6 percent.
“Why does anyone bother to listen to economists anymore?” Moore writes in The Washington Times. “Almost all of the economics profession … bought into the Keynesian idea that what would revive the economy after the Great Recession of 2008-09 was massive government spending ‘stimulus.’ The trillions of dollars of government borrowing here and abroad created a decade-long anemic recovery.”
Moore blames Keynesian economic thought, which calls for deficit spending in order to stimulate the economy, for stunting growth that could have been a more vibrant recovery.
“For much of America this has been a long recession, not a long recovery. We are suffering from a severe growth deficit,” Moore wrote. “Nearly every policy during the Obama years was anti-growth … If Mr. Trump is able to to shift those policies into reverse — especially by getting tax rates down, not up — 3 to 4 percent growth is easily achievable.”
Obama was the first president to never have achieved 3 percent growth in a single quarter during his tenure.