Yet another round of bad job numbers and a 28 year high in the Misery Index confirms what many of us have suspected for some time. The Obama Depression is officially here.
At best, if Obama loses the 2012 Election, it will take us at least three years to emerge from this second Great Depression in American history. The consulting firm McKinsey is a little less optimistic. In a recent report, they conclude it will take us at least five years to get out this economic “malaise.” (Though they don’t use the term “depression,” I’ll use that term for the kind of economic activity they anticipate between now and 2016.) If Obama wins in 2012 , we’re in for an Obama Depression that will last as long as the first Great Depression. That one lasted more than a decade, from 1930 to 1941. By that reckoning, we might be pulling out of the Obama Depression by 2022 !
While the economic metrics are bad enough, the real damage being done by the Obama Administration isn’t adequately captured by those traditional standards. Instead, it’s found in the impact his brand of crony capitalism, high taxes, and regulations have on the spirit of Americans. Uncertainty has replaced confidence. Timidity has replaced courage
You can see the damage done in the executive suites of large corporations where highly paid executives sit on piles of cash rather than deploy it in productive expansion of their businesses. You can see it in the small businesses that have always been the driving force in economic growth. Now, they are so thoroughly regulated, so limited in capital, so beaten down by government imposed taxes and administrative requirements that they no longer dream of growing big and making money. Instead, they abandon expansion dreams in order to guarantee survival by holding on to their cash, managing every penny in the minute decisions of day to day bank account management.
It’s in the thousands of new businesses that would be entrepreneurs aren’t starting because they have neither the capital, the customers, or the confidence in our economy that it’s worth the risk.
It’s in the hearts of those who’ve lost there jobs and after two years of drawing unemployment have lost the edge on their jobs skills, self confidence, and ambition.
It’s in the psyche of the young college graduates who this June found that they can’t pay back the many thousands of dollars in debt they took on to pay for their degree, and now have no job to pay those loans back.
And it’s in the habits of work that aren’t being learned by hundreds of thousands of teenagers who can’t find summer jobs.
All this is to suggest the need for a Voices of the Tea Party e-book on the harm done to the soul of our country by the Big Government policies of the Obama Administration. It’s time we re-learn the classic limited government policies that can unleash the country’s energy by leashing the Leviathan of Government.
Michael Patrick Leahy is the editor of the Voices of the Tea Party e-book series and co-founder of Top Conservatives on Twitter and the Nationwide Tea Party Coalition. His new e-book, I, Light Bulb: A Death Row Testimonial, will be published in July, 2011. His new book, Covenant of Liberty, will be published by Broadside Books in spring, 2012. He can be reached on Twitter at @michaelpleahy .