I've mentioned before that sometimes I just use my blog to keep tract of links.
In this case, its because someone I know is trying to argue that Obamanomics is a term that Fox News uses.
Let me make this clear; they aren't arguing that Fox News is one of many places that uses Obamanomics. They are arguing that its mostly Fox that created the term, and uses it to bash the economic policies of Obama.
So let's go over who used the term in 2008. -And while we're at it, let's see what people predicted would happen under Obamanomics.
Of course, there was the uber-conservative
Firedoglake:
Obama’s tax plan will put more of the burden on the rich, he will raise the minimum wage, make unionization easier and generally help workers. The effect won’t be large, but for the poorest workers and for unions, it will be noticeable.
In this disjointed article, the author suggests that the biggest problem with Obamanomics is that Obama wants to give money back to the people... which is... bad. The author argues that the people don't know how to spend their money right. Ooookay.
August 2008,
Counterpunch uses the term. They talk about how Obama has spent time speaking about deficit (cough cough!) reduction:
Obama also embraces some elements of deficit reduction in his thinking. That’s not wrong in principle. Lower deficits can strengthen the value of the dollar, making imports less expensive. Lower federal budget deficits can make it harder to justify fiscal austerity that shrinks needed social welfare, training or public investments of various kinds. Government borrowing can crowd out private sector borrowing, making investments more costly.
Thank goodness that Barack isn't raising the deficit?
Then there was
The Economist, who had to say this about the president's economics:
As the battle for the Democratic nomination reaches a climax in Texas and Ohio, the front-runner's speeches have begun to paint a world in which laid-off parents compete with their children for minimum-wage jobs while corporate fat-cats mis-sell dodgy mortgages and ship jobs off to Mexico.
To be fair, he hasn't changed that economic narrative.
Mark Green, from Air America, on the
Huffington Post, referring to Krugman on Obamanomics:
Also, studies have shown that the GDP under Democratic presidents has been more than 300% higher than under Republican presidents. So whenever McCain falsely aserts that Obama will raise everyone's taxes or that he'll balance the budget by 2013 despite cutting revenues by several hundred billion annually, the affirmative answer is -- Democrats grow the economy far more than Republicans. 300% more. For the most recent example, contrast Clinton and Bush.
Whew. Then the economy is getting far better. Right. errr... right?
That's the problem with Democratic predictions. Its never their fault that things didn't turn out that way.
In These Times, on Obamanomics:
Obama would certainly shift government priorities to improving job prospects and raising living standards for American workers. He proposes raising the minimum wage to $9.50 an hour, offering refundable $4,000 tax credits for college, expanding the childcare tax credit, reforming bankruptcy laws, rebuilding infrastructure, establishing a new employee savings plan and investing in alternative energy to create “millions of new green jobs.”
Reminder; his economic policies were supposed to keep the unemployment rate under 8% too. But that's just window dressing.
Here is a completely laughable article by the economic writer for the
New York Times, on what Obama is planning:
All of this raises the question of what will happen to the deficit. Obama’s aides optimistically insist he will reduce it, thanks to his tax increases on the affluent and his plan to wind down the Iraq war. Relative to McCain, whose promised spending cuts are extremely vague, Obama does indeed look like a fiscal conservative.
A fiscal conservative. Who raised the debt by $3.4 Trillion in 2 years. Here was the hint... in the same article:
“I still would have probably made a slightly different choice than Clinton did,” Obama said. “I probably wouldn’t have been as obsessed with deficit reduction.”
Uh, yeah.
Well, aren't we all glad that worked out so well?
