In a June 28 Washington Times column, Milton Wolf attempted to attack President Obama's health care plan by repeating numerous debunked right-wing attacks on Obama's handling of the economy, including by advancing the Times' misleading promotion of President Reagan's economic record. Wolf further attacked "cash for clunkers," the health care reform bill, and Obama's recent remarks on the effect of automation on the jobs market. From the Washington Times:
As Peter Ferrara, policy adviser to Reagan, has described, the results were beyond spectacular. Reaganomics unleashed an explosive growth of wealth and prosperity, the largest in the history of humankind. Some 20 million jobs were created. Unemployment dropped to 5.3 percent. The gross domestic product growth rate hit a high of 6.8 percent, and the total economy grew by nearly a third. Inflation dropped to 3.2 percent. Even the oil shortage was solved almost overnight.
Barack Obama is no Ronald Reagan.
President Obama entered office peddling the false hope that government can "spread the wealth." This is as foolish as bucketing water from one end of a swimming pool to the other. At best you achieve nothing; in reality, the spilled water along the way leaves everybody worse off.
Want to better understand Obamanomics? Look no further than "cash for clunkers," Mr. Obama's laughably misguided idea to use American's wealth to, quite literally, destroy American's wealth, to use taxpayers' money to destroy taxpayers' working automobiles.
Mr. Obama, abandoning any pretense of economic literacy, has placed the blame for unemployment squarely on America's archenemy: the ATM. The jobless rate remains high, according to the president, because - it's hard to make this stuff up - "when you go to a bank you use the ATM, you don't go to a bank teller."
According to the White House's own transcript, what followed next was "laughter" (until later, that is, when Orwellian Ministry of Truth officials in the administration scrubbed the record and changed the transcript to read "applause").
Americans are suffering, Mr. President, and it's no laughing matter. It's time to put Obamanomics where it belongs: on the trash heap of history. Got a shovel?