Wash. Examiner: “Time to admit Obamanomics has failed”

Wash. Examiner falsehood: Obama is “determin[ed]” to “raise everybody's taxes by allowing the Bush [tax] cuts ... to expire.” In an August 8 editorial, titled, “Time to admit Obamanomics has failed,” The Washington Examiner falsely claimed that Obama was “determin[ed] to raise everybody's taxes by allowing the Bush cuts from 2001 and 2003 to expire Jan. 1, 2011.” From the editorial:

As Romer fades back to her teaching post at Berkeley, Obama is adding to the economic misery by creating an environment of regulatory uncertainty. The Wall Street reform law Obama recently signed potentially requires 533 new regulations, 60 studies and 93 reports, according to the U.S. Chamber of Commerce. Obama's Environmental Protection Agency has 29 active rulemakings, and there are 100 new rules on the Labor Department's agenda and 26 at the Transportation Department.

Add Obama's determination to raise everybody's taxes by allowing the Bush cuts from 2001 and 2003 to expire Jan. 1, 2011, and it's easy to why [sic] banks, businesses and consumers are hoarding trillions of dollars that could otherwise spur economic growth.

Wash. Examiner falsehood: "[T]he stimulus bill has proven to be an extraordinary waste of borrowed money that has failed to create jobs." The Washington Examiner also falsely claimed that the stimulus bill “failed to create jobs.” From the editorial:

Predictably, the stimulus bill has proven to be an extraordinary waste of borrowed money that has failed to create jobs, generate economic growth or do much of anything other than line the pockets of White House political allies. That and give $308 million in subsidies to BP before the Gulf oil spill disaster, and subsidize a study on what happens when monkeys snort coke.

[...]

The economy is stalling, unemployment seems stuck at European levels of idleness, the federal deficit and the national debt are at historic highs, public confidence in Congress is at its lowest-ever level and big majorities of Mainstream Americans say Obama has the country on the wrong path. Obamanomics has failed miserably and it's time for everybody in this town to admit it so we can move on.

In fact, Obama's proposed budget will only increase taxes on wealthiest Americans

Obama's proposed FY 2011 budget calls for only allowing the tax cuts that affect families earning more than $250,000 a year to expire. From the proposal:

In addition to closing loopholes that allow wealthy investment managers to not pay income taxes on their earnings and ending subsidies for big oil, gas, and coal companies, the Budget eliminates the Bush tax cuts for those making more than $250,000 a year and devotes those resources instead to reducing the deficit. Our Nation could not afford these tax cuts when they passed, and it cannot afford them now.

And, independent and private analysts agree stimulus significantly raised employment

CEA: Recovery Act has raised employment “by between 2.5 and 3.6 million.” In its fourth quarterly report on the American Recovery and Reinvestment Act of 2009, the Council of Economic Advisers (CEA) stated: “The CEA estimates that as of the second quarter of 2010, the ARRA has raised employment relative to what it otherwise would have been by between 2.5 and 3.6 million. These estimates are broadly consistent with the direct recipient reporting data available for 2010:Q1.”

Independent analysts agree that Recovery Act significantly raised employment. In its quarterly report, CEA included figures from independent analyses that also credited the Recovery Act with increasing employment:

Economists also say stimulus helped economic recovery

Wall Street Journal: 70 percent of economists surveyed said stimulus helped. The Wall Street Journal reported on March 12 that 38 of the 54 economists it surveyed “said the American Recovery and Reinvestment Act boosted growth and mitigated job losses, while six said the legislation had a net negative effect.”

ABC News: Most on panel of economists “think the economy would be worse” without the stimulus. ABC News reported on February 18 that “most” of the economists on its panel “think the economy would be worse today without the big aid package, which totaled $787 billion and was signed into law by President Obama on Feb. 17, 2009.”

NABE: 83 percent say stimulus raised GDP. A February survey of 203 members of the National Association for Business Economics (NABE) found that "[e]ighty-three percent believe that GDP is currently higher than it would have been without the 2009 stimulus package (ARRA)."

USA Today: Surveyed economists said “stimulus package saved jobs.” USA Today reported on January 25:

President Obama's stimulus package saved jobs -- but the government still needs to do more to breathe life into the economy, according to USA TODAY's quarterly survey of 50 economists.

Unemployment would have hit 10.8% -- higher than December's 10% rate -- without Obama's $787 billion stimulus program, according to the economists' median estimate. The difference would translate into another 1.2 million lost jobs.