The alarm bells should be clanging with the pitiful news of 0.2% economic growth for first-quarter 2015, writes economist Stephen Moore. We have a national crisis in the United States, and Baltimore is tied directly to what Mr. Obama called “a slow-rolling crisis.” Mr. Moore explains why the latest GDP numbers are worrisome and why urban unrest is bubbling over.
But there’s no getting back that nearly $2 trillion of GDP that is now permanently missing. It’s one reason for black rage in the cities. The Obama growth deficit is this president’s enduring legacy. We can now officially declare Obamanomics a grand failed experiment. Let’s hope the history books get it right so we are never, ever foolish enough to try this again.
As economist Arthur Laffer notes, racial rioting in big cities is associated (negatively) with the economic growth rate. American cities became war zones in the late 1960s and 1970s, but during the prosperous 1980s and 1990s, as incomes rose and job growth surged, the rioting just about vanished. Read Moore here on how Obamanomics has costs families thousands and the nation trillions.