When the country engaging in mercantilist-protectionist policies is also your banker, I guess you tend to look the other way. My fellow CNBC contributor Peter Navarro makes the devastating case:
My pal Russell Roberts of George Mason University speaks Economic Truth to Political Power as he dismantles Obama’s weird comments that ATM machines and automation kill jobs (via the Wall Street Journal):
When was the last time someone announced for U.S. president with a barn-burner of a speech? I can’t think of one recently, not even Barack Obama in 2007. And Jon Huntsman’s speech was certainly no worse than Mitt Romney’s or Tim Pawlenty’s. But style aside, what did he say? He seems to want to deal with entitlements sooner rather than later:
My old boss John Merline of Investor’s Business Daily eviscerates President Obama’s recent claim that back in 2009 “we had to hit the ground running and do everything we could to prevent a second Great Depression.”
Katrina Trinko at National Review Online puts them through their paces:
According to a National Review Online analysis of seasonally adjusted employment data (looking at the total number of those employed) from the Bureau of Labor website, Gary Johnson has the best record of the official candidates, with a job-growth rate of 11.6 percent during his tenure. … Among the crowd who governed primarily during the 2000s, Huntsman has the best record. During his 2005 to 2009 tenure as governor of Utah, the number of jobs grew by 5.9 percent.
Editor’s Note: This piece has been updated. Please see the update below.
Consulting firm McKinsey kicked up a hornet’s nest with these recent findings:
The main reason we have a big budget deficit right now is that the U.S. economy has been growing too slowly for a decade, including the Great Recession and Terrible Recovery. That means less tax revenue and more government services like unemployment insurance and Medicaid. So perhaps the real way Obamanomics has worsened our debt situation is by contributing to this extended period of weak growth.
The main reason the unemployment rate is so high is that the recession was so deep and the economic “recovery” is so anemic. But part of the problem may be a mismatch between job opening and the skills of unemployed workers. Here is WaPo’s Robert Samuelson: