Friday, October 5, 2012

Ted Cruz: President Obama's Anti-Growth Agenda - Op Ed in the National Review

Ted Cruz Op Ed in National Review

October 4, 2012
By Ted Cruz
The most important issue in this election is the economy and jobs. Unfortunately, President Obama has demonstrated time and again a fundamental misunderstanding of how the economy works, the sources of its problems, and how to restore rapid growth. The question voters need to answer between now and Election Day is, if things continue on their current course, will you be better off in the future? If the answer is no, you should vote to change course.
The economy today is stuck in malaise.
  • About one-fifth of the workforce today is unemployed, under-employed (i.e., working part-time rather than full-time), or has stopped looking for work.
  • The median household income has fallen by $4,000.
  • The economy has created about 400,000 more jobs than it has lost since the president’s inauguration.
  • Average annual GDP growth since 2009 has been 1.5 percent, compared to the post–World War II average of 3.3 percent.
America deserves better, and past presidents have succeeded where President Obama has failed. Under President Reagan, for example, the U.S. confronted a severe recession in 1981–82, where unemployment soared to 10.8 percent. But in 1983, unemployment dropped 2.5 percentage points and GDP growth was 4.5 percent. In 1984, Reagan’s reelection year, unemployment fell another 1.1 percentage points while GDP soared to an eye-popping 7.2 percent. Meanwhile, GDP growth in year three of the Obama presidency was 2.4 percent, and so far this year it has been a paltry 1.7 percent.
Read more at National Review Online.

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