Many of you have likely seen this, but it’s so true and too damn funny and a very sad way, to not make sure it is seen by all. The idea that Obama is taking victory laps for “his” economy proofs two thing; one, he is still suffering from NPD ( Narcissistic Personality Disorder) and two, he has truly been a horrendous President for the economy. Despite the fact that there is likely no one who could have provided the needed miracle to sustain a traditional robust recovery and expansion, claiming that he has done a yeoman’s job of it is, well, just sickening.
As regular readers know, one of our favorite chart packs to show “Obama’s recovery” is the one below, presented most recently just two days ago during Obama’s now almost weekly televised sermon of how the economy is great and anyone who disagrees is “peddling fiction”, which using simple Bloomberg data, summarize recent changes in key economic indicators including soaring federal debt and government dependency via food stamp use, surging healthcare costs and social inequality, plunging homeownership, income, and labor force participation, and – of course – driving it all, none of the President’s or Congress’s actions, but the Fed’s balance sheet, something even major banks admit is better known as “printing money” – money that ends up blowing one after another asset bub le unable to finds its way into the broader economy – a stigma that is now gone in a world in which helicopter money is seriously considered by lunatics in power.
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