Just to prove a point, President Obama may have just opened the Republican economic plan to ridicule during this campaign of 2012. Let’s start with the stimulus package, many do not remember this, but the GOP has been very critical of this “stimulus” saying it didn’t work.
Here is what the American public wasn’t told by the conservative media and the GOP.
The stimulus package included tax breaks! In fact the tax breaks amounted to $333 Billion dollars! Yes, that’s right, 33% of the stimulus was tax breaks! Another 33% was not stimulus but stability, meaning aid to the states and unemployment extensions. If you think unemployment insurance is a stimulus, you missed the point of adding to consumer demand. Unemployment didn’t increase consumer demand, but prevented a total collapse of demand in the market incurred through the massive layoffs of 2009. This would have created an even larger, systemic problem. The last $333 billion was stimulus. Using $333 billion in stimulus to jump start a $16 TRILLION dollar economy is like jumping a Ford F-150 with a 9 volt battery.
Here is another example of President Obama showing Americans the Republican economic plan doesn’t work, extending the Bush tax cuts. Sure the GOP said that the short term extension adds to uncertainty in tax policy and business planning. This is just merely a smoke screen to deter and distract Americans, considering the tax cuts have been in place for ten years and as I stated here, job creation from 2002 -2007 were only 86,000 per month. Obviously, a very anemic number.
So when the GOP and Mitt Romney attack President Obama for a slow growing economy after the Bush economic meltdown, President Obama just has to say, I did it your way, it didn’t work. Now it is time to do it my way.