It's The Economy Stupid: Chapter 312

Barack Obama, again has refused to take responsibility for the failing economy.  The trillion dollar "stimulus package" that his Democratically controlled Congress rammed through along party lines in 2009 has utterly failed in it's declared goal to keep unemployment below 8% (even the biased "politifact.com" finds that Obama said so...and failed misserably. 

Even that being said, with regulations as welll as currently existing ones costing the economy $1.5 trillion dollars per year, the EPA is set to ramp up even more costly carbon emissions standards. This will cost at least an additional half trillion dollars. So...

Who does Mr. Obama blame for the economy that he and his party have driven over the cliff?  Why you and me! 

A cascade of bad economic and political news knocked President Barack Obama off his game today, and prompted him to revive his 2008-style criticism of his predecessor, and also to suggest that investors, consumers and even the media are responsible for today’s stalled economy.

The blame-game rhetoric – which pollsters say is counterproductive – came during the White House’s joint press conference with Germany’s chancellor, Angela Merkel. “It is just very important for folks to remember how close we came to complete disaster,” he told the watching TV cameras and reporters.

“The world economy took a severe blow two and a half years ago, and in part that is because of a whole set of policy decisions that had been made, and challenges that have been unaddressed over the course of the previous decade,” he said, standing alongside Merkel, whose economy has rebounded during the last two years.

Of course, it's not his fault, or that of his party...it's ours...you and me. It's the voters fault! That's the ticket, yeah...

Even James Carville, who thought up "It's the economy, stupid," thinks Mr. Obama is in for a rough time.

“[L]ook, I don’t think anybody — if 54,000 new jobs is the new standard, it’s going to be a very, very rough 2012 for President Obama,” Carville said. “But the three-month average was 160,000. If that is the case, then he will do OK. I can’t tell you what will happen. But yes, if this, if this last jobs number is an indication of future job numbers, it’s going to be very, very rough.”

Things are so bad in this administration ecnomic team, that Austan Goolsbee, who lead the Council of Economic Advisors for only 9 months has resigned to return to academia...where he can teach  progressive ideas (that don't work) to future progressive leaders.   Mr. Obama in 2009 formed a "dream team" of economic advisors who would "turn the country around." 

With Goolsbee’s departure, the collapse of the president’s economic team is nearly complete. The first to leave was the president’s original chair of the Council of Economic Advisers, University of California-Berkeley economist Christina Romer. She holds the distinction of predicting an $800 billion stimulus program would bring joblessness down to 8%. Also gone is Jared Bernstein, the actual architect of the stimulus, and the man who was behind Vice President Biden’s “Summer of Recovery.”

Mr. Obama is out of ideas, and almost out of time, while we're almost out of money.  I suspect that he'll keep trying to redistribute it until he's out of office.