Purging the Ghost of Bill Clinton's Economics From the Holy Spirit of Barack Obama
Actually as much as Matt Welch of Reason magazine might disagree with this. Clintonomics and Obamanomics are similar, they are both based on strong education and job training. Encouraging business's to hire and invest in America, infrastructure investment, empowering low income and. Low skilled Americans to be able to take care of themselves and a tax system that encourages all of these. Things along with economic and job growth, the difference being that when President Clinton became President back in 1993, he inherited a weak economy. But an economy that was growing and creating jobs but with high unemployment, interest rates and so fourth. When President Obama became President, he inherited an economy in free fall along with a 1T$ budget deficit and 11T$ national debt. So of course President Obama has leaned more towards stimulus and running debt and deficits in the short. Term so the economy is strong enough down the line to pay those things off. Whereas President Clinton already had a growing economy but with rising debt, deficits and interest rates.
As much as right wingers and Libertarians want to paint Barack Obama as some type of Big Government Socialist or Social-Democrat. Whose not only looking to centralize all of the power in the country with the Federal Government but in his office. He's really not, his economic philosophy or economic Liberalism is actually based on using government to empower people who need it. To be able to take care of themselves and when you have a thing like a Great Recession, with banking system. Collapsing, you have to take steps you otherwise wouldn't take to stop the free fall and buy time for the economy to bounce back. So banks can start lending again, so employers can stop laying people off, so people have money to spend. To keep the economy from sinking and thats what the President did back in 2009-10 and the economy stop. Falling by the summer of 2009 and we stopped losing jobs net by the spring of 2010 and now have the lowest. Unemployment rate and Wall Street at its highest point in four years.
So as a result people who either don't know any better or simply don't like Barack Obama and looking to score some partisan political advantage. Label President Obama a Socialist because he's backed these Socialist looking policies with all of the stimulus. When the fact is stimulus spending is not the President's governing economic philosophy but something he turned to in the short term. Because it was needed to rebuild the economy.