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Eva & Juan Obama
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The Ongoing Disgrace That Is Obamanomics - Forbes
6/07/2012
Peter Ferrara
President Obama has led America into an accelerating downward spiral. Destination: Argentina. Last Friday’s calamitous jobs report was just a signpost on the way.
Argentina enjoyed the world’s fourth highest per capita GDP in 1929, on par with the U.S. at the time. But then the nation lost its way through its embrace of a leftist, union allied government, which took control of the economy and imposed wildly irresponsible taxes, spending, deficits and debt. After World War II, the hugely popular Juan Peron came to power and institutionalized the madness. It has been all downhill for Argentina ever since. Sound familiar?
Today, Argentina ranks 53rd in the world in per capita GDP according to theInternational Monetary Fund, 57th in the CIA World Factbook, at a level less than one third that of the U.S. But its national debt at 51% of GDP is actually less than that of the United States under the Obama Administration, where we are rocketing towards 70% of GDP by the end of this year, and 200% in 25 years, according to CBO.
Friday’s jobs report shows Obama’s Juan Peron trend. While a measly 69,000 jobs were created in May, the report adjusted downward the jobs created in March and April by 49,000, leaving actually only 20,000 new jobs on net. The number of jobs created has declined every month this year.
While Obama and his propagandists claim 27 consecutive months of job growth, employment growth is the norm and not the exception for the American economy. In the 62 years from the end of World War II in 1945 until 2008, jobs grew in 86% of the months, or 640 out of 744. But Obama and his propagandists think you are too stupid to know the country you live in.
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