Noted author and economist Nassim Nicholas Taleb told an audience this week that Obama did exactly the opposite of what should have been done and made the economic situation worse.
Tell us something we don't know…
Barack Obama is the worst jobs president since the Great Depression. The Obama-Pelosi economic plan resulted in a cumulative 7.5 million jobs deficit. By every objective measure the democrat's Trillion dollar stimulus bomb was a complete disaster.
Barack Obama and Nancy Pelosi tripled the national deficit last year by nearly a trillion dollars – something unheard of in our nation's history.
After an unheard of record deficit last year of $1.4 Trillion the economy is on track to experience a $1.3 Trillion deficit this year.
Instead of focusing on the economy the past two years the radicals in Washington beat up on business and rammed through an unpopular nationalized health care entitlement program. Today 61% of voters want the democratic law repealed.
Economist Taleb claims Obama made things worse.
Bloomberg reported:
U.S. President Barack Obama and his administration weakened the country's economy by seeking to foster growth instead of paying down the federal debt, said Nassim Nicholas Taleb, author of "The Black Swan."
"Obama did exactly the opposite of what should have been done," Taleb said yesterday in Montreal in a speech as part of Canada's Salon Speakers series. "He surrounded himself with people who exacerbated the problem. You have a person who has cancer and instead of removing the cancer, you give him tranquilizers. When you give tranquilizers to a cancer patient, they feel better but the cancer gets worse."
Today, Taleb said, "total debt is higher than it was in 2008 and unemployment is worse."
Obama this month proposed a package of $180 billion in business tax breaks and infrastructure outlays to boost spending and job growth. That would come on top of the $814 billion stimulus measure enacted last year. The U.S. government's total outstanding debt is about $13.5 trillion, according to U.S. Treasury Department figures.
Obama, 49, inherited what the National Bureau of Economic Research said this week was the deepest U.S. recession since the Great Depression. Even after the stimulus measure and other government actions, the U.S. unemployment rate is 9.6 percent.
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