The Magazine

It’s Obama’s Economy

Aug 8, 2011, Vol. 16, No. 44 • By STEPHEN F. HAYES
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It could have been worse. Remember, if Obama had gotten his way last year, taxes on top earners would have been raised at the beginning of 2011—just as the current slowdown intensified. Treasury Secretary Tim Geithner argued last August that raising those taxes in January 2011 would have been “good policy” because the recovering economy was strong enough to absorb them. “The economy can withstand that,” he assured us two months after the Obama administration kicked off “Recovery Summer,” a season announced in an official White House press release. 

This is what policy failure looks like. And no matter how hard the White House and its allies try to convince us other-wise in the coming months, there is no escaping the central fact of the 2012 election. It’s Barack Obama’s economy.

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