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Debacle: Obama's War on Jobs and Growth and What We Can Do Now to Regain Our Future

Debacle: Obama's War on Jobs and Growth and What We Can Do Now to Regain Our Future

Grover Glenn Norquist, John R. Lott Jr.

ISBN: 978-1-118-24047-2

Feb 2012

272 pages



A provocative critique of the Obama administration's economic policies and an examination of America's difficult economic future

During the 2008 presidential campaign, Barack Obama promised "a net spending cut" to make government smaller in order to reduce the deficit. But this huge increase in government spending and debt, and the resulting prospect of higher taxes, will make America a poorer country. Are Americans happier because the government has determined where this money should be spent? According to John Lott and Americans for Tax Reform President Grover Norquist, the answer is no, and in Debacle: Obama's War on Jobs and Growth and What We Can Do Now to Regain Our Future they explain why.

Obama's economic policies have raised unemployment, slowed economic growth, dramatically raised the national debt, squandered taxpayer money through poor investments, and damaged the housing market. The book explains why Obama's policies on spending, taxes, and regulation have all worked to harm the recovery, increase unemployment, and depress housing prices.

  • The Congressional Budget Office estimates that the deficits that President Obama proposes for the years from 2011 through 2020 come to a staggering $126,000 per family of four, and John Lott and Grover Norquist make clear why the costs outweigh the benefits
  • Explains why Keynesian economics is more a way of transferring wealth to political constituencies than a legitimate economic theory for understanding how the economy operates
  • Posits that Obama's economic policies were more an opportunity "to do big things" than to solve the country's economic problems

Arguing that the policies of the Obama administration have created widespread economic chaos, Debacle is a bleak look at American finance from Grover Norquist.

Acknowledgments xi

Introduction The Players 1

Chapter 1 The Financial Crisis 7

Chapter 2 The Worst Recovery on Record 23

Chapter 3 The Stimulus Made Things Worse 35

Chapter 4 Would the Economy Have Been in Worse Shape without the Stimulus? 85

Chapter 5 Regulatory Thuggery 121

Chapter 6 We Have Seen What Happened under Obama. So Now What Do We Do? 159

Conclusion Obama’s Legacy 201

Appendix Looking at the Fifty States 211

About the Authors 217

Index 219