Obama: First Year Review

On this one year anniversary of Barack Obama's presidency, let's reflect on his promises of a better, stronger, fairer America. How has the Hope & Change campaign translated to reality? Touching upon Obama's penchant for Hollywood sets from which to make his pronouncements upon the hopeful (and hopeless) among us, let's begin our review with another Hollywood tool - the trailer, or in common parlance, the coming attraction. So try these headlines for a preview of what was to come post-election day:

"Floored: Dow Plunges 486 Points" (Fox Business, November 5, 2008) "Election-Day euphoria vanished in a cloud of negativity on Wednesday as the Dow plummeted almost 500 points [5.05%], its worst post-election plunge on record. The losses narrowly surpassed the Dow’s 4.51% decline the day after Franklin Roosevelt’s win in 1932 during the Great Depression."

"No Obama Bounce: Dow Falls 332, Ends Below 8K" (Fox Business, January 20, 2009) "Tuesday's losses were easily the worst in inaugural history, exceeding the 2.89% decline on the Dow when Lyndon B. Johnson assumed the presidency in 1963."

So the "smart money" knew what Obamanomics meant to our economy. While the DOW and the other indexes have since rallied off their March lows, it is due to the fact that there has been nowhere else for investors to put their money. Not one economist worth his salt (or anyone else with half a brain) can point to a single Obama policy that has spurred real economic growth.

"But what about the 3.5% growth reported for third quarter GDP?" The answer: GDP = consumption + investments + government spending. For the third quarter, there was zero consumption and zero investments, leaving only government spending as the sole component of growth. Clearly, there is no real economic growth in Obama's economy - only a growth in government. Incidentally, the headline number was subsequently revised to 2.8% and downward again to a final figure of 2.2% two months later.

Andrew Breitbart offers a by-the-numbers look at Obama's first year. Highlights include the following stats:

7,949.09 — Dow Jones Industrial Average close on Jan. 20, 2009.

10,609.65 — Dow Jones Industrial Average close on Jan. 15, 2010.

13 million — Number of people 16 and older unemployed as of January 2009.

14.7 million — Number of people 16 and older unemployed as of December 2009.

7.7 percent — Unemployment rate January 2009.

10.0 percent — Unemployment rate December 2009.

274,399 — Number of properties that received foreclosure-related notices in January 2009.

349,519 — Number of properties that received foreclosure-related notices in December 2009.

Just the kind of change the Hopiates expected, right? As the Hopium (coined by John Kass) wears off, however, Americans are realizing that they were sold a rotten bill of goods during the last presidential election cycle, and they are voicing their opposition to Obama's agenda in electoral contests around the country (i.e. - recent Republican victories in New Jersey, Virginia, and Massachusetts). And this trend will follow through to the mid-term elections in November as the Democrats continue to govern according to their will and against the will of the people.

Let's not forget the following poll numbers either:

63.3 - RCP Average Obama Job Approval on Jan. 27, 2009

49.9 - RCP Average Obama Job Approval on Jan. 20, 2010

(The RCP Average is a compilation of the nation's major polls)

Even Obama's most ardent supporters are experiencing buyer's remorse. Consider billionaire Mort Zuckerman's column in the New York Daily News in which he laments:

"Ruinous tax increases are inevitable if spending cuts remain outside the President's agenda.

"Everybody is dazed and confused by all this talk of additional indebtedness in the trillions of dollars. Our soaring national debt will require cataclysmic adjustments to accomplish the restoration of a balance in our fiscal position.

"Otherwise, we face a dramatic erosion of U.S. economic and financial standing, raising the risk of skyrocketing interest rates and a crash in the value of the dollar. Americans can no longer rely on their stocks and the soaring value of their homes to put their kids through college and support early retirement. For the first time since the Depression, U.S. companies are not only cutting jobs; they are cutting wages. We are undersaved and underpensioned, and we will have to adjust to a more frugal life."

And yet, undeterred by reality, Obama has given himself "a good solid B-plus" grade on his first year in office.

Ugh...Please pass the Hopium.