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Tuesday, September 17, 2019
MRC's Allen West Gets His Facts Wrong on Obama Economy

Allen West has a thing for the counterfactual. In his Aug. 19 column in which he likens "the left" to the Borg from the Star Trek series (something he also has a thing for), the Media Research Center senior fellow wrote:

What is rather hypocritical, as are most things with the progressive, socialist left, was how the media covered for the abysmal economy of Barack Hussein Obama. Obama has gone down in history as the first president since the Great Depression to not achieve year-over-year GDP growth that topped three percent while in office, and we were told by the media that that was the new normal.  For eight years, the leftist media told us the Obama economy was the fault of George W. Bush. Even after Obama’s reelection, where he inherited his own failing economy, we were told it was still Bush’s fault. And now, we are being told by the media that Trump’s economic success is because of Barack Obama. Yeah, I am confused as well. And our confusion comes since we all know that is was Obama who mocked Trump for having a “magic wand” to bring jobs back to America and truly grow the economy. And oh, by the way, the great recession of 2008 was the result of an insidious progressive socialist “participation trophy” policy from Jimmy Carter in 1978 called the Community Reinvestment Act. The equality of outcomes mentality of the left believing that every American had a right to own a home led to the economic crisis by way of failed mortgage backed securities and subprime lending.

Hmm, how many times did we hear the leftist media talk about that? Yes, just as many times as we heard them speak about Obamanomics being a blatant Keynesian economic model failure.

First: West conveniently ignores the fact that 3 percent GDP growth hasn't happened under Trump either, as even wildly pro-Trump CNS editor in chief Terry Jeffrey was forced to admit. (Funny how West seems to perceive that usng Obama's middle name is an attempt at an insult.)

Second: West also conveniently omits the fact that 1) Obama took office in the midst of a severe recession, and 2) the overall economy under Obama was far from "abysmal." In fact, monthly job growth under Obama's second term was higher than it is under Trump, while unemployment steadily declined and GDP steadily increased from the depth of the recession under Obama. Indeed, it can be argued that the trendlines show Trump is simply continuing Obama's economic policies.

Third: Allen's claim that that the recession was the "result" of the Community Reinvestment Act is a right-wing falsehood. As Barry Ritholtz writes, the CRA targeted discriminatory lending practices in low-income urban areas, but the risky subprime mortgages that played the biggest role in triggering the financial crisis were mostly in suburban areas, mostly issued by non-bank lenders who weren't subject to the CRA.

By pushing right-wing propaganda that ignores the truth, West has shown who the real member of the Borg is.

Posted by Terry K. at 9:22 AM EDT
Updated: Tuesday, September 17, 2019 9:24 AM EDT

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