Obama: Taking America Backwards

China's Economy Surpassing U.S. Economy

President Obama campaigned that he going to fundamentally transform America but never said what that transformation would be. If making the economy weaker is transforming the country, then Obama has certainly succeeded.

Since 1872, when the United States' economy became larger than the United Kingdom's, the United States has had the strongest and largest economy in the world. Throughout that 142 year history we've dealt with monopolies, the Great Depression, multiple recessions, up until the latest "great recession." We've always come back roaring even stronger than before and our economy has always led the world.

Not only did our economy slow to 0.1% GDP growth in the first quarter this year and is projected to have anemic growth throughout the rest of this year, but now a report by the International Comparison Program, say that by the end of this year China, not the United States, will have the largest economy in the world. Obama has managed to take us back to the 1870s.

Unfortunately, the Obama Administration keeps learning the wrong lessons. If more regulation and more government control hurt job creation and economic growth, the Obama answer is to add more control and more regulations. While the Obama Administration doesn't want to wage war abroad, it seems very willing to wage war on the American economy. Unfortunately, its economic policy at home is no more successful than its foreign policy abroad.