Paul Ryan: Obamanomics Has Failed

Congressman Paul Ryan (R, Wis) and former Congressional Budget Office Director Doug Holtz-Eakin came together early this week to lambaste Obama’s failed economic policies.

In a conference call to supporters and the press, CBO Director Holtz-Eakin said that there is “no evidence” that “the stimulus has really worked” and that Obama’s Keynesian fixes simply won’t work.

There is nothing about Keynesian stimulus that is going to fix those problems. The spending by the government has gotten worse, has not solved the housing problem, and has also not been successful. Instead, the key to more rapid economic growth is going to have to be the business sector and international trade.

Representative Ryan echoed that assessment, saying:

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Take a look at what our government has done in the last two years trying to get this economy out of the recession. The 1.1 trillion dollar stimulus, which is what it is when you add the interest spending, has not worked. It has exacerbated our debt problems. The Keynesian experiment, which was more spending, has failed to produce … jobs, it didn’t bring our unemployment down below 8% as it is promised. We’re still hovering close to ten percent. We’re not producing the private sector jobs that we need to be if we want to get back to our pre-recession unemployment rate. We’d have to create 250,000 jobs a month for five years running and we’re not anywhere close to that. So why is that happening?

Ryan proclaimed the Obama Administration and Congress have failed miserably to shore up confidence in the U.S. economy. ryan said that the current direction that government is headed is in “the exact opposite direction it ought to be going.”

Ryan went on to note that with the tax hikes coming in January and another round of hikes due to come in 2013 are severely dampening economic growth as employers and the business community find themselves afraid to expand in the face of these tax hikes.

Ryan lamented that America is facing a “lost decade.” During the call, Ryan said, “We could have come out of this recession in a much more proper way if we had the right fiscal policies in place, if we had the right monetary policies in place. Unfortunately we don’t and this is why many people see that we can have our own lost decade.”

Unfortunately, Ryan said, we are piling a whole new regimen of entitlements in a “fiscal explosion that will give us a lost generation.”

Holtz-Eakin agrees saying that “debt and deficits as far as the eye can see” is dooming the U.S. to continued economic pain.

Earlier this year Representative Ryan introduced his “Roadmap for America’s Future” to highlight his ideas to bring the country out of the recession.

Rep. Ryan was on MSNBC’s Hardball earlier this month and did a great job explaining why these tax hikes are bad for the country.

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