On economy, McConnell sells double-whopper with cheese
Sen. Mitch McConnell, R-Ky
Senate Minority Leader Mitch McConnell, appearing on “Face the Nation” Sunday, offers the GOP explanation for our current economic situation:
McCONNELL: If you talk to business people and Bill Daley, the present chief of staff did recently, you find out their biggest complaint is overregulation. You know, the federal government with that stimulus money hired a quarter of a million new employees. These people are busily at work trying to regulate every aspect of American life in– in health care, financial services, through the Environmental Protection Agency, really sort of bureaucrats on steroids that are freezing up– the private– private sector and making it very difficult, Bob, for them to grow and expand. You know, you’re seen the reports that they’ve two trillion in cash. The reason they’re not investing that in hiring more people is the government has made it very expensive to expand employment.
BOB SCHIEFFER: So do you– do Republicans have any plans to do anything on the unemployment front or are you just going to let things take their course?
McCONNELL: No, I– I think– what– what we’re doing is encouraging the president to– to quit doing what he’s doing. Quit overspending. And we’re hoping with the debt ceiling discussions we can begin to address deficit and debt. And second, they need to quit over-regulating the American economy. This is something they can do on their own. They don’t have to come to us for permission to rein in these regulators who are really at work across the American economy making it very, very difficult for businesses to function.
In short, McConnell argues that overregulation of the economy by President Obama has caused a decline in business willingness to invest. And no, the Republicans don’t feel compelled to propose policies to address the shortage of jobs, because Obama already has the authority to fix the problem. He just refuses to do so.
The question is, does the McConnell hypothesis correlate with actual facts? Let’s go to the data.
First, we should address McConnell’s claim that the government has added a quarter million employees under Obama. According to Bureau of Labor statistics, that’s an outright lie. Through last month, total federal employment had increased by 59,000 since President Obama took office, and most of that increase has been in national security fields, not government regulators.
In other words, the entire premise of McConnell’s claim is false.
Now to the larger point: Can the lack of private investment in the American economy be explained by policies implemented by President Obama? Here’s a chart tracking private investment in the United States over the past 10 years (h/t Matt Yglesias):
Hmmm. Isn’t that interesting?
Gross private investment appears to have peaked at Point A, early in 2006, and began to decline almost a full three years before President Obama took office. It began a more steep decline early in 2007, more than two years before he took office.
In fact, by the time President Obama took office — Point B in the chart — the decline in private investment begun three years earlier had been astounding. The collapse bottomed out in early 2009 and then began to increase, rising 22 percent so far.
That’s what the facts show. The facts show that McConnell is trying to blame the greatest collapse in private investment since the Great Depression on policies that hadn’t been implemented yet by a president who hadn’t even been elected yet. Yet here in these United States of Amnesia, his version of events actually has its supporters.
– Jay Bookman
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561 comments Add your comment
Keep Up the Good Fight!
June 20th, 2011
12:51 pm
Jay, you’re arguing with facts? Cons and wingnuts dont need no stinkin facts.
The Leg Lamp is a “major award”….
June 20th, 2011
12:54 pm
…”McConnell sells double-whopper with cheese”
If the left has their way this may not happen for long. They’ll either outlaw selling the double “wappa” with cheese or tax the shiite out of it to help pay for Obamacare.
Bill Orvis White
June 20th, 2011
12:54 pm
Stop the spending! Stop the taxing! I’m a small business owner and I’m tired of all the rules and regulations that Washington bureaucrats have been throwing in my direction. Like I said, folk like me and almost all doctors want to get out of their businesses because Hussein Obama is the most anti-business president in our entire history!
This is simple arthimetic: If big gov’t cut taxe$, $pending, eliminated entitlements and all regulations, we would see massive investments and almost no unemployment. The honorable President Ronald Wilson Reagan did this and it worked! Why can’t we go back to that?
Goodnight and Amen,
Bill
Kamchak
June 20th, 2011
12:54 pm
20January2009 — the day the world ended.
Mr_B
June 20th, 2011
12:54 pm
First?
Kamchak
June 20th, 2011
12:56 pm
Shorter Bill: Boo-hoo-hoo.
Thomas
June 20th, 2011
12:56 pm
Not a McConnell fan but capital will go and settle where it is treated best. To the extent that Europe and the US are increasing regulation on banks (deserving or not), to the extent that defecit spending taxes, wealth transfer payemts are projected to go steeply from the bottom left to the top right then yes, there will be decreased investment in the US versus the emerging markets including China.
From a political stand point, both sides need to realize they have a done a truly pathetic job of leadership.
Anyway- informative article- thank you
Uncle Jed
June 20th, 2011
12:57 pm
Oh great, another freaking chart. Snoozing along and signing off.
saywhat?
June 20th, 2011
12:57 pm
Everybody knows that the economy does better during Democratic administrations because businesses are optomistic about the conditions that will exist with the future Republican administration. Similarly, the economy worsens when Republicans hold the White House because businesses fear the uncertainty of the business-unfriendly policy changes any future Democratic President may make.
See Jay, now your graph is in agreement McConnell’s statement.
ProgressivePeach
June 20th, 2011
12:58 pm
Reality has a well-known liberal bias.
RB from Gwinnett
June 20th, 2011
12:58 pm
You can always count on Jay to give you part of the story and leave out the parts that don’t support his “R’s are all bad” agenda.
Jay Bookman – A reliable source for half truths and DNC talking points!!! And little else….
USinUK
June 20th, 2011
12:58 pm
btw … guess who I get to see tonight???
SHIRLEY BASSEY!!! she’s performing at a memorial to John Barry (imdb him if you don’t know who he is)
so, in honor of The Shirl:
http://www.youtube.com/watch?v=d3KdY_rm1SE
Keep Up the Good Fight!
June 20th, 2011
12:58 pm
BLS: The Private Sector Added 2.1 Million Jobs From February 2010 To April 2011. According to the Bureau of Labor Statistics: “Total nonfarm payroll employment increased by 244,000 in April, and the private sector added 268,000 jobs. Employment rose in a number of service-providing industries, manufacturing, and mining. Since a recent low in February 2010, total payroll employment has grown by 1.8 million. Private sector employment has increased by 2.1 million over the same period.” [BLS.gov, 5/6/11]
Jay
June 20th, 2011
12:59 pm
Uncle Jed, are you averse to the use of facts in political debate?
The Leg Lamp is a “major award”….
June 20th, 2011
12:59 pm
Let’s see….Obama…..Holder…..and now this:
“Holder: Justice Department Has Re-Opened The “Civil Rights Division”"
Now just is this being funded???
USinUK
June 20th, 2011
1:00 pm
oh, all right … one more
http://www.youtube.com/watch?v=UT1yUAn0Bv8
USinUK
June 20th, 2011
1:01 pm
(sorry for the OffTopic, Jay … but she’s too cool not to share)
Mr_B
June 20th, 2011
1:01 pm
BOW: What specific “rules and regulations” has the Obama administrations thrown at you that has made unprofitable for you to operate your business. Specifics, please, and explain exactly how your business is negatively impacted. Things your think are going to happen don’t count.
AmVet
June 20th, 2011
1:03 pm
The headline alone is gonna make Dusty go all Pavlovian.
The thing that is so pukeifying (made up word) and disconcerting about the goofy McConnell, the other ignoramuses in his party and their parrots here is that not one of them can speak intelligently on the topic of over-regulation.
If for argument’s sake, we agree that the premise is true (And I have no reason to doubt that there are some that should be deep sixed), can any of these clowns identify any of the regulations that need to go? And why? With convincing facts and data to support the claim?
When frogs fly.
And this is the one of the greatest of all modern con failures, the inability to articulate intelligently, with compelling evidence, what it is that they propose.
So in typical Republispeak, it is all slogans, not specifics…
Keep Up the Good Fight!
June 20th, 2011
1:06 pm
If all regulations on business are bad, why did the GA Republicans require business employers to use E-Verify for hiring? Oh let me make it easy, its because the silly mantra of “regulation bad” is not true. Some regulations are needed, some are helpful, some become outdated and some are way behind reality. Smart regulation is needed and should be the objective.
Mr_B
June 20th, 2011
1:09 pm
I wonder how many of the Reagan worshippers here actually lived through the Reagan administration.
USinUK
June 20th, 2011
1:10 pm
“Gross private investment appears to have peaked at Point A, early in 2006, and began to decline almost a full three years before President Obama took office. It began a more steep decline early in 2007, more than two years before he took office.
In fact, by the time President Obama took office — Point B in the chart — the decline in private investment begun three years earlier had been astounding. The collapse bottomed out in early 2009 and then began to increase, rising 22 percent so far.”
oh, Jay … there you go again, bringing facts to the argument.
don’t you know that the best way to “debate” is to say something loud and often and that will make it true??!! (Chapter 1: GOP book on strategic communications)
josef
June 20th, 2011
1:11 pm
Oooooh Graphs, charts, and the economy…better than Baptists and illegal aliens to get the slathering started (can I say that here Bruin
)…
AmVet
June 20th, 2011
1:11 pm
If McConnell had a shred of intellectual honesty he would have been prepared with facts, evidence, lists (maybe even a chart!) of the regulations he wanted to target.
Then there could be a lively debate with pros and cons on those specific recommendations.
But no!
It is so much easier to play the lamebrain who spouts claptrap for his uninformed, slogan-driven base.
Ready. Fire. Aim!
andygrdzki
June 20th, 2011
1:12 pm
Jay, hate to say this, but what else is new….. What politician hasn’t lied?
If you and your loyal followers think otherwise… well…. Ahem…..
Lies During Third Year by the President..
USA producing more oil than ever before – Petroleum Insights
Fence between US and Mexico is “Practically Complete – Department of Homeland Security says 5%
Lies During Second Year
No signing statements to nullify or undermine congressional instructions as enacted into law – bama Lies to Keep Czars
No “boots” on the ground Libya
Anyone that has worked with the AC-130 gunship can tell you, you need spotters to let aircraft know where the targets are. Usually it is Special Forces, Rangers etc trained for this mission. It’s CIA Agents in Libya on the ground
Reform will also rein in the abuse and excess that nearly brought down our financial system. It will finally bring transparency to the kinds of complex, risky transactions that helped trigger the financial crisis. – Obama Lies About Financial Reform Bill
All Americans WILL BE were, “surprised, disappointed and angry” about lockerbie bomber – Obama Memo
I will not rest until the BP Oil Spill stops – Obama’s Schedule
The health care bill will not increase the deficit by one dime. – Campaign and Presidency
If you like the health care plan you have you can keep it – TownHall
“Under our plan, no federal dollars will be used to fund abortions, and federal conscience laws will remain in place. -U.S. Capitol, Washington, D.C., September 9, 2009.
ObamaCare Fee is not a new tax – Obama denies healthcare is a new tax on all Americans
We have run out of places in the US to drill for oil. – Obama’s oval office speech in June 2010
Just saying,,,,,,
RB from Gwinnett
June 20th, 2011
1:12 pm
“Uncle Jed, are you averse to the use of facts in political debate?”
Jay, you of all people, shouldn’t be critical of others use or lack of use of facts in political debate. You actually posted a link to some piece of crap non-binding resolution by a single house of congress under the guise it showed the President had approval for sending troops into Lybia. We’re you trying to fool the sheep with that show of pathetic “journalistic” skill or do you just not know what approvals the President needs and are too lazy to go look it up?
Mr_B
June 20th, 2011
1:12 pm
Brother White: Examples of current onerous job-killing regulations, please. Waiting.
Joe Mama
June 20th, 2011
1:15 pm
Mr. White — “honorable President Ronald Wilson Reagan”
Did you know that you can rearrange the letters in the words “Ronald Wilson Reagan” so that they spell “Insane Anglo Warlord?”
Try it, it works!
GOP Regulations
June 20th, 2011
1:15 pm
Republicans do not need regulations. If there were tighter regulations/ethics, the corporations would not be able to continue on their path of destroying what’s left of the United States.
Bosch
June 20th, 2011
1:16 pm
RB from Gwinnett
June 20th, 2011
12:58 pm
You can always count on Jay to give you part of the story and leave out the parts that don’t support his “R’s are all bad” agenda.
Well, go ahead RB, fill us in with the rest.
USinUK
June 20th, 2011
1:17 pm
“All Americans WILL BE were, “surprised, disappointed and angry” about lockerbie bomber – Obama Memo”
okay, I’ll bite.
first of all, what the hell does that MEAN.
secondly, how was that not true?
Dave R.
June 20th, 2011
1:21 pm
Once again Jay shows an alarming lack of reading comprehension and a continuing support for charts and statistics that do not actually support his misguided claims.
First, to the BLS data and what McConnell said.
“You know, the federal government with that stimulus money hired a quarter of a million new employees.”
And then we have Jay’s statement:
“Through last month, total federal employment had increased by 59,000 since President Obama took office, and most of that increase has been in national security fields, not government regulators.”
First of all, the statement and BLS statistics referenced above cannot prove nor disprove McConnell’s statement, nor Jay’s assertion that McConnell is incorrect or “lying”. The BLS statistics merely show NET increased government employment, NOT whether there were 250k new hires for regulatory purposes that may have been offset by reductions elsewhere to get to the 59k increase. As always, there are lies, damned lies, and statistics.
Next, as usual, Jay (like other liberals do when they cannot make their own case) decides to make up a conclusion not in evidence by the statements of Mr. McConnell.
Jay’s conclusion: “The facts show that McConnell is trying to blame the greatest collapse in private investment since the Great Depression on policies that hadn’t been implemented yet by a president who hadn’t even been elected yet.”
Not at all. McConnell’s statement has NOTHING to do with the collapse of investment that occurred in the middle of the recent recession, but rather that lack of investment today and moving forward (in his opinion). The lack of reading comprehension by our host is stunning in it’s depth (but when needing a target for ginned-up poutrage, entirely understandable).
And McConnell is largely correct in that Congress cannot do much in the way of reducing regulations and their enforcement, as that is the role of the Executive Branch. However, Congress CAN cut off funding for departments in which regulations have become onerous, even if they cannot dictate which regulations can be funded.
Granny Godzilla
June 20th, 2011
1:26 pm
And Scheiffer did not challenge this mularkey?
Why no sir, he did not.
Another example of the MYTH of liberal media.
DebbieDoRight
June 20th, 2011
1:27 pm
Keep: Jay, you’re arguing with facts? Cons and wingnuts dont need no stinkin facts
Uncle Jed: Oh great, another freaking chart. Snoozing along and signing off.
Dang Keep you called that one!!! You must be pyschic…………..
Jay
June 20th, 2011
1:27 pm
RB, I made no claim whatsoever that the resolution in question satisfied constitutional or legal requirements. I merely pointed out — quite accurately — that a unanimous sense-of-the-Senate resolution in favor of imposing a no-fly zone in Libya had been ignored by most people, when in fact it communicated — and was MEANT to communicate — substantial congressional support for the notion.
The fact it was nonbinding was stated in the very first sentence of the link that I provided, which makes it hard for a rational person to argue that I was trying to hide anything.
You, on the other hand, have no problem whatsoever making such an absurd claim.
Aquagirl
June 20th, 2011
1:29 pm
Oh great, another freaking chart. Snoozing along and signing off
Wow, doesn’t take much to tax some folks’ brains.
US in UK, love the Shirl, but I prefer “Moonraker” myself. RIP John Barry.
Jay
June 20th, 2011
1:31 pm
Dave R., with fancy footwork like that, you should audition for “Dancing with the Stars.” You’d do well.
Well, except for the “stars” part….
Your notion that Obama “hid” these additional regulators by firing others is cheap nonsense.
USinUK
June 20th, 2011
1:31 pm
toodles, peeps!
off to see THE SHIRL!!!!
have a good night!
larry
June 20th, 2011
1:32 pm
All but two recessions since 1950 have happened under a Republican adminstration
The Great Depression happened under a Republican administration, The Great Recession occured under a Republican adminstration.
And they think they need less regulation after what The Great Recession ?
BADA BING
June 20th, 2011
1:34 pm
McConnell sells double whopper w/cheese? He must have gotten one of those obama shovel ready jobs.
carlosgvv
June 20th, 2011
1:34 pm
When McConnell says the biggest complaint Buisness has is overregulation, you need to understand what that really means. It means Big Business wants to go back to the good ole days of 12 hour work days, 6 day work weeks, no vacations, no insurance, no overtime, no workers Comp., no holidays and no sick pay. Also, restoring child labor would be nice. If you think even for one second that Republicans and Big Business would not gladly restore these conditions to the American worker, think again.
Good little liberal
June 20th, 2011
1:34 pm
Once again, Jay demonstrates that when the Democrats took over Congress, the bottom fell out.
So Jay, why don’t you ever address those two disastrous years when the Democrats were passing the largest increase in minimum wage in our history? Why don’t you ever address the fact that as soon as Pelosi Reid took over, the government’s mantra was anti-business and pro socialist workers party?
Same old story It’s anybody’s fault but the guy that the Democrats support.
It all boils down to the simple idea that when Democrats whine about losing jobs it’s like the abusive husband who can’t figure out why his wife left him. Every major industrialized country on earth is courting our companies and like the same analogy, they are looking around, seeing the abuses piled upon them by the Democrats and packing their bags while the Democrats continue to try and blame the hiring disaster on the pro-corporate, pro-capitalist party.
It is staggering and like AmVet likes to point out, “stuck on stupid.”
jconservative
June 20th, 2011
1:37 pm
“McCONNELL: No, I– I think– what– what we’re doing is encouraging the president to– to quit doing what he’s doing. Quit overspending.”
This is an amazing statement “quit overspending”. Apparently McConnell does not realize that every dime spent by the President has been approved by a majority vote in both houses of Congress. The President spends what they give him. If he spends to much, then quit approving so much.
McConnell has no one to blame but his fellow members of Congress.
The Pettifoggers Pettifog
June 20th, 2011
1:38 pm
RBYou actually posted a link to some piece of crap non-binding resolution by a single house of congress under the guise it showed the President had approval for sending troops into Lybia
If RB is sooooo disgusted and disillusioned about the info that JB posts, then why or why does he come on this blog 5 days a week, for 10 – 15 hours per day? Could RB be lonely? Does he need a kiss? A hug? Or maybe even a little boooottay to make it through the day? Or could RB be a secret JB fan and to throw everyone off the track, he posts nonsense when he really wants to post love notes to JB?
Will his secret obsession/lust come to fruition? Will he finally tell JB his true feelings? Or will he punk out at the last minute? Tune in tomorrow folks, same Bat Time, same Bat Station, same Bat Crazy Bullsh##t from RB!!!!!
Normal
June 20th, 2011
1:40 pm
RB,
Burned again…
Normal
June 20th, 2011
1:42 pm
Good little liberal
June 20th, 2011
1:34 pm
Only in your reality, GLL
Good little liberal
June 20th, 2011
1:42 pm
The best part of all this is when liberals’s best argument is when they are claiming that they are NOT doing what they are accused of doing, but instead, doing what Republicans would do.
Jay says: there are no more regulations than when the Republicans were in office so that is a good thing.
Then the resident libs start preaching about the advantages of regulations
You guys get your story straight, but apparently the best thing about Obama is when he acts like a Republican.
So how about if we just put a Republican in office.
Good little liberal
June 20th, 2011
1:43 pm
Normal
Incredibly thoughtful and well researched answer. Thanks for doing an impressive job of presenting the perfect liberal argument.
Dave R.
June 20th, 2011
1:44 pm
“Your notion that Obama “hid” these additional regulators by firing others is cheap nonsense.”
Jay, I will tell you the same thing that I tell others on this blog. Do NOT presume to speak for me; you’re not qualified to do so.
Neither are you qualified to render any judgement that I asserted that Hope & Punt ™ “hid” regulators. I am merely pointing out (yet again) that reliance solely on statistics is NOT a valid way to make an argument when all the facts are not in evidence. As are in the links you provided.
Now, if you don’t like to be called out for your shoddy investigatory habits and completely illogical conclusions, I suggest you look in the mirror rather than trying to deflect (once again) your inadequacies onto another when caught.
CJ
June 20th, 2011
1:45 pm
McConnell: “You know, the federal government with that stimulus money hired a quarter of a million new employees…”
Bob Scheiffer’s silence after McConnell told this lie perfectly illustrates the lie that there is a “liberal” media.
Republican politicians and pundits get on television and lie with impunity. An unbiased media wouldn’t let them, or Democrats, away with that. But our corporate media doesn’t just remain silent. That would be bad enough. After these Republicans lie to their viewers repeatedly, the media has the same liars back on again and again. In other words, they’re rewarded for their lies.