Richard Rahn, an economist, compared the relative economic fortunes of African-Americans under Presidents Reagan and Obama. The results are startling:
If you knew nothing else about President Obama other than looking at the data, you might conclude that he was insensitive to blacks, given that they have done far worse economically under his administration than Hispanics or whites. What is striking is that the president and his advisers still seem to be clueless about which economic policies work and which don’t work. Despite his (at least for this week) emphasis on the economy, he persists in being the anti-Reagan, with anti-growth policies. In his speech Wednesday in Illinois, the president came up with no new pro-growth proposals, just more of what has not worked.
President Reagan reduced the maximum tax rate on job creators by 60 percent; Mr. Obama increased the maximum tax rate on job creators by 17 percent. Reagan cut non-defense, discretionary, federal government spending by a third as a percentage of gross domestic product; Mr. Obama has increased it. Reagan cut government regulations while Mr. Obama has greatly increased them.
The results are:
Under Reagan, adult black unemployment fell by 20 percent, but under Mr. Obama, it has increased by 42 percent.
Black teenage unemployment fell by 16 percent under Reagan, but has risen by 56 percent under Mr. Obama.
The increase in unemployment rates has been far worse for blacks under Mr. Obama than for whites and Hispanics.
Inflation-adjusted real incomes are slightly higher for Hispanics and whites than they were in 2008, but are lower for blacks.
The labor force participation rate has fallen for all groups, but remains far lower for blacks than for whites and Hispanics.
Two starkly different approaches resulted in two starkly different sets of results. And yet in his latest “pivot” back to the economy, Obama promised more of the same. Insanity.