Exports Limp Feebly Along August 6, 2013Posted by geoff in News.
June was a good month for exports. Exports were $4 billion higher than in May, and we cracked $190 billion for the first time ever.
But when you compare that to President Obama’s projection that he would double exports by Jan 2015, you find little progress:
The increase in exports is roughly half what the President promised to deliver. Or rather, by his own admission, half of what he said he needed to deliver to get the economy moving. Put another way, he needed a 15% annual growth rate to make his goal. Over the past two years he’s had 5% growth, and over the past year it was only 3.2%.
Now, there’s no shame in missing the mark, so long as: 1) your mark was realistic in the first place; and 2) you respond vigorously and intelligently to lack of progress and try to keep things on track. Our President has failed on both counts, first by establishing an arbitrary goal that he had little power to influence, and second by apparently not even noticing his lack of progress (or at least not admitting it), let alone trying to remedy the problem.
So he deserves a heaping helping of shame for making a rash election promise that he had no ability to, nor interest in, keeping.