Economic summer rerun

The Heritage Foundation provides a detailed analysis of President Obama's latest economic speech suggesting that it was "the same tired, worn-out economic speech he’s been giving for almost five years now.

"Rather than offering new solutions that could revive the dormant economy and put people back to work, the President offered the same old policies that have already failed, namely more stimulus spending on infrastructure and misguided educational programs. Taking money out of one area of the economy and spending it in another through the government does not create economic growth. "The unemployment rate is still much too high at 7.6 percent; 11.8 million Americans are out of work; and the economy grew at a paltry 1.8 percent last quarter. At this point in a recovery, growth should far surpass that low rate.

"The main reason the economy continues to grow below its potential is the uncertainty businesses feel because of the President’s own policies. Obamacare and the Dodd-Frank financial reform legislation are making it impossible for businesses to plan. Adding to the uncertainty is a debt crisis still lingering in the near future, unless Washington reforms entitlements like Social Security and Medicare soon—yet the President refuses to offer a serious plan."

Click here for more from the Heritage Foundation.

Click here to read the text of President Obama's economic speech.