The Road We’ve Traveled with President Obama

Karl Rove critiqued the new Obama movie The Road We’ve Traveled. Needless to say, Rove’s not a fan.

Where to begin? Perhaps with the last statement: Mr. Obama has spent three years wallowing in blame. His culprits have ranged from his predecessor, to tsunamis and earthquakes, to ATMs, to Fox News, to yours truly. If you Google “Obama, Blame, Bush” and “Obama, Inherited,” you’ll get tens of millions of hits.

As for inheriting the worst economy since the Great Depression: Perhaps Mr. Obama has forgotten the Carter presidency, which featured double-digit inflation, double-digit interest rates, and high unemployment.

The film is riddled with other inaccuracies and misleading claims. For example, the United Auto Workers may not have gotten “money” in the bailout, but as an unsecured creditor, the union received a 17.5% ownership interest in General Motors and 55% of Chrysler, while the companies’ bondholders got hosed.

The film asserts that the auto companies “repaid their loans.” But they still owe taxpayers $26.5 billion, and the Treasury Department’s latest report to Congress noted that nearly $24 billion of the bailout money is gone forever.

Read the whole thing. But really, all you need to know about the road we’ve traveled is this chart. Things have only gotten worse since it came out, but you get the idea.

That, my friends, is the Obama legacy. It’s awful. It’s a terrible legacy.