Obama used it to win an election, but it is the staple of the Republican Agenda.
They give huge tax breaks to corporations and HOPE that they will create jobs - despite all evidence to the contrary and all historical facts that they will not do so. Only by having a consumer base that has money to spend will jobs be created by the demand they place on businesses. Giving tax breaks to consumers has a better chance to create jobs.
They give huge tax breaks and benefits to the ultra rich and HOPE that their wealth will trickle down into the economy - even though all evidence points to them putting all that money into more wealth generating fiscal entities such as savings accounts, money market or stocks. The growing wealth and wage gaps that are mathematical fact do not seem to dissuade them from this idealogical hope.
And for some reading material for you :
Is Obama to blame for high gas prices? No.
GOP Exaggerates? Yes.
Who lost the most jobs? Bush.
And PolitiFact is always a good read.