PRESIDENT OBAMA’S TRUE ECONOMIC RECORD
Posted by Tim Bryce on September 18, 2018
BRYCE ON POLITICS
– No, it is not what he would have us believe.
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Former President Barack Obama was back on the campaign trail recently, less than two years after leaving office. Most former presidents stay out of the fray, but he was called out of mothballs to help elect Democrats in the 2018 midterm elections. As such, he took swipes at President Trump’s economic agenda, saying:
“When you hear how great the economy’s doing right now, let’s just remember when this recovery started.” “Suddenly, Republicans are saying it’s a miracle. I have to kind of remind them, actually, those job numbers are the same as they were in 2015 and 2016.”
– former President Barack Obama
September 7, 2018
Whenever you study economic trends, there are two fundamental variables, the Gross Domestic Product (GDP), which reflects production, and unemployment. For the record, how did President Obama do as compared to President Trump?
Gross Domestic Product (GDP):
Under President Obama – In 2016 (his last year in office) – went from 1.5% to 1.8%
Under President Trump – Since taking office in January 2017 – went from 1.8% to 4.2%
Unemployment Rate:
Under President Obama – In 2016 (his last year in office) – went from 4.9% to 4.7%
Under President Trump – Since taking office in January 2017 – went from 4.8% to 3.9%
The economy is not based on the performance of the stock markets, which only reflect confidence in the economy. I have had people ask me, “If the economy is so good, why won’t my portfolio go up?” It never occurs to them they may have invested badly.
There are many other variables that could be examined, such as wages, earnings, consumer confidence, inflation, the prime rate, the national debt, etc., but it is the GDP and unemployment which matter most.
President Obama supervised the recovery from the recession in 2009, one of the slowest on record. So many people were unemployed, they gave up and wouldn’t report their status, which lead to fallacious statistics and caused polling companies, such as Gallup, to define “true” unemployment.
For Mr. Obama to claim responsibility for today’s economic boom is simply fantasy land. If anything, it represents a refutation of his policies. It came about primarily for two reasons: President Trump repealing many of the bureaucratic rules strangling American business, and his reduction of the corporate tax. Consequently, companies were invigorated to invest in their businesses, pay their workers more money, hire more employees, and bring back jobs to America.
Let us not forget what President Obama said in June 2016 at an Indiana town-hall meeting, when asked about Candidate Trump’s promise to kick-start manufacturing jobs in the country:
“Well, how exactly are you going to do that? What exactly are you going to do? There’s no answer to it. He just says, ‘Well, I’m going to negotiate a better deal.’ Well, what, how exactly are you going to negotiate that? What magic wand do you have? And usually the answer is, he doesn’t have an answer.”
According to Bloomberg in March 2018, a rebound in manufacturing has indeed occurred, “Over the past year, according to today’s employment report from the Bureau of Labor Statistics, the sector has added 222,000 jobs, resuming a recovery that had paused in 2015 and 2016 amid strength in the dollar and weakness in the U.S. oil and gas industry.”
Making claims to the contrary is simply nonsense. This is another example of how the Democrats are laying down a smoke screen regarding successful Republican economic policies prior to the midterm elections. It is an act of sheer desperation.
Keep the Faith!
Note: All trademarks both marked and unmarked belong to their respective companies.
Tim Bryce is a writer and the Managing Director of M&JB Investment Company (M&JB) of Palm Harbor, Florida and has over 40 years of experience in the management consulting field. He can be reached at timb001@phmainstreet.com
For Tim’s columns, see: timbryce.com
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Dr. Rich Swier said
Great. Published: http://bit.ly/2QFyozF
Rich
On Tue, Sep 18, 2018 at 7:01 AM THE BRYCE IS RIGHT! wrote:
> Tim Bryce posted: “BRYCE ON POLITICS – No, it is not what he would have us > believe. Click for AUDIO VERSION. To use this segment in a Radio broadcast > or Podcast, send TIM a request. Former President Barack Obama was back on > the campaign trail recently, less than two years a” >
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Wayne Brown said
His impact fails with everyone but those ignore the facts—a large portion of the naive Democrat base. Using Obama in this fashion is an act of desperation by those running the Dem strategy. Their platform is simply based on lies and their struggle to hold the party together is showing thus their desperation to get illegal immigrants into the voting fray as quickly as possible—talk about collusion to manipulate elections, the Dems gave it right in our face.
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Don Frankel said
Wait a second Tim. Are you saying of President Obama and the economy that he didn’t build that? That somebody else did? OMG!
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Tim Bryce said
An R.G. of Bristol, Connecticut wrote…
“The only thing Barry did was set race relations back 60 years..”
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Tim Bryce said
A J.M. of Palm Harbor, Florida wrote…
“I can’t believe he is going around the country trying to take credit for the economic upswing. Once a liar, always a liar.”
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