If you think Obama is the reason for this growing economy, then you are not paying attention. This notion is preposterous.
Those of us who follow the political landscape have seen some very exciting things in the last few Presidential terms. We saw the terms of George Bush provide us with great job growth in the early part of his Presidency, only to be followed by the biggest economic crash since the Great Depression. When Bush left office, the American economy was losing 180,000 jobs every month on average and the financial markets were plummeting.
Obama Entered the White House with Lots of Promise
Barrack Obama’s Presidency was one about hope and change with promises to repair the nation’s crippling economy and bring jobs back. Congress helped by providing him with almost a trillion dollars for a “stimulus package” to pump into the economy and make it flourish again. This was often referred to as the “bail-out” package.
There was job growth during Obama’s terms, but Department of Labor data suggests that many of those jobs were either low paying jobs or only part time jobs. This further is indicated by the stagnant growth of hourly wages that are also reported each month. Although there was certainly a long stretch of decent job reports under Obama, there has been no growth in wages. Furthermore, the economy remained stagnant throughout his two terms with GDP’s barely above recession levels.
Today, under President Trump, we are seeing extraordinary economic growth. In just his first year in office, Trump’s booming economy has already surpassed Obama’s lifeless one.
Recently, we have seen Obama attempt to take credit for this new massive economic growth. Nothing could be more wrong or further from the truth. And deep down, Obama knows this, but with all things regarding Trump, the democrats refuse to give him any credit for any of his accomplishments.
4 Reasons Trump is Responsible for Today’s Economic Growth – And NOT OBAMA
1) The Start Date of the current Stock Market rally – During the early part of this year, the Dow Jones Index reached a record 26,000 points. From the time Trump since got elected, that index grew over 7500 points. And in one recent stretch, it grew 1000 points in the shortest amount of time in history.
Almost $7 trillion of new wealth has been created since Trump was elected. That’s the key phrase here “SINCE TRUMP WAS ELECTED”. Not “since Obama was in office”, not “because Obama did this or that”. It occurred “since Trump was elected” PERIOD. And to emphasize that fact further, the rally started the VERY NEXT DAY after Trump won the election.
The real question was WHY did the stock market rally after Trump was elected? It rallied because of the anticipation of corporate tax cuts that had been promised during Trump’s 2016 campaign. Also, there was a promise of infrastructure spending which the markets also liked, but it was the promise of tax cuts that mostly fueled the rally.
Did Obama ever promise a tax cut to corporations? Nope. Did Hillary Clinton promise a tax cut to businesses? Nope. She actually did the opposite. In a move of sheer stupidity, Hillary threatened to shut down the coal industry. Bye-bye union votes – and unions have been historic supporters of the democrats – Hillary broke that trend with her bad decision.
We can easily conclude that there is no way Obama is responsible for the current stock market rally. And that, my friends, is a big reason for the growing economy we are seeing.
2) Trump eliminated over 600 Obama Regulations – This is why it is absolutely absurd for Obama to take any credit – his own policies were preventing the growth in the first place. Obama had the power all along to improve the lives of Americans but wouldn’t pull the trigger. He seemed more preoccupied with being a globalization superstar instead. He seemed more preoccupied with climate change and making a big splash in Paris.
If Obama had been willing to cut away just a faction of the regulations that were his economy, his presidency could have been legendary.
Instead, Trump took full advantage of Obama’s mistake and achieved instant growth and economic success by doing this one simple thing. This is the MAIN REASON why Obama cannot take credit for the current economic growth in America. Because he prevented it from happening.
3) Just Look at Obama’s Economic Data – The media and people from the left are quick to praise Obama for all the great things he allegedly accomplished. They obviously have not looked very closely at his economic data. When you see his lack of accomplishments in the financial arena, you are reminded that he is merely a “community organizer” and didn’t really have the knowledge or skills to run a country.
Let us examine his economic accomplishments:
Only President to Never Have 3% or more GDP Growth in at least one year of office – This is especially bad for a President who served TWO TERMS! Just think of one term Presidents like Jimmy Carter and George H.W. Bush who managed to reach the 3% growth level for at least one of their four years. Obama had eight chances to accomplish this and didn’t – pretty pathetic. In fact, they were telling America that 3% GDP was a thing of the past, and they should only expect 2% from now on.
Historical Drop in the Job Participation Rate – This is a measure of how many working age people in the population are no longer employed. Unlike the unemployment rate, it actually includes people who have quit looking for jobs. The JPR dropped by over 3% during Obama’s terms and it reached the lowest levels not seen since the 1970s. The JPR is one of those metrics that changes slowly, so seeing this kind of drop is pretty Earth shattering.
Little to No Growth in Wages – We alluded to this earlier, but Obama’s economy was plagued by stagnant growth in wages. He simply was not able to move the country into full employment mode. He boasts about job creation, but the data implies many of those were part-time jobs. If one person gets three part time jobs, Obama gets credit for creating three jobs, but that person is struggling to support his or her household. Obama celebrates, thinking he’s done well, yet that one person is suffering.
Worst Economic Recovery Since World War II – To his credit, Obama inherited a mess from George W. Bush. But he was given a generous stimulus package of almost a trillion dollars to boost the economy. Sadly, Obama’s economy barely stayed above a “recession level” growth.
And if these facts aren’t enough, Bill Clinton’s worst economic year was STILL BETTER than Obama’s best economic year. Politifact confirmed this fact.
So ask yourself, do you really think that someone with these horrific financial credentials could be responsible for the economy we are seeing now? His economic report card says “no” – quite emphatically.
4) Listen to Obama’s Own Comments – Remember the story about the 1500 jobs at the Carrier Plant in Indiana? Carrier had decided to move that particular plant to Mexico for a host of reasons that were common for American Companies during Obama’s terms.
Earlier that year while campaigning for Hillary, Obama told the people of that community that those Carrier jobs were gone for good and they would have to beginning “retooling” themselves for new jobs. Trump, who had just won the election but was not yet inaugurated, announced that he was going to make a deal with Carrier to save those jobs.
Obama mocked Trump publicly about this. Listen to the video below for the exact words he used:
Yet Trump convinced the Carrier Plant to stay in the United States. As of this writing, 1100 people still have jobs there, although a few hundred were laid off.
At the time, the main stream media and the democrats argued about the “exact number” of jobs that Trump actually saved and other trivial factors. Who cares? It could be 1500 jobs or 0 jobs. THAT is not the point here. The point is Obama never even tried.
So why was our current President so quick and willing to write those jobs off in the first place? And yet, Trump was willing to fight for them – that’s the difference. Obama didn’t fight for those jobs because he didn’t know there were other alternatives – the thought never crossed his mind. This is the difference between how a “community organizer” and how a “billionaire entrepreneur” thinks.
When you compare these two mindsets, which is the most likely the creator of a booming economy? A President who increase your health premiums over 100%, or the one who cuts your taxes? VERY easy answer to that question, folks.
Not only is Obama NOT responsible for today’s economic growth, he deserves no credit for this new economy because it was his own policies that had prevented growth. Obama only enrages the people who voted for him by trying to steal credit.
Yes, there were 9 million voters who voted for Trump that had previously voted for Obama in 2012. This is because these voters wanted the “hope and change” that Obama promised, but it was Trump who ended up giving it to them.