With President Barack Obama in his final few months in office, some economists are taking a look back at this very interesting eight-year period.
Keynesian economist Paul Krugman has written countless blog posts over the last several months claiming that President Obama has done an impeccable job in the Oval Office. He argued that the president’s policies have improved the overall economy.
That’s an interesting comment indeed.
Even with immense Federal Reserve money printing and a weak Republican Congress, the president wasn’t able to deliver one year of at least three percent economic growth. In fact, because of this disappointing statistic, Obama will be the only president in history who did not present a single year of three-percent-plus economic growth.
During President Obama’s eight years on the throne, he will likely average a gross domestic product growth rate of 1.55 percent. Although the Fed has presented favorable conditions with quantitative easing, money printing and near-zero interest rates, this is the worst economic recovery following a recession/depression in the nation’s history.
If economic growth does not go beyond 2.67 percent this year then Obama will have the fourth worst economic record in U.S. history. On a list of 39 presidents, he would rank behind just ahead of Presidents Herbert Hoover (-5.65 percent), Andrew Johnson (-0.70 percent) and Theodore Roosevelt (1.41 percent).
Ostensibly, all the change he promised was nothing but hype. It should be very interesting what Hillary Clinton brings to the table when she’s elected president. With an economic collapse coming, we shall see what policies she’ll employ.
President Obama has almost doubled the family assets for the richest 10% and let 90% decline in family wealth. Only Trump could do worse.
Why does everyone write what Hillary Rotten Clinton brings to the table when she is elected president, shouldn’t it be “if” not “when.” And a big “IF” at any rate. This has been a credit bubble economy, with no real growth for the bottom 80 percent.
Record corporate profits, record credit levels, record low wages.
Just wait until the economy really slows and we get several years of negative growth, then the fun will really wake people up as to how bad this government has done with all their regulations and programs that have wasted billions.