Politics

Obama Didn’t Build That!

dismantling-obama-war-coalobama-presidency obamaAddressing students on September 7 at the University of Illinois in Urbana, Obama said: “When you hear how great the economy is doing right now, let’s just remember when this recovery started.”

By trying to claim credit for today’s economic boom, Obama has conceded that America is not enduring the “Armageddon” that Representative Nancy Pelosi (D., Calif.) predicted as the Trump/GOP tax cuts were passed, amid the “No!” votes of every congressional Democrat. That alone is a Republican gain.

Obama is correct that, on his watch, the U.S. economy did go back into drive, after conking out during the global financial meltdown and Great Recession that defined the last two years of George W. Bush’s presidency. This mess was due, largely, to easy money pumped out by the Federal Reserve; Fannie Mae, Freddie Mac, and private banks lending to virtually any applicant with a pulse and a pen; the Mortgages for All mentality of Bill Clinton’s Community Reinvestment Act; and easy borrowing by too many Americans whose real-estate aspirations eventually outran their incomes. The whole McMansion went up in flames, with nominally Republican Bush dousing the fire with distinctly non-Republican solutions: Massive spending, corporate rescues, and full-on nationalization of some companies.

Next came Obamanomics:

“It began with the $830 billion stimulus plan, and then Cash for Clunkers, bailouts, Obamacare, tax hikes on the rich, minimum-wage hikes, and a wave of financial and economic regulation,” Heritage Foundation senior fellow Stephen Moore wrote in the September 12 New York Post. “All told, the national debt nearly doubled in eight years.” To be precise, the national debt was $10.6 trillion at Obama’s first inaugural. It was $19.9 trillion as Marine One whisked Obama out of town for the last time. Relieved Trump supporters on Capitol Hill screamed with joy after the new president took command, and his predecessor flew away with his chief legacy intact: an 88 percent boost in federal red ink.

All this extravagance got the national vehicle back on the road after Bush stalled it . . . but, alas, with Obama at the wheel. He drove with one foot on the gas and the other on the brakes.

According to the Congressional Joint Economic Committee’s 2015 analysis of the last eight recessions and their aftermaths, “the Obama recovery was the weakest on record.”

Indeed, across his two terms, Obama’s annual GDP growth averaged a low-energy 2.1 percent. By 2016, Obama had taxed, regulated, Obamacared, and lectured businesses down to an annual expansion of just 1.9 percent. Nonetheless, Obama wants a standing ovation for chauffeuring America down the freeway for eight years in a sputtering, backfiring jalopy . . . at 35 miles per hour.

And then something major happened: Donald J. Trump got elected.

As Kevin Hassett, the chairman of the Council of Economic Advisers, educated the White House press corps last week, things started picking up as soon as Hillary lost and Trump won — well before he took the oath of office.

“If you look at what happened the moment President Trump was elected — both in equity markets and in sentiment surveys — is that people started to ratchet up their expectations for what would happen to the economy,” Hassett said. “Perhaps, you know, everybody, except for Mrs. Clinton’s supporters, was starting to do that right after the election. And the fact is that those expectations turned out to be rational because the turnaround that they expected is something that we see,” he added.

Hassett calmly and cheerfully presented several charts that landed like tactical nuclear weapons atop the notion that today’s economy is Obama’s. Under Obama, multiple growth curves dropped like falling tennis balls. Then, as soon as Election Day 2016 hit, they bounced right back up and are now climbing skyward. Hassett demonstrated this Trump Effect on entrepreneurial enthusiasm, higher sales expectations, investment in equipment, capital-goods orders, equipment shipments, and other metrics.

“I can promise you that economic historians will 100 percent accept the fact that there was an inflection at the election of Donald Trump, and that a whole bunch of data items started heading north,” Hassett predicted.

“Trump has elevated growth to 3 percent on an annual rate, and the latest projections are that the growth rate for the second and third quarter (which ends September 30) will be over 4 percent,” Steve Moore explained. “One might say all it took to get the economy really crackling was getting Obama out of office.”

“Our system was choking,” Trump recalled via Twitter: “I opened up our beautiful economic engine with Regulation and Tax Cuts.”

Indeed, the pro-expansion policies of the Trump White House and Republican Congress quickly generated phenomenally positive results, some seldom or never seen before. Among much such evidence:

  • The Institute for Supply Management on September 4 logged the most intense U.S. manufacturing activity since May 2004.
  • Initial claims for unemployment benefits last week tumbled to a seasonally adjusted 201,000, their lowest level since November 1969.
  • The unemployment rate for women age 20 and over was 3.6 percent in August, up slightly from its 3.3 percent nadir in May, but still exactly where this measure stood in 1953 — under Republican president Dwight David Eisenhower.
  • The Dow Jones Industrial Average shot up 251 points Thursday to 26,656, as the S&P 500 climbed 22 points to 2,930 — both all-time highs. “The total stock market value under President Trump,” according to Fox Business Network anchor Charles Payne, has grown “get this — $7.4 trillion since Inauguration Day.”
  • The National Federation of Independent Business’s Index of Small Business Optimism’s previous pinnacle was 108 in July 1983, under Republican president Ronald Wilson Reagan. With Obama at the wheel, it had skidded to 94.4 in August 2016. But last month, it rose to 108.8, its highest level ever.
  • The Census Bureau’s latest data show that median household income rose across the board from $60,309 in 2016 to a record $61,372 in 2017 — up an inflation-adjusted 1.8 percent.
  • Median household income for Hispanics rose from $48,700 in 2016 to a record $50,486 in 2017 — up 3.7 percent after inflation. This is the first time a typical Hispanic home has enjoyed more than $50,000 in annual income.
  • The number of Americans who told Gallup that the economy was the nation’s No. 1 problem was just 13 percent in May 1999. That number slipped to just 12 percent last week, a new record low.

Speaking of manufacturing, Obama predicted on PBS Newshour on June 1, 2016: “Some of those jobs from the past are not going to come back.”

Wrong!

In fact, comparing August 2016 (under Obama) and August 2018 (under Trump), the U.S. economy created 1,017,100 new blue-collar jobs, as employees returned to factories, mines, and construction sites, mainly since Trump’s upset victory. Between July 2017 and July 2018 alone, according to the Washington Post656,000 new goods-producing jobs emerged as America went back to work. That period witnessed the fastest pace of such employment growth since 1984 — the year President Reagan was reelected.

After eight years of crawling forward, Obama abandoned his battered clunker in front of Trump Tower.

Now, Donald J. Trump steers an 18-month-old sports car. Its speedometer currently reads 4.2 percent GDP growth for 2018’s second quarter — a metaphorical 70 miles per hour. Thanks to President Trump, the Republican party, and its policies and leaders, America once again zooms along. And the open road lies ahead.

 

Reprinted with permission from - National Review - by Deroy Murdock

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D Pischel
2 years ago

I think the fact that the US economy grew at all during the Obama years is a credit not to him but to the strength of American business and ingenuity even in the face of daunting obstacles!

Nancy
2 years ago

Wow, does he really think people are that stupid to not see what he really is. Oh yeah, I forgot the democrats believe!

Patriot
2 years ago

The Democrats’ new strategy is to tell complete lies about everything and tell them so often that people will believe them. They also have a large group of paid protesters who show up wherever needed, i.e. the Kavannah hearings. The November elections will show if these methods are working. If the Democrats take back the House, Senate or both, what Obama began will get much worse.
It will prove that the Deep State Swamp Democrats are even more powerful then we imagined. We will be living ” 1984.”

Brian
2 years ago

Our thin skinned egotistical ex-president. Everything this buffoon touched he f–up. You are still a LOSER Obama

Ken Burdett
2 years ago

Obama is a democrat and did nothing but destroy our nation, High taxation, expanding government, socialized medicine and anything else they think government can do better than the PEOPLE which our constitution says is to run this nation. He is as anti-American as any who have taken a breath. He aligns more with Iran, China, North Korea, Syria and any other socialist/communist country.

Dean
2 years ago

Hey, Obama. This is what “change” looks like!

Bruce Cheek
2 years ago

Obama, Couldn’t build anything with the instructions . The only thing he could do is lie about who did what, believe me this guy (Obama) was trying to make the country a 3rd world country.

Perry
2 years ago

Obummer did nothing for our country except to try to bring it down…….he is such a fake! JMO

Dee
2 years ago

Obama has had people brainwashed in his 8 years, but finally we said enough and let God put the right one in. So By the grace of god our country is getting better. so get out and vote republican so we can continue to get our country back( BY THE PEOPLE FOR THE PEOPLE) good job TRUMP.

John Wesley
2 years ago

No one seems to remember that the democrats won the house of representatives the last two years of the Bush presidency. When did the economy start falling? The republicans won the house of representatives two years before Trump won. When did the economy start to recover? ALL DEMOCRATS LIE!

Harry
2 years ago

We can agree that Obama will always take credit for someone else idea and achievement. He is not HUMBLE person.

Dennis Jones
2 years ago

Yes, things are looking up, but it seems that eliminating Obamacare has now become a “thing of the past”. My wife retired early this year at 62 and we found that getting a health care policy before qualifying for Medicare was unbelievable; we were quoted $1,655.00 per month. This is over 152% of her social security income. I believe her circumstances are not unlike many other retired individuals finding a shortfall with their income and the affordability of Obama’s health care policies. Then, on top of that, if she doesn’t get insurance, we have to pay a fine. We’re no longer able to make donations to the charities we’ve supported for years. These are only a couple of the results in our lives of Obama’s 8 years of destroying lives, our Constitution, and our country. Health care is still an issue and needs to be corrected by disposing of Obamacare and “draining the swamp” of all the political “lifers” on capital hill.

Markus
2 years ago

Obama was the one that said we would Never see economic growth above 1 or 2% in the United States again, that’s the way it is!

Daniel P. Bonner Jr.
2 years ago

He is and was a modern day ” Snake Oil Salesman”. He probably wasn’t even a very good Community Organizer. Certainly a pathetic leader.

wolverine70
2 years ago

Obama needed the Fed to be QE alive and interest rates at near zero to eke out weak growth. President Trump has the economy humming with no QE and interest rates returning to appropriate levels that will provide safe places for savers to keep their money.

David D Byallo
2 years ago

The absolutely worthless “president” in American history. A total zero as a personality, worthless narcissist, racist, communist. Obama`s legacy will be – The FUNDAMENTALLY DESTROYER of America.

George M Zajack
2 years ago

Obama hated America, Jobs went overseas, regulated small business to bankruptcy, wanted US to follow europe, destroy America with open borders, tried to destroy Israel by siding with muslims. Obama was a closet muslim. Loved gay movement more than christianity. Almost destroyed our Military, down below WW2 numbers. Allowed open gays in military that was a real morale booster. Didn’t believe in supreme court following the constitution. Mixed bathroom for school children. Let 7000 drug dealers out of jail. Was prejudiced against white men.
Bad mouthed America every chance he got. What a guy. He couldn’t lead ducks to water

Rodney
2 years ago

Don’t go away mad Barrack just shut up and go away !!!

Poobotz
2 years ago

I think the muslim was talking about Kenya’s economy. You know, his birthplace!

Elizabeth C
2 years ago

Obama was a smooth orator with a nice smile. It was the fact that he was a black man, considered to be well educated (Harvard) and a smooth talker with an expensive, pretty smile, all good characteristics I might add. However, via his higher education at Harvard, he had a professor by the name of Alinsky who taught more radical ways of thinking of which he, Obama, bought into. My personal perspective, based on Obama’s 8 years performing in the White House, is that he was and is a Muslim socialist. I believe that President Obama and several of his cronies chosen to be in his administration shared that same religious and cultural status. That is OK for him as an individual but not to force that way of life on the American people! He puffs his chest up bragging about all his accomplishments in an attempt to grow the economy, etc. after the recession. Well, I am one of President Obama’s recipients of his legacy called Obamacare or health insurance. I have a prescription that I paid $47.00 per month for from March through July. In August I went to pick up my medication and the price had increased to $127.32, an increase of $80.32. Imagine my surprise when I again picked up my medication today and had to pay $184.99, an increase of another $57.67. This is inflation at its finest. I wonder what this will cost me next month. Thank you, Past President Barrack Obama and the fine job you did building up our country after the meltdown and for providing this outstanding healthcare insurance for the American people…the less than “rich” American people. And let me throw in a bonus thank you here! Thank you HUMANA!

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