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#2846179 - 09/14/18 06:51 AM This economy is definitely not Obama’s recovery
GromsDad Offline
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This economy is definitely not Obama’s recovery
By Stephen Moore NY Post

September 12, 2018 | 6:39pm |

Barack Obama is trying to take credit for the booming economy under President Trump. “When you hear how great the economy is doing right now,” Obama said on the campaign trail for Democratic candidates a few days ago, “let’s just remember when this recovery started.”

By this logic, the Kingston Trio laid the groundwork for the Beatles.

But the contrast in economic performance between the two presidents is undeniable. Obama’s multitrillion-dollar spend-and-borrow policies produced 2 percent growth. In his final year, Obama handed off to Trump an economy that was limping at 1.6 percent.

After only 18 months in office, 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 Sept. 30) will be over 4 percent. One might say all it took to get the economy really crackling was getting Obama out of office.

Obama is right that this has been a long recovery — beginning in June 2009. But the real economic boom started almost the day after the election in 2016 with the surge in small business, investor and consumer confidence.

No one on the left, least of all Obama, thought this was remotely possible.

Two years ago, Obama famously ridiculed Trump’s campaign promise of faster growth and a comeback in manufacturing jobs by saying this could only happen if Trump was waving “a magic wand.” Obama’s first chief economist, Larry Summers, proclaimed to the world that 2 percent was the best we could hope for. Other liberal economists were so disdainful of Trump’s tax cuts, deregulation and energy development that they predicted Trump would crash the world economy and the stock market.

It’s a little early to be declaring Trump’s policies a “miracle,” as Trump has boasted. All we can say is whatever he’s doing, it’s working.

And that Obama’s economic experiment of Keynesian economics on steroids was a profound disappointment. 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 regulations. All told, the national debt nearly doubled in eight years.

Meanwhile, the Obama recovery was remarkably flimsy. In 2015, the Joint Economic Committee of Congress found that compared to the eight previous post-recession events, “the Obama recovery was the weakest on record.”

The recovery was so shallow that had Obama merely achieved a normal pace of recovery, personal income in 2014 would have been $3,200 higher. If the economy had matched the Reagan trajectory, GDP in 2016 would have been almost $3 trillion larger (equivalent to the combined GDP of Michigan, Ohio and Pennsylvania).

Even as measured by the left’s favorite metric, “economic fairness,” the policies failed. The index of income inequality rose nearly every year under Obama.

While Silicon Valley, Hollywood, Washington, DC, Wall Street and the energy states did spectacularly well (thanks to shale oil and gas), in the Rust Belt regions of the country — from upstate New York to Ohio and Wisconsin, West Virginia and Kentucky — family incomes remained flat at best. On the campaign trail, I often asked folks in small towns across the Midwest about the Obama recovery, and their response was: What recovery?

Trump didn’t just run against Hillary Clinton and her closet overflowing with scandals, but the meager Obama economy as well. He ran against the runaway costs of ObamaCare. He ran against the regulatory assault, the tax hikes, unpopular trade deals and climate-change fanaticism. He ran against hopelessness, against opioid addiction, the $10 trillion rise in the national debt and income stagnation.

One time during the campaign, Larry Kudlow, Steve Miller and I held an impromptu discussion with Trump about economic strategy. Miller summarized the game plan to Trump succinctly: “Donald, just look at all the things that Obama has done on the economy over the past eight years, and then do just the opposite.”

Trump has done pretty much just that — which explains why the Trump boom is an everyday reminder of the Obamanomics failure.

Stephen Moore is a senior fellow at the Heritage Foundation and a former senior economic adviser to the Trump campaign. His new book, “Trumponomics,” will be published next month.

Obama's piss poor record is obvious! He is acting like a 7th grader who like to claim to be the smartest kid in the room. Falsifying his record by trying to claim he started the recovery.

I watched the speech and he pointed his finger a spot behind him as the start of the recover, but never mentioned the moment and the specific cause for his recovery's beginning.

Hot Air and Zero Substance! A Flim-Flam Man!

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#2846182 - 09/14/18 07:06 AM Re: This economy is definitely not Obama’s recovery [Re: GromsDad]
BillyOcean Offline
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The problem with Moore is he used to be a free trade shill

This guy blows with the wind

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#2846184 - 09/14/18 07:14 AM Re: This economy is definitely not Obama’s recovery [Re: GromsDad]
GromsDad Offline
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I highlighted in Red something I've been saying all along.

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#2846185 - 09/14/18 07:15 AM Re: This economy is definitely not Obama’s recovery [Re: GromsDad]
manbearpig Offline
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So you believe in magic then?
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#2846189 - 09/14/18 07:50 AM Re: This economy is definitely not Obama’s recovery [Re: GromsDad]
GromsDad Offline
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Magic???? Do you understand the effects of optimism vs pessimism on buying habits of individuals and businesses? Ever heard of pent up demand? Those are the things that got this ball rolling. Individuals and businesses breathing a sigh of relief that the Obama disaster was ending and optimism that a change for the better had arrived so spending that had been put off began happening. I have been the beneficiary of that boost in spending.

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#2846193 - 09/14/18 07:55 AM Re: This economy is definitely not Obama’s recovery [Re: GromsDad]
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#2846218 - 09/14/18 08:58 AM Re: This economy is definitely not Obama’s recovery [Re: GromsDad]
grapedrink Offline
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Lol, check The Dow shortly before the 2016 election relative to where Obama started. Several fold increase.

Maybe it’s because of you and the specificity of your employment that’s the problem confused2 There are plenty of businesses and products that survive and even thrive in tougher times.
Btw, did you really need to start a new thread ya dumfuk trout Maybe you did, since the thread was temporarily locked and mysteriously unlocked. Deep State batman
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#2846256 - 09/14/18 10:14 AM Re: This economy is definitely not Obama’s recovery [Re: GromsDad]
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OBAMA! HILLARY! BENGHAZI! URANIUM!
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#2846260 - 09/14/18 10:34 AM Re: This economy is definitely not Obama’s recovery [Re: GromsDad]
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Originally Posted By: GromsDad
I highlighted in Red something I've been saying all along.


A.K.A. Bias Confirmation
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#2846261 - 09/14/18 10:38 AM Re: This economy is definitely not Obama’s recovery [Re: GromsDad]
Zander Offline
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I think more people would give him a break if he wasn’t sucks a dipshit. A few points to consider:

- when are the effects of the trade war going to manifest? This actually really hurting agricultural sectors. A key component of GDP is net exports and the tariffs will harm that significantly

- why focus on trade deficits? I personally do t find this productive.

- at what cost will deregulation come? At what point do we say enough is enough with regards to environmental pollution? I’m all for deregulation but look at the externalities associated with it

- tax cuts are a good idea. Whilst I don’t agree with how the tax cuts occurred there is no doubt this is stimulating GDP

On another note why use GDP to determine if the economy is doing well it’s a production unit it doesn’t show income distribution, wage growth, or personal income. Poor people are still poor rich people are getting richer despite GDP

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#2846275 - 09/14/18 11:08 AM Re: This economy is definitely not Obama’s recovery [Re: Zander]
FecalFace Offline
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Originally Posted By: Zander


On another note why use GDP to determine if the economy is doing well it’s a production unit it doesn’t show income distribution, wage growth, or personal income. Poor people are still poor rich people are getting richer despite GDP


GrossDad is better off = “economy is doing well” (for him)

Team sports - brain rot.
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#2846281 - 09/14/18 11:25 AM Re: This economy is definitely not Obama’s recovery [Re: GromsDad]
hal9000 Online   content
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What was the GDP growth when Obama was president? Does a president really control the economy or do market forces? Is this an opinion piece? How was the economy right before Obama took office? How was job growth while Obama was in office? If the economy takes a downturn will Team Trump find a way to blame Obama?
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#2846316 - 09/14/18 12:05 PM Re: This economy is definitely not Obama’s recovery [Re: GromsDad]
afoaf Offline
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did you really need to make another thread?

just collate all your whinging about Obama into a single conversation
so it's easier for us to avoid your fact-averse drivel.
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#2846430 - 09/14/18 01:19 PM Re: This economy is definitely not Obama’s recovery [Re: Zander]
StuAzole Offline
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Originally Posted By: Zander
I think more people would give him a break if he wasn’t sucks a dipshit. A few points to consider:

- when are the effects of the trade war going to manifest? This actually really hurting agricultural sectors. A key component of GDP is net exports and the tariffs will harm that significantly

- why focus on trade deficits? I personally do t find this productive.

- at what cost will deregulation come? At what point do we say enough is enough with regards to environmental pollution? I’m all for deregulation but look at the externalities associated with it

- tax cuts are a good idea. Whilst I don’t agree with how the tax cuts occurred there is no doubt this is stimulating GDP

On another note why use GDP to determine if the economy is doing well it’s a production unit it doesn’t show income distribution, wage growth, or personal income. Poor people are still poor rich people are getting richer despite GDP


When you say "there is no doubt [tax cuts are] stimulating GDP", upon which evidence are you relying?
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#2846454 - 09/14/18 01:53 PM Re: This economy is definitely not Obama’s recovery [Re: GromsDad]
JEwing Offline
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One might say all it took to get the economy really crackling was getting Obama out of office.

I guess but that’s a real generalization. I’m pretty sure BO was home having dinner and getting his 8 hours sleep while his people were doing the heavy lifting.
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