Tuesday, January 31, 2017

Obama's Record on the Economy Ends Even Worse Than Expected

When talking about the economy, former President Obama (and his supporters) like to stress that he had a record 75 months of job growth during his presidency.  Too bad that "fluff" didn't equate to economic growth.

Prior to the beginning of 2016, the Congressional Budget Office expected that year to deliver 2.67% in real GDP growth.  The reality fell well short of that prediction with just 1.6% growth.  For all eight years of Obama's presidency, he averaged only 1.48% growth in real GDP.   As a result, he is the first President in the history of the U.S. not to have at least one year of economic growth of 3% or more. Further, that 1.48% average will leave him with the 4th worst economic growth of any President since 1790; as noted by these growth statistics:
      • Herbert Hoover -5.65%
      • Andrew Johnson -.70%
      • Theodore Roosevelt +1.41%
      • Barack Obama +1.48%
While there are two more revisions of last year's average real GDP growth to come, there is no way that these revisions will do anything more than slightly change Obama's average economic growth percentage, but not enough to change his "sad economic ranking" in the history of he presidency.


Obama era ends with steady job growth: http://www.msnbc.com/rachel-maddow-show/obama-era-ends-steady-job-growth

Barack Obama's Sad Record on Economic Growth: http://www.realclearmarkets.com/articles/2016/02/01/barack_obamas_sad_record_on_economic_growth_101987.html

Barack Obama Is Now The Only President In History To Never Have A Year Of 3% GDP Growth: http://www.realclearmarkets.com/articles/2016/02/01/barack_obamas_sad_record_on_economic_growth_101987.html

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