Obama’s Economic Legacy – The Greatest Of All Time?

46
263


When Obama took office, he inherited an economic mess of unprecedented proportions. Eight years of irresponsible tax cuts, unregulated financial markets and unfettered capitalism under the Republicans had culminated in the worst financial crisis in US history, and Obama was left with an economic challenge never before faced by a newly elected President. But despite this challenge, Obama not only managed to restore our economy to its former state, but he succeeded in creating one of the greatest economic recoveries in US history.

From the moment Obama took office, he began putting together a team of top economic advisers, ranging from Ivy League professors to veterans of Wall Street. Obama’s advisers unanimously recommended that he pursue a strong fiscal stimulus plan in conjunction with our Federal Reserve’s Quantitative Easing program. Immediately, he put together a set of fiscal stimulus policies to kick start the economy, most notably Cash For Clunkers, which subsidized people to scrap their cars and buy more fuel efficient ones, and the Jobs Bill, which allocated $50 billion to infrastructure spending, and $49 billion to extend unemployment benefits for struggling womyn and minorities. After these programs were introduced, the economic recovery took almost immediate effect, with a range of economic indicators pointing upwards after it looked like America was doomed for another economic depression. The stunning charts below demonstrate just how impressive Obama’s economic management has been.

Non Farm Payrolls

Obama Economic Legacy

S&P 500

Obama Economic Legacy

10 Year Treasury Yield

Obama Economic Legacy

In addition, America now has a record number of college graduates and a booming service sector set to dominate the services industry world wide.

Sadly however, conservative America was never going to accept that our first African American President was also our greatest economic leader. The fake news media have been relentless in their criticism of Obama’s economic policies, and have used a range of confusing charts and economic indicators to convince gullible Americans that our economy is actually faltering and headed for a recession, despite the stunning economic data above. Trump’s campaign latched on to these fake reports and used them to propel their wholly unqualified candidate to the White House, where economists worry that he will do serious damage to the economy. How robust the economic recovery is to Trump’s interference remains to be seen, but the one thing that is for sure is that Obama’s incredible economic legacy will be studied in Econ textbooks for centuries into the future.

Black Lives Matter

No one knows the economy better than bankers. The fact that bankers almost unanimously support Obama speaks volumes.

Jim
Jim

Your kidding. Obama has been a disaster. He has borrowed more than all other presidents put together. Its no wonder the American people have kicked him to the curb and voted in a winner!

#fake-news

#racist

drb6
drb6

How about your alt-right hero Bush? Was he the one who started runaway deficit spending? YES OR NO?

ANSWER THE QUESTION!!!

trav777

actually it was LBJ. But the deficits were for humanitarian interventions in Vietnam and for Medicare and welfare payments for the “most vulnerable” Americans.

drb6
drb6

Lyndon B. Johnson: Added $42 billion, a 13 percent increase in the $312 billion debt level at the end of JFK’s last budget, FY 1964 (5 yrs in office)

John F. Kennedy: Added $23 billion, a 8 percent increase in the $289 billion debt level at the end of Eisenhower’s last budget, FY1961 (3 yrs in office)

George W. Bush: Added $5.849 trillion, a 101 percent increase in the $5.8 trillion debt level at the end of Clinton’s last budget, FY 2001 (8 yrs in office)

jeff montanye
jeff montanye

which makes bush same order of magnitude as obama. bush started wars in afghanistan and iraq, obama in libya, syria and ukraine, all losers, all nuremberg vulnerable. of course bush gets credit for complicity with mossad, et. al. in 9-11 so is, perhaps, more evil than one who merely went along to get along.

perhaps.

#antisemitic

jeff montanye
jeff montanye

bush was part of it, reagan too, lbj, fdr, wilson, lincoln and that’s about it. a;nd one can argue endlessly over what we got from it.
least from bush and lbj imo.

richandrenee

Yes – getting Larry Summers on board as Director of the National Economic Council proved to be one of Obama’s wisest appointments. Summers was able to understand the very complex derivatives that were too sophisticated for others to grasp – because of this deeper understanding he was able to recommend the correct course of action (including a $1 trillion+ stimulus package) that saved the day.

Summers also had the astute judgement to oppose any salary or bonus caps for executives of firms that had received stimulus monies – thereby retaining the best and the brightest at the banks, to lead the following remarkable recovery.

drb6
drb6

I am not sure if I can support Summers. He was fired from Harvard University for being sexist! He dared to suggest that womyn are not the same as men!

#antisemitic

richandrenee

I hear what you’re saying drb6 but often genius’ are a little boorish when it comes to social norms. We have to be a bit forgiving with Larry – he is a savant.

drb6
drb6

And I would prefer him to be disABLED transgender lesbian minority as well.

Eunuch Love
Eunuch Love

trav777

Alexander
Alexander

The author makes a great case for Obama having the greatest economic legacy. However, I think it could be argued that the legacy of the Hillary administration was just as great or even greater. On election night (November 8, 2016), the economy completely collapsed due to the fear that Trump would be elected by the American people. Literally, the overnight markets were shut down! In just a few short hours, stocks dropped over five percent, exacted as predicted by Paul Krugman and other accredited experts. It was an economic nuclear bomb. Thus, the economic mess on election night was very similar to that inherited by Obama. At that worst point in time, Hillary’s steady hands started guiding the world economy into steadier waters. In the middle of the night, Hillary wisely sent out Podesta to tell supporters that the election was not over. And she was right because it was soon discovered that Hillary had indeed won the popular vote. With the stock markets reassured, Hillary continued to increase her margin of victory in the popular vote, explained that the election was hacked by the Russians, and cover-up by fake news. Hillary had not only averted world economic disaster but also finally pulled the economy from the last vestiges of the Bush hangover. All this in less than six weeks! Hopefully, the Hillary economy is now strong enough to weather this coup attempt by Trump, Putin and the Electoral College.

richandrenee

I am constantly amazed by the sagacity of the Accredited Times reader, regarding economic matters.

Thanks Alexander it was a real joy to read your wise comment.

vdv
vdv

American presidents are getting smarter. Bush Jr could read a fairy tale. Obama has written a fairy tale. Trumpf may be an actual fairy, who spreads magic pixie dust, and makes America great again.

trav777

Now, fewer than ever people are in the workforce.

Obama took these lazy people who didn’t or couldn’t find jobs and did what he should, stop counting them as unemployed.

Some might call this “fake news,” fortunately this isn’t the case, and Facebook has hired SNOPES to do their fake news finding. Snopes hires hookers to do their work, so you can guarantee that anything you see on Snopes.com is the real deal. Because hookers don’t lie and are scrupulously honest.

QE was a huge boon to the bankers and elites who are necessary for people to look up to. Flyover country people may disagree, but they are from red states. Who matters are hip, urban city dwellers, which is why we need the popular vote RIGHT NOW instead of this electoral college crap that enfranchises rural communities.

Bankers and economists and jews (redundant) LOVE obama and that is enough for me. They also control our media from a financial perspective, so their word is as good as gold. Middle class wages may have faltered somewhat, but fortunately there are more billionaires than ever to look up to and they overwhelmingly supported Hillary.

TrueDat
TrueDat

Obama is a bum. The only thing he has accomplished is being the first black president, and hes half black half white.

History will look back and conpare him with equally worthless Carter.

#hate-speech

TrueDat
TrueDat

Anytime you spend 10 trillion dollars more then you take in its going to look like Christmas all year. All OBummer did was goose the economy placing the burden on future generations.

TrueDat
TrueDat

Obummer is a joke. Look how the foreign leaders are treating him. I dont appreciate how they are treating the POTUS but when the pres is so worthless and weak this is what you get.

Its been 8 years of turd sandwich breakfast, lunch, and dinner.

#fake-news

vdv
vdv

You’ve become a vegan, and pretty soon you’ll be a progressive elite, without even noticing it. Obama greatest legacy may not be in economics, but in veganism.

wpDiscuz