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
10 Year Treasury Yield
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.