The good news is that Mr. Obama’s economic record is not the worst; he’s ahead of four other presidents:
Assuming 2.67% RGDP growth for 2016, Obama will leave office having produced an average of1.55% growth. This would place his presidency fourth from the bottom of the list of 39*, above only those of Herbert Hoover (-5.65%), Andrew Johnson (-0.70%) and Theodore Roosevelt (1.41%
So today’s anemic 1st quarter GDP growth rate of .5% belies the administration’s continued spin that their policies are working. Indeed they are working, but not in the direction that most Americans want. Mr. Obama and his spokesperson regularly note that the unemployment rate is doing well, and jobs are being created. Indeed, there is truth to this claim:
But many of the new jobs that are created are lower-paying and/or part time. Further, many people have simply given up on the economy, as represented by the decades-low labor force participation rate:
Admittedly we’ve had a slight uptick in the last quarter, but this is still abysmal. And yes, the baby boomers are retiring leading to some of this. Yet there are many Americans that have just given up. Strong employment growth that’s real will lead to real wage growth, yet in the Obama economy people still haven’t recovered from the great recession, as measured by median income:
Yes we can blame Mr. Bush, but notice that median is lower today than when the “recovery” came in 2009. This is almost May of 2016–can we not boost incomes? And for the coup-de-grace to the claim that we have recovered, just examine the numbers of Americans getting food stamps. While the Center for Budget and Policy Priorities argues the number is falling, it sure isn’t very fast:
You can spin this all day, but there is a reason why disaffected Democrats are joining the Trump bandwagon. Many of the Republican base want to “blow up” the establishment, and these Democrats are joining in because they see their opportunity shrinking. Much thanks must go to the Obama economy.