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Posted by d_rock97 on 11/29/2017 10:43:00 PM (view original):
Oh man, Obama and the economy doing well. Good laugh
You said the only thing that matters to you is the stock market...did the market go up over 300 percent under Obama or not?
Well alright, I guess I just misspoke.
You got me there.
Point is that how the economy is doing is most important to me. The economy stalled under Obama, its booming under Trump.
Just a heads up, this is technically still Obama’s economy.
The economy can't sit stagnant for 8 years under a president and when it turns around under a new admin it still be his economy. If we had steady progression under Obama then you could still count this as his economy. The economy is getting better mainly because of deregulation that was crippling business. It took a turn for the better when he left office and Trump immediately started rolling back the regulations. Obama had the worst post-recession recovery in our countries history. Dems also want to say "look at the mess that Obama took over." They can't use that argument because Reagan took over an even worse mess and had a MUCH better recovery.
It didn’t sit stagnant for 8 years. It’s been progressing the entire time. Reagan spent at a much higher rate than Obama, helping growth.
But it didn't. GDP was consistently low, wages remained consistently low, and the number of people on social welfare programs were on the increase. Numbers don't lie. Compare Obama's recovery to any post-recession recovery in US history and your tune will change about Obama's economy.
As far as spending, our national debt almost tripled under Obama. Where did all that money go?
Obama saw stretches of GDP growth similar to what we're seeing now.
See:
Regarding the debt, when Reagan took office, the national debt was just under a trillion dollars. When he left, it was just under $3 trillion.
He also tripled the debt.
Realistically, that was a good thing. We needed a ton of spending to get out of the recession. Same with Obama.
From the Week, citing Economic Policy Institute's Josh Bevins:
Over the 24 months that followed the start of Reagan's recovery, government spending per person — combining federal, state, and local levels — grew almost 15 percent. But 18 months after the Great Recession, per person government spending had declined 7 percent. Twenty-four months in, it was still 3.6 percent lower than at the start of the recovery.
Had government spending during Obama's tenure behaved the same way it did during Reagan's, government spending would currently be roughly one trillion dollars higher than it is. With that amount of extra money, "you're way beyond what I think anybody says the remaining output gap is in the economy," Bivens told The Week. By his calculations, the output gap would probably have closed completely sometime in 2013.