To listen to Barack Obama, and the people determined to love everything about him, our economy went from “the great recession” that was thisclose to ending the country altogether, to a living, breathing prosperity machine.
Nice fairy tale.
Here, from Investors Business Daily’s (IBD’s) excellent editorial on the subject, is a quick reality check: the Obama administration’s yearly “estimates” Gross Domestic Product (GDP) growth, and what actually happened:
As you can plainly see, Obama & Co. overstated growth every year, without exception.
IBD puts it in perspective this way:
Obviously, that’s not all Obama’s fault. But he did inherit an economy that was nearing the end of a recession — it officially ended just five months after he took office — and he repeatedly promised that his economic policies would produce strong, sustained growth.
Instead, Obama oversaw the weakest economic recovery since World War II.
Just how weak? Compare GDP growth of the 10 previous recoveries to Obama’s, which is now 30 quarters long. What you find is that, on average, the real GDP had grown 33.5% over that length of time. Under Obama, total GDP growth has been 17.1%.
Since Donald Trump won the presidential election – thus Hillary Clinton was not going to be providing us with an “Obama third term” the stock market jumped 9%.
I guarantee that Barack Obama will take credit for this jump…
…just as he took credit for halving a yearly deficit that he himself was responsible for raising in the first place, and
…just as he took credit for removing troops from Iraq, via a deal negotiated by George Bush and implemented two months before he left office (which Obama then irreparably botched by not leaving enough residual forces, thus allowing Iraq to become the ISIS infested hellhole it now is), and
…just as etc. etc. etc. etc. etc.
But look at the numbers above. See what really happened. And know the truth.