Politics

Obama Didn’t Build That!

dismantling-obama-war-coalobama-presidency obamaAddressing students on September 7 at the University of Illinois in Urbana, Obama said: “When you hear how great the economy is doing right now, let’s just remember when this recovery started.”

By trying to claim credit for today’s economic boom, Obama has conceded that America is not enduring the “Armageddon” that Representative Nancy Pelosi (D., Calif.) predicted as the Trump/GOP tax cuts were passed, amid the “No!” votes of every congressional Democrat. That alone is a Republican gain.

Obama is correct that, on his watch, the U.S. economy did go back into drive, after conking out during the global financial meltdown and Great Recession that defined the last two years of George W. Bush’s presidency. This mess was due, largely, to easy money pumped out by the Federal Reserve; Fannie Mae, Freddie Mac, and private banks lending to virtually any applicant with a pulse and a pen; the Mortgages for All mentality of Bill Clinton’s Community Reinvestment Act; and easy borrowing by too many Americans whose real-estate aspirations eventually outran their incomes. The whole McMansion went up in flames, with nominally Republican Bush dousing the fire with distinctly non-Republican solutions: Massive spending, corporate rescues, and full-on nationalization of some companies.

Next came Obamanomics:

“It began with the $830 billion stimulus plan, and then Cash for Clunkers, bailouts, Obamacare, tax hikes on the rich, minimum-wage hikes, and a wave of financial and economic regulation,” Heritage Foundation senior fellow Stephen Moore wrote in the September 12 New York Post. “All told, the national debt nearly doubled in eight years.” To be precise, the national debt was $10.6 trillion at Obama’s first inaugural. It was $19.9 trillion as Marine One whisked Obama out of town for the last time. Relieved Trump supporters on Capitol Hill screamed with joy after the new president took command, and his predecessor flew away with his chief legacy intact: an 88 percent boost in federal red ink.

All this extravagance got the national vehicle back on the road after Bush stalled it . . . but, alas, with Obama at the wheel. He drove with one foot on the gas and the other on the brakes.

According to the Congressional Joint Economic Committee’s 2015 analysis of the last eight recessions and their aftermaths, “the Obama recovery was the weakest on record.”

Indeed, across his two terms, Obama’s annual GDP growth averaged a low-energy 2.1 percent. By 2016, Obama had taxed, regulated, Obamacared, and lectured businesses down to an annual expansion of just 1.9 percent. Nonetheless, Obama wants a standing ovation for chauffeuring America down the freeway for eight years in a sputtering, backfiring jalopy . . . at 35 miles per hour.

And then something major happened: Donald J. Trump got elected.

As Kevin Hassett, the chairman of the Council of Economic Advisers, educated the White House press corps last week, things started picking up as soon as Hillary lost and Trump won — well before he took the oath of office.

“If you look at what happened the moment President Trump was elected — both in equity markets and in sentiment surveys — is that people started to ratchet up their expectations for what would happen to the economy,” Hassett said. “Perhaps, you know, everybody, except for Mrs. Clinton’s supporters, was starting to do that right after the election. And the fact is that those expectations turned out to be rational because the turnaround that they expected is something that we see,” he added.

Hassett calmly and cheerfully presented several charts that landed like tactical nuclear weapons atop the notion that today’s economy is Obama’s. Under Obama, multiple growth curves dropped like falling tennis balls. Then, as soon as Election Day 2016 hit, they bounced right back up and are now climbing skyward. Hassett demonstrated this Trump Effect on entrepreneurial enthusiasm, higher sales expectations, investment in equipment, capital-goods orders, equipment shipments, and other metrics.

“I can promise you that economic historians will 100 percent accept the fact that there was an inflection at the election of Donald Trump, and that a whole bunch of data items started heading north,” Hassett predicted.

“Trump has elevated growth to 3 percent on an annual rate, and the latest projections are that the growth rate for the second and third quarter (which ends September 30) will be over 4 percent,” Steve Moore explained. “One might say all it took to get the economy really crackling was getting Obama out of office.”

“Our system was choking,” Trump recalled via Twitter: “I opened up our beautiful economic engine with Regulation and Tax Cuts.”

Indeed, the pro-expansion policies of the Trump White House and Republican Congress quickly generated phenomenally positive results, some seldom or never seen before. Among much such evidence:

  • The Institute for Supply Management on September 4 logged the most intense U.S. manufacturing activity since May 2004.
  • Initial claims for unemployment benefits last week tumbled to a seasonally adjusted 201,000, their lowest level since November 1969.
  • The unemployment rate for women age 20 and over was 3.6 percent in August, up slightly from its 3.3 percent nadir in May, but still exactly where this measure stood in 1953 — under Republican president Dwight David Eisenhower.
  • The Dow Jones Industrial Average shot up 251 points Thursday to 26,656, as the S&P 500 climbed 22 points to 2,930 — both all-time highs. “The total stock market value under President Trump,” according to Fox Business Network anchor Charles Payne, has grown “get this — $7.4 trillion since Inauguration Day.”
  • The National Federation of Independent Business’s Index of Small Business Optimism’s previous pinnacle was 108 in July 1983, under Republican president Ronald Wilson Reagan. With Obama at the wheel, it had skidded to 94.4 in August 2016. But last month, it rose to 108.8, its highest level ever.
  • The Census Bureau’s latest data show that median household income rose across the board from $60,309 in 2016 to a record $61,372 in 2017 — up an inflation-adjusted 1.8 percent.
  • Median household income for Hispanics rose from $48,700 in 2016 to a record $50,486 in 2017 — up 3.7 percent after inflation. This is the first time a typical Hispanic home has enjoyed more than $50,000 in annual income.
  • The number of Americans who told Gallup that the economy was the nation’s No. 1 problem was just 13 percent in May 1999. That number slipped to just 12 percent last week, a new record low.

Speaking of manufacturing, Obama predicted on PBS Newshour on June 1, 2016: “Some of those jobs from the past are not going to come back.”

Wrong!

In fact, comparing August 2016 (under Obama) and August 2018 (under Trump), the U.S. economy created 1,017,100 new blue-collar jobs, as employees returned to factories, mines, and construction sites, mainly since Trump’s upset victory. Between July 2017 and July 2018 alone, according to the Washington Post656,000 new goods-producing jobs emerged as America went back to work. That period witnessed the fastest pace of such employment growth since 1984 — the year President Reagan was reelected.

After eight years of crawling forward, Obama abandoned his battered clunker in front of Trump Tower.

Now, Donald J. Trump steers an 18-month-old sports car. Its speedometer currently reads 4.2 percent GDP growth for 2018’s second quarter — a metaphorical 70 miles per hour. Thanks to President Trump, the Republican party, and its policies and leaders, America once again zooms along. And the open road lies ahead.

 

Reprinted with permission from - National Review - by Deroy Murdock

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Wayne Peterkin

Obamanomics was a disaster. Trump and the GOP has been correcting that. Dishonest people always try to take credit for someone else’s efforts and that is exactly what Obama is doing. Fools will accept his lies. Rational people will not.

Paul W

Eight years of strangling regulations and monster corporate taxes that led to a horrible lack of optimism or growth, and this clown’s going to take credit for the recovery. Just go away you scandal ridden fraud. Sell your horsesh-t to Netflix.

Gary

Thank God the President is doing what he said he would do he is going to go down in history as one of if not the Greatest President the USA history

Larry Peterson

When O was running for the White house, I went back and did some research on his real policies(too bad more people didn’t do the same), and found a radical liar who was trained by Saul Alinsky’s destructive “Rules for Radicals” among other leaders of the Socialist movement and “share the wealth”(now know as Progressives) bone heads. I did what I could to wise people up, but to no avail. Now the proof is out there for anyone to see, but the blind sheep still cling to the belief that our ex-president is some kind of great leader. Stupid is as stupid does!! Thank the good Lord we now have a real president in the White House who tells the truth and gets the job he was hired for done.

Maryanne Drake

We have to encourage everyone to vote republican in November. If it’s a blue win the gains the economy made will be gone. Even worse if socialist get control we’ll be another Venezuela in less than a decade.

Anthony Green

Obama was absolutely worthless. Besides threatening countries about crossing red lines and when they did, he did nothing. He was constantly worried about his legacy. What legacy? Left us with a worthless piece of medical coverage. “You can keep your doctors-lie” “You will save approx. $2500.00 a year on your medical costs!-lie” Oh yes-HE IS NOT BLACK-he is a milatto. His MOTHER WAS WHITE. So……………………he is not the first black Prez. Just another loser.

Jeanne

Unbelievable. Just what he is…… narcissistic POS.

Burton Pauly

The cotton picking democRATS , and especially the last potus didn’t do anything to make the economy thrive. The credit thusly belongs to our present Potus, D. J. Trump and his administration. Obama in my opinion was a complete failure. And the folks who made it possible for him to remain in the W. House didn’t know diddly about this igimo.

Glenn Lego

The recovery started Election Day 2016 and not a moment sooner.

Ed M

Terrific news. Now how do we use this to create another Republican win in the November Mid Term elections?

maureen

The ignorant people who still vote dem choose to believe that obama was great. No real reason why..some say “he is a good family man.” Really? Really? That is all you have? Anyone elected to a high office in our great country had better be prepared to work for and defend THIS country. obama was quick to bend, grovel and kiss the rings of foreign leaders. Too busy golfing and groveling to do much for our country!

Thomas H

The only part of this article that I disagree with is the inference that Bush was behind the economy crash. Bush actually gave a speech decrying the giving out of mortgages to those who could not afford them, saying that it would crash our economy….. and the unbiased media response was that Bush was again proving how dumb he was (and people believed it)! The mortgage scheme was pushed through by Barney Frank and two other democRats, banks had to finance it or lose their federal cash source, and Republicans couldn’t oppose it because the media would brand them as “taking homes from poor Americans”.

Addy

The x-president is good at making speeches and better at distorting facts.

HELEN GALFI

Obama was the worst President in United States and he did not do anything for the people or Country just create division hatred among people and destroyed Europe with the attack of ISIS that he supported and sold our Country to the Iranian Muslims sending them a plane full of our money also bringing illegal drugs from them to sell and destroy the youth and people of this Country. I hope he’l get his reward soon for all that he has done.

Tom

Ex-Pres Obama never told the truth in his life. For Hillary and Bill truth was like sunlight to Dracula.

Dennis

Obama was a terrible President as represented by his invisible legacy. If his intent when taking office was to diminish the USA nationally, politically and cultureally, which I think it was, he was unceremoniously trumped by his successor. Obama will be a mere blip on the radar screen of history, remembered for being the first black President only.

Clif

Obama and all the democrats are all just like the story of the little red hen, wants to take all the credit for prosperous but DID NO WORK FOR IT

Garland Young

If we allow The Demos will destroy all the gains. The Republicans can keep it going if we eliminate the deep state from our party and our elected officials stand and over power Demo lies.

Alan

“When you hear how great the economy is doing right now, let’s just remember when this recovery started.”
Yes, I believe, initially, with Ronald Reagan.
“You can’t tax business. Business doesn’t pay taxes. It collects taxes.”
― Ronald Reagan

Ginnie

He’s full of SH…! I will give him 1c to go to Iran and stay there until he die (ops! he doesn’t deserve a penny). A couple that I know spent over $10,000.00 on medical bills because of Obamacare. He’s trying to claim credit for today’s economic boom BS!!!!!