Friday, March 21, 2014

Obama Recovery: Worse than Bush Recession

According to Peter Ferrara in Forbes magazine, "Economically, Barack Obama could very well be America's worst president ever." 

Indeed, under his administration real GDP growth has actually been less than half as much as the worst of any president in the last 60 years. "In other words," says Ferrara, "even if you doubled actual GDP growth under President Obama, it would still be the worst record of any President in the last 60 years!"  In fact, "Even Jimmy Carter produced 4 times as much economic growth during his one term as Obama has."

In his 2013 State of the Union Address, President Obama said, “A growing economy that creates good, middle class jobs, that must be the North Star that guides our efforts.” But the slow growth, and negligible job creation under Obama, in turn have caused steeply declining middle class incomes. The latest numbers compiled from the Census Bureau’s Current Population Survey show that real median household income declined by more than $4,500 during Obama’s first term, about 8%, meaning effectively that the middle class has lost annually the equivalent of one month’s pay under Obama. Even President Bush again did better during his disastrous second term, when real median household income at least rose by 1.7%, not enough, but still positive rather than negative.

According to Ferrara, "Even if you start from when the recession ended in June, 2009, the decline in median real household income since then has been greater than it was during the recession. Four years into the supposed Obama recovery, real median household income has declined nearly 6% as compared to June, 2009. That is more than twice the decline of 2.6% that occurred during the recession from December, 2007 until June, 2009." 

As the Wall Street Journal has asserted, “For household income, in other words, the Obama recovery has been worse than the Bush recession.”

And again, according to Ferrara, "Despite his rhetoric, Obama has failed to deliver for the poor as well. But we know Obama loves the poor, because he has created so many of them. Indeed, the only thing booming under Obamanomics has been poverty. Poverty has soared under Obama, with the number of Americans in poverty increasing to the highest level in the more than 50 years that the Census Bureau has been tracking poverty. Over the last 5 years, the number in poverty has increased by nearly 31%, to 49.7 million, with the poverty rate climbing by over 30% to 16.1%. This is another natural result of negligible economic growth, paltry job creation, declining real wages, and the worst economic recovery since the Great Depression."

Worst president ever? Even if you ignore the brazen wickedness on social issues and the gross negligence on foreign policy, this disaster is nigh unto indisputable.