Worst Economic President Since Great Depression Offers Economic Advice to Next President
Barack Obama is the worst economic president since the Great Depression.
** Barack Obama is the only U.S. president in history who did not deliver a single year of 3.0% + economic growth.
** Obama has the worst labor participation numbers on record.
** Obama raised the US debt a record $10 trillion the most on record.
** Obamacare is a failure and was built on lies on top of lies.
** The poverty rate under Obama has stood at 15 percent for three consecutive years, the first time that has happened since the mid-1960s.
** When Obama entered office in 2009, 31.9 million individuals received food stamp benefits. As of January 2015, 46 million people received food stamps for a 44% increase in food stamp usage since Obama took over and record numbers.
** Obama has worst economic recovery on record.
** Obama’s policies have decimated the middle class.
Despite these facts Obama wrote a piece for the Economist today offering economic advice to the next president.
The Economist reported:
The profit motive can be a powerful force for the common good, driving businesses to create products that consumers rave about or motivating banks to lend to growing businesses. But, by itself, this will not lead to broadly shared prosperity and growth. Economists have long recognised that markets, left to their own devices, can fail. This can happen through the tendency towards monopoly and rent-seeking that this newspaper has documented, the failure of businesses to take into account the impact of their decisions on others through pollution, the ways in which disparities of information can leave consumers vulnerable to dangerous products or overly expensive health insurance.
More fundamentally, a capitalism shaped by the few and unaccountable to the many is a threat to all. Economies are more successful when we close the gap between rich and poor and growth is broadly based. A world in which 1% of humanity controls as much wealth as the other 99% will never be stable. Gaps between rich and poor are not new but just as the child in a slum can see the skyscraper nearby, technology allows anyone with a smartphone to see how the most privileged live. Expectations rise faster than governments can deliver and a pervasive sense of injustice undermines peoples’ faith in the system. Without trust, capitalism and markets cannot continue to deliver the gains they have delivered in the past centuries.
This paradox of progress and peril has been decades in the making. While I am proud of what my administration has accomplished these past eight years, I have always acknowledged that the work of perfecting our union would take far longer. The presidency is a relay race, requiring each of us to do our part to bring the country closer to its highest aspirations. So where does my successor go from here?
Further progress requires recognising that America’s economy is an enormously complicated mechanism. As appealing as some more radical reforms can sound in the abstract—breaking up all the biggest banks or erecting prohibitively steep tariffs on imports—the economy is not an abstraction. It cannot simply be redesigned wholesale and put back together again without real consequences for real people.