Failed and former “President” Obama claimed he “saved the economy” as President, usually citing the number of jobs created on his watch, the number of newly-insured, and a lower unemployment rate. Could this be true? Are our eyes and our wallets deceiving us all? Did Barack Obama oversee a new era of economic prosperity right under our noses and did we all miss it? Of course he didn’t. And although the piece may originate from a suspect “news” site, it’s up to us to battle back against the propaganda. Always remember, we don’t get to decide for millennials and younger Americans where they get their information. If they decide that The Daily Show and suspect “news” sites are news, then we have to accept it as such and fight back. They decide the rules, not us.
So, let the debunking begin. One of the first points the article makes is that President Obama “salvaged” the U.S. economy from “Bush’s failed policies.” What’s interesting about this dramatic, hyperbolic introduction is that it never mentions what those “failed policies” were. This is a relatively common debating tactic used by leftists when they have little to say of substance. They make big, blanket statements, devoid of any specifics, and hope that their message will stick before you notice that they never really said anything. I don’t disagree with the assertion that some of the policies implemented during the presidency of George W. Bush (notably the excessive deficit-spending and the expansion of the government footprint in the healthcare sphere) probably contributed to the lackluster economic growth during the Bush years. But, what’s interesting is that the author of the piece completely fails to mention the one policy that likely played the most significant role in the devastating economic collapse at the end of the Bush presidency—heavy government intervention in the housing market.
1. Jobs created. The Obama Administration says it created 15.8 million jobs. However this ignores the millions of jobs lost on his watch. The actual number of jobs created on a net basis is 9.7 million. (By comparison, Reag
2. A Part-Time Workforce. Of those 9.7 million jobs created, 94 p
ercent were part-time, according to an analysis by former White House economist, Alan Krueger.
3. The Real Unemployment Rate. When Obama took office, the so-called U6 unemployment rate — which includes discouraged workers who’ve given up locating a job, or partially employed workers looking for full-time gigs — stood at 9.2 percent. Today it’s 9.9 percent.
4. Out of Labor Force. Under Obama the number of Americans out of the labor force shot from 80.5 million to a record 95.1 million.
5. 20 Million Insured? This number is perhaps the most celebrated of Obama’s tenure. Unfortunately it’s fake. The actual number of insurance enrollees since ObamaCare passed is 14 million, and 84 percent of those (11.8 million) were put on Medicaid, which studies show provides the worst medical outcomes of any insurance provider. Also important is that since ObamaCare, the number of doctors refusing Medicare is increasing — so having insurance doesn’t actually mean anything.
6. Insurance Premiums. As a candidate, Obama promised to cut the average American family’s insurance premiums by $2,500. After ObamaCare passed, he changed the goalpost, arguing that even though costs are rising, they would have risen faster without ObamaCare, so the law still saves Americans money.
6. Government Assistance. Thanks largely to ObamaCare, a majority of Am
ericans now receive some form of government benefits.
7. Rising Cost of Living. The cost of living has increased every year of Obama’s presidency. Annual CPI rates are below:
2009 – 2.72 percent
2010 – 1.50 percent
2011 – 2.96 percent
2012 – 1.74 percent
2013 – 1.5 percent
2014 – .76 percent
2015 – .73 percent
2016 – 2.07 percent
Total: 13.98 percent.
In other words, using the government’s — some would argue, overly conservative — inflation data, the cost of living has increased almost 15 percent since Obama took office. Unless you’ve received a raise of at least that since Obama took office, life has become more expensive.
8. Homeownership. Under the Obama Administration, the number of Americans who own homes has fallen to the lowest rate since 1965.
9. The Deficit. Obama claims he cut the deficit “by two-thirds.” The reality?
10. Inflating Another Bubble. To engineer this “recovery,” Obama irresponsibly used the same techniques that created the last economic crisis. At the White House’s encouragement, the Federal Reserve kept interest rates at 0 percent for almost his entire presidency, only bumping them up to .25 over the summer of 2016, and finally to .50 after Trump prevailed in November. Meanwhile, the Fed engaged in an unprecedented money-printing campaign, quadrupling the money supply.
11. The National Debt. As a candidate, Obama attacked Bush for borrowing “from the bank of China,” which he said our children will need to pay back, overall adding $4 trillion to the debt. Obama then took the debt from $10.6 trillion to $19.9 trillion. During his tenure, the debt actually surpassed the size of the economy. Unfunded liabilities — the amount of money the government has committed to spending but can’t actually afford — is $104 trillion.
What did all of this debt-financed spending actually get us? In short, it enabled Obama to create the illusion of a recovery — even as things have only gotten harder for average Americans.