Mike Rowse A voice from New Mexico

18Dec/170

Should Obama be given credit for this economy?

I find it interesting that Obama is not on television or radio more often. Remember he was the left wing’s second coming of John F. Kennedy if not their Savior. He has certainly been making the rounds with some interviews and a lot of speeches as well is now organizing a new community action effort to undermine our current administration. During his talks or speeches he is telling everyone that will listen that it is his policies responsible for our economic turnaround.

Those of you that have followed this page with the radio show over the years know that one of the principles in which we believe is that a new president can’t really do anything about an economy for the first six months of his term. There are always exceptions to the rule such as under Ronald Reagan and now Donald Trump. They were so aggressive in making changes that things changed rapidly.

Because of trumps actions we now have two quarters in a row with at least 3% growth in gross domestic product. We now have 69 records this year alone in the Dow Jones industrial average. The stock market has taken off which means everyone with a retirement account is making money. There has been real growth in wages, more people in the job market, more people working full time, and so many other metrics that are trending positively for our economy that it is time-consuming to go through all of them. So should we give Obama credit?

The only thing we can give Obama credit for is that he prolonged the recession because of his policies and made it much easier for Donald Trump to look like a hero. Remember Pres. Obama said that a basically stagnant economy was the “new normal”. He said that we were going to see people go from rags to riches anymore. We weren’t going to see manufacturing jobs in America anymore. We weren’t going to see real wage growth created by the private sector and free market; rather that would have to come through government intervention. In his tenure he did not even have two quarters that exceeded 3% growth in the gross domestic product much less two in a row. That’s what he should get credit for.

I realize some of you will say that he put in place the principles and mechanisms for our economy to take off. Other than what I said previously, that is absolutely untrue. If his policies were responsible for turning this economy around then why didn’t it happened during his tenure. The only reason that the stock markets state high is because there was no place else for people to invest their money. Certificates of deposit or bonds were paying less than 1%. In fact people were investing in bonds that had a negative return rate because they did not believe the stock market or any other investment was going to lose less money than a negative return bond. We have never seen that in our history.

And I have to remind those of you that say Obama inherited a terrible economy, it wasn’t the worst that we have seen in the last 30 years but it wasn’t great, admittedly. Quite simply though with one exception in our history every economic downturn that has been left alone by the government has lasted less than two years and usually less than a few months. But when the government becomes actively and overly involved in trying to run the economy, they prolong negative results.

There is no reasonable way to say, with a straight face and a pure heart, that Obama is responsible for this recent economic upturn. But when have facts ever gotten in the way of a good story for Obama?

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