As if facts mattered…

Next time your conservative friend talks about how much Obama has destroyed the economy, point out:

The Dow was at 7,949 when Obama took office.  It’s now at 16,130.*   1794804_726536620713610_48031525_n Under Obama, the Dow keeps setting new records.

Unemployment was at 7.8%.  It’s now at 6.6%.

GDP growth is harder to quantify.  I am not sure where the image here got its numbers.  From what I can tell, it averaged around negative 3.1 under the last year of Bush and has averaged around 1.7 under Obama.  Not great numbers, but certainly an improvement.  (There was one quarter where it was 4.1% but using the best number and ignoring the others is misleading.)

The fiscal deficit, which is the gap between expenditure and revenue, was at 9.8% of the GDP under Bush, and was 4.9% for last year.

Consumer confidence under Bush was at 40.0% when Obama took over.  It is now at 80.7%.

So anyone who tells you things are going downhill is just plain wrong.

Then again, anyone who tells you were are doing great is also just plain wrong.  Almost all of that economic gain has gone to the 1%.   The rest of us are still floundering, and the middle class is dying.  Unemployment is still too high and wages are still too low.  And the debt keeps rising.

Bottom line:  Obama is not destroying the economy.  You’re thinking of Bush.  However, he has not solved everything either, so Obama supporters who try to sugar coat things are exaggerating.  

Had the Republicans passed a jobs bill, maybe we would be in better shape.  Our infrastructure is falling apart, and we could be hiring millions of people to fix roads and bridges for a fraction of what we give away to the 1% in tax breaks and subsidies they don’t need.   Investing in people as well as our infrastructure is wise and pays off dividends in the long run.  If we had a Republican President, there is no doubt in my mind we would be doing this now. However, the Republicans have repeatedly said that they will stand in the way of anything Obama wants. They don’t want him to claim successes for anything.  The interests of the party outweigh the country’s needs, after all.

That’s the real economic scandal.

* all numbers are as of February 18, 2013, updated from the illustration accompanying this, to the best of my ability. (Some sources were difficult to interpret and I am not an economist.)

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s