Economy

No, Obama Didn't Build This Economic Boom

"So when you hear all this talk about economic miracles right now, remember who started it."

Nate Jackson · Oct. 24, 2018

In a more normal political universe, the roaring economy would be the most important election issue. Perhaps, however, it’s because the economy is going gangbusters that voters are giving it a collective “meh.” President Donald Trump, congressional Republicans, and GOP-controlled state houses and governorships around the country have fostered great prosperity over the last few years with conservative policies of lower taxes and reduced regulations generally unleashing the free market.

But one narcissist is jealously trumpeting (and misrepresenting) his legacy: Barack Obama.

“When I walked into office 10 years ago, we were in the middle of the worst economic crisis of our lifetimes,” Obama said while stumping for Nevada Democrats in Las Vegas. “By the time I left office, wages were rising, the uninsurance rate was falling, poverty was falling, and that’s what I handed off to the next guy. So when you hear all this talk about economic miracles right now, remember who started it.”

Me, me, me. I, I, I. That’s been Obama’s pattern for years, and it doesn’t change even when he’s supposed to be campaigning for other Democrats.

“Unlike some, I actually try to state facts,” Obama went on to say. “I believe in facts. I believe in a fact-based reality, fact-based politics. I don’t believe in just making stuff up. I think you should actually say to people what’s true.”

Clearly, he needs some help in this department. The 2008 financial crisis and ensuing recession happened because of deeply rooted Democrat policies and while Democrats held large majorities in Congress. It is true that Obama took office amidst a recession already in progress, but he bears responsibility for prolonging it with his “stimulus” income redistribution, heavy-handed regulation, and takeover of vast swaths of the economy. Thanks to his policies, the Obama “recovery” was the weakest on record, never reaching even 3% growth, and what recovery did take place was in spite of his best efforts. Investor’s Business Daily recounts the last year of Obama’s administration: “GDP growth was decelerating throughout 2016. Household income was flat. The unemployment rate was flat. The stock market was flat.”

It wasn’t until after Trump took office that Americans truly felt like the economy was growing. Consumer confidence is soaring. The U.S. retook it’s spot as the world’s most competitive economy. And yet the Leftmedia is still trying to convince Americans that the situation isn’t so great.

So which is it? Obama’s boom or Trump’s malaise? And if things are so mediocre, why is Obama taking credit? Let’s just hope voters heading to the polls remember which party really supports economic growth.

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