To be rather honest, it is difficult to give Obama credit for much of anything positive, other than breaking the tradition of electing only white men as president of the USA. However for anything substantial that has benefited the American people, there is very little to report.
We have often heard about the “economic recovery, and job growth”, but what that equates to, is that many employers turned their full time jobs in to many part time jobs at lower pay, to avoid mandates in the Obamacare (Affordable Care Act) guidelines. So while there are more jobs created, there are less full time jobs, and far less people actually in the workforce than ever.
Since coming to power, Obama has created 9.3 million new jobs. In his final State of the Union address, however, the president said: “We’re in the middle of the longest streak of private-sector job creation in history. More than 14 million new jobs; the strongest two years of job growth since the 1990s; an unemployment rate cut in half.”
The White House arrived at the 14 million figure by calculating the number of private sector jobs added to the economy since the lowest point of the Great Recession instead of from January 2009 when Obama was sworn in. The administration argued that policies to get the country out of crisis took time to come into effect.
On the other hand there is the fact that there are more people out of the workforce now, than since 1978. Unemployment only counts people who are still looking for a job, not those who have stopped looking for work, or who have retired.
A record 94,708,000 Americans were not in the labor force in May — 664,000 more than in April — and the labor force participation rate dropped two-tenths of a point to 62.6 percent, near its 38-year low, the Labor Department’s Bureau of Labor Statistics reported on Friday.
“While the unemployment rate is listed at 4.7% in the last report, the real health of the nation’s economy can be measured by the 95 million Americans who are no longer in the workforce. This number has increased by 15 million during the Obama years, surpassing any job growth that was created during his two terms.”
Columnist and editor for the NY Post, Michael Gray has a phrase to describe the time period of 2008 through 2015—The Great Fleecing
“During [The Great Fleecing], the greatest transfer of wealth in the history of the world occurred. Some $4.5 trillion was given to Wall Street banks through its Quantitative Easing program, with the American people picking up the IOU.”
Medical Marijuana which was thought of during Obama’s original presidential campaign to be a focus that he would work on as president, ended up being a far worse policy than even George W. Bush, and more people by far were persecuted and prosecuted under Obama than W.
Reference this video that I made on December 5th 2008 after the election and before Obama took office. I asked him if he would keep his promises about medical marijuana.
I have made a separate analysis of common core, this is one of Obama’s biggest failures. Education standards have dropped significantly under President Obama.
Will Donald Trump be any better at improving the economy? It has yet to be seen as he takes office tomorrow. However, he has already with the help of his vice-president elect Mike Pence saved thousands of jobs from going to Mexico and other country.
Posted in: Politics | Tags: Income inequality Obama, medical marijuana, Obama economic recovery, Obama economy, Obama Leaving office, Obama legacy, Obama score, Trump creates jobs, Trump economy, Wealth gap