The Obama Economy

It never cease to amaze me when people talk about how horrible the economy was under Obama. The latest criticism had to do with the fact that the number of people within 125% of the poverty line increased under the Obama presidency while real income declined.

They manage this slight of hand by comparing the numbers from 2007, BEFORE the great recession to the numbers near the end of the Obama presidency in 2015 while ignoring everything that happened in between.

If you think the economic meltdown under Bush had nothing to do with those numbers then you need to have your head examined.

The percentage of people below 125% of the poverty level in 2007 was 17.0%. Thanks to the 2008 Great Recession the number ballooned to 19.8% in 2011 and then dropped to 17.9% by 2015. Looks to me like Bush was the problem and Obama was the solution.

Now let's look at real income. The real median household income in the US in 2007 was $57,423. Again, thanks to the Great Recession it dropped to $52,666 in 2012 but by 2015 it was back up to $56,516. So again, the problem was Bush and the solution was Obama. Rather than bad mouthing the man based upon no facts, maybe next time people should check where the real problem was.

When Obama took office the stock market was at 9,000, unemployment was at 10%, the economy was SHRINKING and the deficit was over $1 trillion. When he left office the stock market was over 19,000 (Nov 2016), unemployment was down to 4.7%, the economy was growing and the deficit had been reduced to around $570 billion.

All of this while avoiding a double-dip recession.