As Americans experience the twilight of Barack Obama’s Presidential tenure, the leader of the free world is attempting to write his own legacy on how he ‘saved the world from a Great Depression’. And despite an interview he gave with the New York Times on April 28, where he suggested that his only failure was in not being able to mesmerize the American people into believing he was responsible for saving them from the aftermath of the 2008 Credit Crisis, the fact of the matter is he and his administration had little to do with the so-called ‘economic recovery’, and Obama will be leaving the White House with the economy far worse off than when he entered it.
In the more than seven years that Barack Obama has been President, the only financial industry workers that were ever indicted or jailed for the crimes and fraud that led to the 2008 collapse were whistleblowers speaking out on the corruption that is widespread within the entire industry. And rather than following through with his campaign promises to lawfully go after these criminal bankers, his own Attorney General even went as far as to protect the banks by creating a ‘too big to jail’ policy for the administration.
The final tally on President Obama’s economic legacy will be a doubling of the national debt, the crippling of long-standing industries like the coal sector, and becoming the first President to reside over an economy that never had a single year reaching 3% GDP growth.
Despite his proclamation that he “saved the world from a Great Depression,” the fact is that Obama will be the first President ever to not see a single year of 3% GDP growth – but only cynical fiction-peddlers would mention facts at a time like this. In yet more legacy-defending narrative, Obama told The NY Times today that his biggest failure was being unable to sell his success in putting the American economy back on track to the American people (no matter the actual realities) careful to blame Republicans for slowing growth “by a percentage point or two.” And then in a final affront to fact, Obama dismisses the conclusion of “The Big Short” proclaiming that he reined in Wall Street, overhauled the banking system, and made water from wine “the financial system substantially more stable.
With regard his presidential legacy, Obama recently said he was proud of the healthcare reforms, and added that: “saving the world from a Great Depression – that was quite good.”
The interview, with the paper’s Sunday Magazine, was part an exercise in patting himself on his own back for lifting the US out of the economic morass he inherited from President George W. Bush and part remorse.
Obama is First President Ever to Not See Single Year of 3% GDP Growth
According to Louis Woodhill, if the economy continues to perform below 2.67% GDP growth rate this year, President Barack Obama will leave office with the fourth worst economic record in US history.
Assuming 2.67% RGDP growth for 2016, Obama will leave office having produced an average of 1.55% growth. This would place his presidency fourth from the bottom of the list of 39, above only those of Herbert Hoover (-5.65%), Andrew Johnson (-0.70%) and Theodore Roosevelt (1.41%) – Zerohedge
When history finally tallies up President Obama’s handling of the economy during his time in office, it will be one of a false recovery, similar in scope to America between 1933 and 1937 when growth was sustained because of low interest rates, massive government spending, and the inability of the central bank to ever raise rates beyond a token .25%. And history will also show that over 80% of all jobs created during his tenure were either part-time, or near minimum wage ones, and where the burden of student debt for the millennial generation is causing more than 50% of them to have to have to go back home and live with their parents.
Just as President George W. Bush deceptively said the war in Iraq was done when he decried ‘Mission Accomplished’ more than a decade ago, so too is President Obama following the same path when he declared victory today for a fake economic recovery. And in both Presidencies, the only real losers are the American people, who now appear likely headed towards another economic crash similar to one that started it all eight years ago.