The Facts Are In: Obama’s Presidency Claims The Worst Economic Numbers In Over 80 Years!
President Obama has a hard time owning up to his failures. He has constantly shifted the narrative during his presidency to twist facts in his favor. But the facts cannot be changed and they show Obamanomics to be an abysmal failure. Obama has bragged repeatedly about his economic success and how he save this nation from economic collapse over the last 8 years but unfortunately for all of us... he's lied yet again.
Big government Obamanomics is even worse than we thought.
The US economic expansion is the worst on record since World War II.
Thanks to Obamanomics the US economy is plodding through the worst recovery in decades.
The Wall Street Journal reported:
The economic expansion—already the worst on record since World War II—is weaker than previously thought, according to newly revised data.
From 2012 through 2014, the economy grew at an all-too-familiar rate of 2% annually, according to three years of revised figures the Commerce Department released Thursday. That’s a 0.3 percentage point downgrade from prior estimates.
The revisions were released concurrently with the government’s first estimate of second-quarter output.
Since the recession ended in June 2009, the economy has advanced at a 2.2% annual pace through the end of last year. That’s more than a half-percentage point worse than the next-weakest expansion of the past 70 years, the one from 2001 through 2007. While there have been highs and lows in individual quarters, overall the economy has failed to break out of its roughly 2% pattern for six years.
It’s even worse than we thought.
Obama looks even worse, ranking dead last among all presidents since 1932 – over 80 years.
The Daily Caller reported:
Over the first five years of Obama’s presidency, the U.S. economy grew more slowly than during any five-year period since just after the end of World War II, averaging less than 1.3 percent per year. If we leave out the sharp recession of 1945-46 following World War II, Obama looks even worse, ranking dead last among all presidents since 1932. No other president since the Great Depression has presided over such a steadily poor rate of economic growth during his first five years in office. This slow growth should not be a surprise in light of the policies this administration has pursued.
An economy usually grows rapidly in the years immediately following a recession. As Peter Ferrera points out in Forbes, the U.S. economy has not even reached its long run average rate of growth of 3.3 percent; the highest annual growth rate since Obama took office was 2.8 percent. Total growth in real GDP over the 19 quarters of economic recovery since the second quarter of 2009 has been 10.2 percent. Growth over the same length of time during previous post-World War II recoveries has ranged from 15.1 percent during George W. Bush’s presidency to 30 percent during the recovery that began when John F. Kennedy was elected.
Presidents can't make the economy a success but they can definitely hinder it. Once again Obama has denied his poor performance and left the country with unprecedented debt and economic policy that has been a failure. The least he could do is own up to it.