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Author Topic: Economically, Obama could be worst president ever  (Read 1055 times)
mfrank
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« on: April 20, 2014, 10:19:32 AM »

 Peter Ferrara Contributor Forbes 6/2/2013

The recession ended four years ago, according to the National Bureau of Economic Research.  So Obamanomics has had plenty of time to produce a solid recovery.  In fact, since the American historical record is the worse the recession, the stronger the recovery, Obama should have had an easy time producing a booming recovery by now.

Obama likes to tout that we are doing better now than at the worst of the recession.  But every recovery is better than the recession, by definition.  So that doesn’t mean much.

The right measure and comparison for Obama’s record is not to compare the recovery to the recession, but to compare Obama’s recovery with other recoveries from other recessions since the Great Depression.  By that measure, what is clear is that Obamanomics has produced the worst recovery from a recession since the Great Depression, worse than what every other President who has faced a recession has achieved since the Great Depression.

In the 10 previous recessions since the Great Depression, prior to this last recession, the economy recovered all jobs lost during the recession after an average of 25 months after the prior jobs peak (when the recession began), according to the records kept by the Federal Reserve Bank of Minneapolis.  So the job effects of prior post Depression recessions have lasted an average of about 2 years.  But under President Obama, by April, 2013, 64 months after the prior jobs peak, almost 5˝ years, we still have not recovered all of the recession’s job losses.  In April, 2013, there were an estimated 135.474 million American workers employed, still down about 2.6 million jobs from the prior peak of 138.056 million in January, 2008.

http://www.forbes.com/sites/peterferrara/2013/06/02/economically-could-obama-be-americas-worst-president/
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chadstallion
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« Reply #1 on: April 20, 2014, 02:37:27 PM »

not according to the DowJones or my 27% return on investments from last year.
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« Reply #2 on: April 20, 2014, 03:14:36 PM »

not according to the DowJones or my 27% return on investments from last year.

Its not about you.   
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Novena
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« Reply #3 on: April 20, 2014, 03:18:48 PM »

Well his program to kickstart the economy and re-institute some of the "New Deal" (which was largely responsible for the Great Post-War Prosperity) have been blocked by the GOP who have revised history to trick people who are ignorant into willingly swallow oligarchy.
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mfrank
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« Reply #4 on: April 20, 2014, 03:32:46 PM »

not according to the DowJones or my 27% return on investments from last year.

Those were one time returns because the market had fallen so far.  Can you do as well in 2014, 2015, 2016.  The stock market is not the economy. 
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GigantorX
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« Reply #5 on: April 20, 2014, 03:45:21 PM »

Well his program to kickstart the economy and re-institute some of the "New Deal" (which was largely responsible for the Great Post-War Prosperity) have been blocked by the GOP who have revised history to trick people who are ignorant into willingly swallow oligarchy.

Not a very smart post.

Talk about revisionist history....

I'm also comfortable with saying that we are still in a recession.
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mfrank
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« Reply #6 on: April 20, 2014, 06:25:57 PM »

Well his program to kickstart the economy and re-institute some of the "New Deal" (which was largely responsible for the Great Post-War Prosperity) have been blocked by the GOP who have revised history to trick people who are ignorant into willingly swallow oligarchy.

Wall Street Journal Feb 17,2014
James Freeman

THE STIMULUS ANNIVERSARY
Five years ago today, President Barack Obama signed the American Recovery and Reinvestment Act into law. The $830 billion spending blowout was sold by the White House as a way to keep unemployment from rising above 8%. But the stimulus would fail on its own terms. 2009 marked the first of four straight years when unemployment averaged more than 8%. And of course the unemployment rate would have been even worse in those years and still today if so many people had not quit the labor force, driving labor-participation rates to 1970s levels.

The Obama White House had been egged on by liberal economists like Paul Krugman, who in November of 2008 recommended a stimulus of at least $600 billion. Team Obama worked with Democrats in Congress to exceed his minimum request by more than 30%. But after the failure of the stimulus the same liberal economists who had enthusiastically supported the plan would claim that its main flaw was that it was too small.
Shortly after the passage of the Recovery Act in 2009, Vice President Joseph Biden urged local politicians not to spend the money on "stupid things." They ignored his advice, and so did Mr. Biden. The federal government poured billions into the government and education sectors, where unemployment was low, but spent only about 10% on promised infrastructure, though the unemployment rate in construction was running in double digits. And some of the individual projects funded by the law were truly appalling. $783,000 was spent on a study of why young people consume malt liquor and marijuana. $92,000 went to the Army Corps of Engineers for costumes for mascots like Bobber the Water Safety Dog. $219,000 funded a study of college "hookups."

http://online.wsj.com/news/articles/SB10001424052702303945704579387692278347858


If the President had used the 830 Billion dollars wisely, the economy would have recovered.
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« Reply #7 on: April 20, 2014, 06:28:42 PM »

Well his program to kickstart the economy and re-institute some of the "New Deal" (which was largely responsible for the Great Post-War Prosperity) have been blocked by the GOP who have revised history to trick people who are ignorant into willingly swallow oligarchy.


lmfao   
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jjbones
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« Reply #8 on: April 20, 2014, 06:56:29 PM »

not according to the DowJones or my 27% return on investments from last year.

Of course ... what is the one market that benefits most from free money (zero percent interbank lending) ... the equities market.  This combined with 85 billion a month the fed is pumping into the market ... yes stocks are performing very well.  We wil experience a correction.   Summers was going to to stop boosting and cut off easing.  He did not replace bernanke ... instead its Yellen, who says economy is to weak to stop boosting.  It cant go on forever. 
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2Thick
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« Reply #9 on: April 25, 2014, 12:20:53 PM »

Of course ... what is the one market that benefits most from free money (zero percent interbank lending) ... the equities market.  This combined with 85 billion a month the fed is pumping into the market ... yes stocks are performing very well.  We wil experience a correction.   Summers was going to to stop boosting and cut off easing.  He did not replace bernanke ... instead its Yellen, who says economy is to weak to stop boosting.  It cant go on forever. 

Agreed. The stock market rebound of '09 and the irrational exuberance of last year are not because of any brilliance on Obama's part. It's the Fed holding down rates, printing, and pumping like crazy. The market really hasn't done so hot so far since the turn of the century.

http://finance.yahoo.com/echarts?s=%5EGSPC+Interactive#symbol=%5EGSPC;range=my

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