Why hasn't the President taken more credit for the good economic things that have happened to this country since he took office?
1. We are out of the recession which we got into during the last administration.
2. The Stock Market, where well over 50% of Americans ( it ranges up to 75% if you include pension funds) are invested , is up over 30%
3. Job net losses has stopped and we have been net adding jobs, particularly in the private sector. A big turnaround from the last administration.
4. The TARP saved the financial system and stabilized the economy, at no cost ( in fact with a profit) to the taxpayers; and while that started under the last administration , this one supported it.
5. The Auto Industry was saved and has now recovered.
6. Our corporations , where, remember many still work, are dong very well.
7. Inflationn remains low as are interest rates.
People say that while things have gotten better , it doesn't feel like it. What does that actually mean?
If you are among the 9-15% un or under employed , I get it. But what about the other 85-91%? Job losses have slowed substantially so there should be less fear of losing a job out there. If you have a job , your salary is probably the same or better.
Inflation and interest rates are low. Home prices are way way down and that's a real problem; but with low interest rates and prices it should be a great buying opportunity for first time buyers and other younger people looking to trade up.
Restaurants are reasonably busy, hotels and retail are doing better, sport venues continue to fill up for winning teams.
This is all happening under the Obama administration.
Unless you are among the jobless , I think it's largely psychological. I don't mean to be cynical, but what if we were told that the jobless rate had fallen below 8%, won't the rest of us employed people feel better.
If we felt better , we'd spend more and all of a sudden the economy would be growing faster. Remember full employment is considered to be around 4-5%; so even at those "ideal" levels, there would still be millions unemployed, but somehow that won't bother us as much.
Overall , many econonic things have improved significantly since the President took office and he should start taking more credit for it.
Eric
One of my suspicions as to why he hasn't taken credit for #2, 4 and 6 below is that he has bashed Wall St and business so much it's harder now to take credit for the improvement in the market and the financial system.
ReplyDeleteHere's an update:
ReplyDeleteThe economy is still growing, unlike Europe and others
Stock market up over 60%!
28 straight months of private sector job growth
Bank portion of TARP turned a big profit for taxpayers.
Autos are doing very well.
Corporate profit strong and many at record levels.
Inflation is still low.