People often use the word “historic” whenever our President so much as breathes out of his left nostril. Now we finally have an example of him doing something we can actually use the word for.
Barack Obama will leave a legacy with many different accomplishments, such as a failed government controlled healthcare law, the most racially divided country since the 60’s, and God knows how many broken promises.
But one of those things he can take with him when he leaves office is the fact that he will be the first President to ever leave office without having achieved at least one year of 3% GDP growth.
Breaking down each year by GDP growth for each year Obama was in office looks like this.
2009: -2.8 percent
2010: 2.5 percent
2011: 1.6 percent
2012: 2.2 percent
2013: 1.5 percent
2014: 2.4 percent
2015: 2.4 percent
This is a man who consistently says he’s proud of “saving the economy,” and that he improved it despite the problems he had to overcome because of his opposition.
What’s more, Obama’s legacy is something Hillary Clinton is proudly saying she’ll continue. If that’s the case, she’s going to have a hard time explaining to many how continuing such low growth is a great idea.
From 1790 to 2000, U.S. RGDP growth averaged 3.79%. America needs at least 3.0% economic growth-the nation cannot defend itself and pay its bills without it. However, America’s elites have largely given up on growth, and are now distracting themselves with academic musings about “secular stagnation.”
No matter what happens in 2016, Obama’s record on economic growth will be considerably worse than that of the much-maligned George W. Bush. Bush 43 delivered RGDP growth averaging 2.10%, with two years (2004 and 2005) above 3.0%.