Friday, May 29, 2015

The Obama Economy Still Sucks

From CNS News: Even if you leave out the first quarter of 2009—when the recession that started in December 2007 was still ongoing--President Barack Obama has presided over the lowest average first-quarter GDP growth of any president who has served since 1947, which is the earliest year for which the Bureau of Economic Analysis has calculated quarterly GDP growth. 
In all first quarters since 1947, the real annual rate of growth of GDP has averaged 4.0 percent.
In the seven first quarters during Obama’s presidency, it has declined by an average of -0.43 percent. And if you leave out the first quarter of 2009 and look only at the first quarters of the six years since the recession ended, it has averaged only 0.4 percent.
In the six years of Harry Truman’s presidency for which the BEA has calculated quarterly GDP, the annual rate of growth in GDP in the first quarter averaged 4.5 percent.
During President Eisenhower’s eight years, it averaged 3.2 percent. During Kennedy’s three years, it averaged 4.9 percent. During Johnson’s five years, it averaged 8.3 percent. During Nixon’s six years, it averaged 5.3 percent. During Ford’s two years, it averaged 2.3 percent. During Carter’s four years, it average 2.4 percent. During Reagan’s eight years, it average 2.1 percent. During George H.W. Bush’s four years, it average 2.9 percent. During Clinton’s eight years, it averaged 2.6 percent. And during George W. Bush’s eight years, it averaged 1.7 percent.
When GDP declined at -1.5 percent in the first quarter of 2011—which was after the recession and two full years into Obama’s presidency—some blamed it at least partly on the weather.
“Some of the slowdown in growth was linked to bad weather in early 2011 and an 11.7 percent decline in defense spending,” said a Reuters story of May 27, 2011.
When real GDP declined at a rate of -2.1 percent in the first quarter of 2014, a May 30, 2014 New York Times story said: “Most economists on Wall Street and at the Federal Reserve blame a very cold winter for much of the slowdown.”
When real GDP declined at a rate of -0.7 percent in the first quarter of this year, the top paragraph of an Associated Press story said: “The U.S. economy shrank at a 0.7 percent annual rate in the first three months of the year, depressed by a severe winter and a widening trade deficit.”
Apparently, hard winters have only been around since Obama took office and severe winters never happened previously.  Why do such bad things happen to this poor slob.
But to put the Obama economy/legacy in perspective, this from the Kingman Daily Miner:
A year ago, Arizona was at 6.9 percent unemployment and the nation was at 6.2 percent.
Arizona added 2,200 nonfarm jobs in the month of April, significantly lower than the post-recession (2005-2014) average of 8,100 jobs, according to the report.
The majority of the gains were from government (1,900 jobs), with federal employment having the strongest gains (1,400 jobs). The private sector added just 300 jobs during the month. Seven of the 11 major employment sectors showed gains.
The largest number of jobs (4,200) was lost in trade, transportation and utilities. Losses of this magnitude in trade, transportation and utilities haven't been seen since April 2009.
If it weren't for the Federal government hiring 1400 workers in Arizona, which seems to be an awfully high number, the number of job gains in Arizona would have be in the negative numbers.
And so, is the country better off with the Obama economy?.
Hell no.

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