Judging Obama's Handling of the Budget and the Economy Fairly

Discussion in 'Politics' started by mikegriffith1, Jul 6, 2018.

  1. mikegriffith1
    Offline

    mikegriffith1 Mike Griffith

    Joined:
    Oct 23, 2012
    Messages:
    3,530
    Thanks Received:
    1,153
    Trophy Points:
    335
    Location:
    Virginia
    Ratings:
    +4,504
    Obama's handling of the budget and the economy was not as bad as most conservatives believe it was, and it is not as good as most liberals claim it was. Some points:

    * True, Obama jacked up spending in his first year, but he actually imposed a net cut on spending the following year (2010), before sequestration was even debated, and he held spending to virtually flat-lined levels through 2015 (US Federal Spending Analysis - Charts Tables History). Yes, the spending restraint from 2012 through 2015 was because of the sequester, but Obama agreed to the sequester--he could have vetoed it, but he did not.

    * In connection with the above, Obama increased the national debt by a much smaller percentage than Bush did. Bush increased the debt by 101%. Obama increased it by 68%, one-third less than Bush.

    * During Obama's 8 years, 17 million new jobs were created, a 12.8% increase, which far surpasses Bush's record on job creation (Which President Created the Most Jobs?).

    * Under Obama, we had 74 consecutive months of job growth, from October 2010 to December 2016 (Bureau of Labor Statistics Data).

    * The biggest chunk of Obama's much-maligned stimulus packet was devoted to tax cuts. Of the $787 billion, $288 billion was for tax cuts. Another $275 billion was for job creation via federal contracts, grants, and loans.

    * Obama signed numerous tax-cut measures, both for individuals and for small businesses. He also made most of the Bush tax cuts permanent, against the advice of many liberal economists. Some of his other tax cuts included the following:

    In 2010, President Obama signed an $858 billion tax cut deal. It extended the Bush tax cuts through 2012 and unemployment benefits through 2011. It cut payroll taxes by 2 percent, adding $120 million to workers' spendable income. It extended a college tuition tax credit. It also included $55 billion in industry-specific tax cuts. (https://www.thebalance.com/obama-tax-cuts-3306330; see also https://obamawhitehouse.archives.gov/issues/taxes;
    (https://www.cnbc.com/id/49261153; Obama Proposes Extending Small Business Tax Cuts Permanently | Andersen CPA Firm)​

    * A typical family making $50,000 a year received tax cuts totaling $3,600 in President Obama’s first term, more if they were putting a child through college.

    * Improvements to the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), enacted in 2009 under Obama and later made permanent provided roughly 16 million working families a year with a tax cut of about $900 on average.

    * The 2015 budget deal lifted the sequester's caps but it also contained well over $600 billion in tax cuts/tax breaks and lifted the ban on oil exports.

    Of course, there were some black marks. We actually lost manufacturing jobs under Obama, although the loss was relatively small--we went from 12,561,000 manufacturing jobs in January 2009 to 12,369,000 in January 2017. Another problem was that the stock market's growth was somewhat weak. Over-regulation was a drag on many business sectors. A sizable number of the new jobs that were created were modest-income jobs and part-time jobs, but the majority were good jobs. The U-6 rate, aka the "real unemployment rate," stayed unusually high for most of Obama's presidency. Obamacare caused many companies to change full-time positions to part-time positions to avoid having to offer health insurance.

    On balance, Obama did a better of dealing with the budget and the economy than most conservatives give him credit for.
     
    • Thank You! Thank You! x 5
    • Informative Informative x 4
    • Funny Funny x 2
    • Agree Agree x 1
    Last edited: Jul 6, 2018
  2. BluesLegend
    Online

    BluesLegend Diamond Member

    Joined:
    Sep 7, 2014
    Messages:
    34,120
    Thanks Received:
    5,951
    Trophy Points:
    1,510
    Location:
    Trump's Army
    Ratings:
    +38,596
    Obama funneled taxpayer money off to his pals in the Dem party who then donated some of it back to their campaigns. His corruption is a stain on our great country.
     
    • Agree Agree x 7
    • Funny Funny x 4
    • Winner Winner x 3
    • Thank You! Thank You! x 2
  3. JakeStarkey
    Offline

    JakeStarkey BANNED Supporting Member

    Joined:
    Aug 10, 2009
    Messages:
    166,426
    Thanks Received:
    14,930
    Trophy Points:
    2,165
    Ratings:
    +51,084
    Well, if that were true, yabut . . .
     
  4. whitehall
    Offline

    whitehall Platinum Member

    Joined:
    Dec 28, 2010
    Messages:
    37,153
    Thanks Received:
    6,316
    Trophy Points:
    1,140
    Location:
    Western Va.
    Ratings:
    +21,673
    It could be said that the economy had nowhere to go but up after the debacle of 2008 when democrat Barney Frank who had oversight responsibility for Fannie Mae let it collapse on his watch. Obama's micro managing of the economy and silly programs like "cash for clunkers" elicited little confidence from the public sector and when Obama came out and claimed that "corporations were the enemy" it was met with stagnation. The GDP never even came close to 3% during Hussein's 8 years while the administration bragged about how many people applied for food stamps and Black employment sank to dismal levels. Meanwhile the administration seemed to encourage Black violence against the government and the Police as a relief for unemployment. If you wanted to play poker with a high roller, Obama would be the perfect patsy. So many foreign governments conned him out of resources that the Iran deal has become the symbol of corruption.
     
    • Winner Winner x 10
    • Thank You! Thank You! x 1
    • Agree Agree x 1
    • Funny Funny x 1
  5. beagle9
    Offline

    beagle9 Gold Member

    Joined:
    Nov 28, 2011
    Messages:
    17,748
    Thanks Received:
    1,802
    Trophy Points:
    280
    Ratings:
    +8,482
    Yes, what is missing is his leanings in it all, and who actually benefitted from his actions and who didn't. It's very clear what Obama's vision was, and he proved it in so many ways.

    The nation on whole rejected Obama's agenda, and it did so because it left to many out. Hillary paid for this when she was rejected in the election because mainstream America had gotten it's belly full of the bullcrap.
     
    • Agree Agree x 4
    • Winner Winner x 2
  6. Aldo Raine
    Offline

    Aldo Raine Gold Member

    Joined:
    Aug 8, 2017
    Messages:
    3,872
    Thanks Received:
    340
    Trophy Points:
    140
    Location:
    Akron, Ohio
    Ratings:
    +1,919

    Fair analysis, not a huge O fan he was to much of a corporate where for me. But the guy was dropped into a bad situation that was deteriorating quickly and he made moves to make things prolong. Yes he could have done a sight better but imagine if Booooosh had inherited that mess?
     
  7. mikegriffith1
    Offline

    mikegriffith1 Mike Griffith

    Joined:
    Oct 23, 2012
    Messages:
    3,530
    Thanks Received:
    1,153
    Trophy Points:
    335
    Location:
    Virginia
    Ratings:
    +4,504
    I agree with most of what you say. However, I would note that Obama quietly allowed the suicidal Sarbanes-Oxley mark-to-market regulation, which played a major role in causing the 2008 recession, to be gutted.

    The modest GDP growth was a symptom of the over-regulation that characterized Obama's presidency.
     
    • Agree Agree x 1
    • Winner Winner x 1
  8. Ray From Cleveland
    Offline

    Ray From Cleveland Diamond Member

    Joined:
    Aug 16, 2015
    Messages:
    37,869
    Thanks Received:
    5,739
    Trophy Points:
    1,240
    Ratings:
    +27,270
    If one is to credit any politician, one must point to actions taken to achieve such results. I didn't see that under DumBama.

    For most of it, he happened to be at the right place at the right time. Spending? That's a congressional issue more than a presidential one. Economy? That had to do with the fed reserve pumping fake money into the market. I don't know if I can credit Obama with that one. And if the economy was doing so great, why did the interest rate remain 0% or near 0% throughout most of his two terms? That didn't start going up until after the lowering price of fuel which again, DumBama had nothing to do with. Lower cost fuel was the result of our success in Fracking which Obama and the Democrats have always hated. Everybody in America got a raise because of it. More money in our pockets means more spending.

    Yes, I am a bias blogger, but I'll give anybody credit when credit is deserved. Somebody show me direct actions that caused direct results under DumBama. For instance now the left is claiming our economical success is because of Obama. What? It's a year and a half later. I can point to actions taken by Trump and the Republicans to give them credit today. Lowering taxes, rescinding regulations on businesses, getting rid of Commie Care are just a few things that encouraged growth in corporations and industry.
     
    • Agree Agree x 3
  9. mikegriffith1
    Offline

    mikegriffith1 Mike Griffith

    Joined:
    Oct 23, 2012
    Messages:
    3,530
    Thanks Received:
    1,153
    Trophy Points:
    335
    Location:
    Virginia
    Ratings:
    +4,504
    I can't go along with much of this. Obama imposed a net cut in federal spending in 2010, before sequestration was even discussed. He increased the debt by 33% less than Bush did. He signed a number of tax cuts, including $288 billion in tax cuts as part of the stimulus. Furthermore, against the advice of most liberal economists, he extended and then made permanent nearly all of the Bush tax cuts. And, he agreed to the 2015 budget deal, which protected $680 billion in tax cuts/breaks, ended the ban on oil exports, and increased the number of enterprise zones around the country.
     
    • Thank You! Thank You! x 1
  10. Nova78
    Offline

    Nova78 Gold Member

    Joined:
    Dec 19, 2011
    Messages:
    2,541
    Thanks Received:
    342
    Trophy Points:
    130
    Location:
    Colorado
    Ratings:
    +1,070
    less.jpg 97d4ed3faaee4d4487383ca8d2951646.jpg debt_email.jpg
     
    • Winner Winner x 3
    • Thank You! Thank You! x 2
    • Agree Agree x 1
    • Funny Funny x 1

Share This Page