Barack Obama: 'by every metric, economy is better' - False

[Socialist]

Barack Obama tells Jon Stewart the economy by every metric is better than when he took office PolitiFact
The economy is better for the rich..
Relevant:
"That unemployment rate is complete hogwash and everyone knows it. Many Americans are unemployed or underemployed. Do you understand that the unemployment rate only counts those who are currently receiving unemployment benefits? The labor participation rate is 62.9% at present, which means nearly 38% of working adults are not working in the legal market. I would also like to add that many new jobs are low quality, part-time service and retail industry jobs with low wages and minimal economic opportunity. The middle class is still in the process of being taken apart."

During his farewell visit to Jon Stewart’sDaily Show, President Barack Obama took a bit of a victory lap.

At one point in the extended interview posted online, Obama said, "Here's the thing I can say, Jon. I can say this unequivocally: The VA is better now than when I came into office; government works better than when I came into office; the economy, by every metric, is better than when I came into office."

It was the last of those claims -- that "the economy, by every metric, is better than when I came into office" -- that caught our attention. That’s a pretty strong statement. Is it correct?

Statistics that support Obama’s claim

Three common economic statistics that are widely considered important are gross domestic product, unemployment rate and employment level. And looking just at these three measurements, Obama has a strong record in office.

• Gross domestic product per capita. Inflation adjusted GDP per capita -- that is, all economic activity in the United States divided by the number of U.S. residents -- has increased from $47,002 in 2009 to $54,630 in 2014, an increase of 16 percent since Obama took office.

• Unemployment rate. In January 2009, the unemployment rate was 7.8 percent. After peaking at 10 percent in October 2009, the rate fell to 5.3 percent by June 2015. That’s a drop in unemployment of almost one-third since Obama’s inauguration, and it’s been mirrored in drops among African-Americans and Latinos.

• Employment level. In January 2009, total nonfarm employment in the United States stood just shy of 134 million. By February 2010, employment had fallen to 129.6 million, but by June 2015 it had rebounded to 141.8 million. That’s an increase in jobs of almost 6 percent from the start of Obama’s term.

Where things haven’t gone so well for Obama

While Obama has some statistics to point to, it is wrong to say that "the economy, by every metric, is better than when I came into office."

We found several important measurements that went in the wrong direction during Obama’s tenure.

• Real median weekly earnings. Between the first quarter of 2009 and the first quarter of 2015, inflation-adjusted weekly earnings for full-time wage and salary workers fell from $348 to $344, a decline of about 1 percent. Comparing the second quarter of 2009 and the second quarter of 2015, weekly earnings fell from $342 to $337, a decline of about 1.4 percent.

• Median income. Inflation-adjusted median household income, according to the U.S. Census Bureau, fell from $54,059 in 2009 to $51,939 in 2013 -- a decline of about 4 percent. (Depending on how you adjust these raw numbers for taxes and in-kind income, inflation-adjusted income per person may have gone up a bit rather than shrinking.)

• Percent of people in poverty. The data show that 13.2 percent of Americans were living in poverty in March 2009. By March 2014, that percentage had risen to 14.5 percent. That was down slightly from what it was in the previous three years, but not enough to match the 2009 level.

• Median weeks unemployed. In January 2009, the median number of weeks an unemployed person was unemployed was 10.7. By June 2015, that number had risen to 11.3 weeks. (The peak of 25.2 weeks came in June 2010.)

• Civilian labor force participation rate. This is the percentage of people either working or looking for work, divided by the civilian, noninstitutionalized population. In January 2009, this stood at 65.7 percent, but by June 2015, it had fallen to 62.6 percent. The caution here is that this statistic has been affected by the increasing rate of retirements due to the aging of the Baby Boomers. However, most economists say that the weak recovery has played at least some role in this decline.

• Number of people on food stamps. The number of recipients has risen from 33.5 million in 2009 to 46.5 million in 2014, an increase of 39 percent. What is hard to say is how much comes from expanded accessibility rules and how much comes from rising economic need.

 

[edthecynic]

Do you understand that the unemployment rate only counts those who are currently receiving unemployment benefits?

Do you understand just how stupid that makes you look?

March 01, 2012
RUSH: To put it bluntly, dumb people are too dumb to know it." It's a blessing! You know, the worst thing would be to be dumb and to know it -- and there's evidence all over that the dumb do not know they're dumb.

 

[SuperDemocrat]

No Obama says otherwise and anything he says is true even when it is not.

 

[pinqy]

"That unemployment rate is complete hogwash and everyone knows it. Many Americans are unemployed or underemployed. Do you understand that the unemployment rate only counts those who are currently receiving unemployment benefits?

That has never ever been true. The UE rate has never ever been based on UE benefits and eligibility or receipt has never ever been part of the definition.

 

[rightwinger]

Barack Obama tells Jon Stewart the economy by every metric is better than when he took office PolitiFact
The economy is better for the rich..
Relevant:
"That unemployment rate is complete hogwash and everyone knows it. Many Americans are unemployed or underemployed. Do you understand that the unemployment rate only counts those who are currently receiving unemployment benefits? The labor participation rate is 62.9% at present, which means nearly 38% of working adults are not working in the legal market. I would also like to add that many new jobs are low quality, part-time service and retail industry jobs with low wages and minimal economic opportunity. The middle class is still in the process of being taken apart."

During his farewell visit to Jon Stewart’sDaily Show, President Barack Obama took a bit of a victory lap.

At one point in the extended interview posted online, Obama said, "Here's the thing I can say, Jon. I can say this unequivocally: The VA is better now than when I came into office; government works better than when I came into office; the economy, by every metric, is better than when I came into office."

It was the last of those claims -- that "the economy, by every metric, is better than when I came into office" -- that caught our attention. That’s a pretty strong statement. Is it correct?

Statistics that support Obama’s claim

Three common economic statistics that are widely considered important are gross domestic product, unemployment rate and employment level. And looking just at these three measurements, Obama has a strong record in office.

• Gross domestic product per capita. Inflation adjusted GDP per capita -- that is, all economic activity in the United States divided by the number of U.S. residents -- has increased from $47,002 in 2009 to $54,630 in 2014, an increase of 16 percent since Obama took office.

• Unemployment rate. In January 2009, the unemployment rate was 7.8 percent. After peaking at 10 percent in October 2009, the rate fell to 5.3 percent by June 2015. That’s a drop in unemployment of almost one-third since Obama’s inauguration, and it’s been mirrored in drops among African-Americans and Latinos.

• Employment level. In January 2009, total nonfarm employment in the United States stood just shy of 134 million. By February 2010, employment had fallen to 129.6 million, but by June 2015 it had rebounded to 141.8 million. That’s an increase in jobs of almost 6 percent from the start of Obama’s term.

Where things haven’t gone so well for Obama

While Obama has some statistics to point to, it is wrong to say that "the economy, by every metric, is better than when I came into office."

We found several important measurements that went in the wrong direction during Obama’s tenure.

• Real median weekly earnings. Between the first quarter of 2009 and the first quarter of 2015, inflation-adjusted weekly earnings for full-time wage and salary workers fell from $348 to $344, a decline of about 1 percent. Comparing the second quarter of 2009 and the second quarter of 2015, weekly earnings fell from $342 to $337, a decline of about 1.4 percent.

• Median income. Inflation-adjusted median household income, according to the U.S. Census Bureau, fell from $54,059 in 2009 to $51,939 in 2013 -- a decline of about 4 percent. (Depending on how you adjust these raw numbers for taxes and in-kind income, inflation-adjusted income per person may have gone up a bit rather than shrinking.)

• Percent of people in poverty. The data show that 13.2 percent of Americans were living in poverty in March 2009. By March 2014, that percentage had risen to 14.5 percent. That was down slightly from what it was in the previous three years, but not enough to match the 2009 level.

• Median weeks unemployed. In January 2009, the median number of weeks an unemployed person was unemployed was 10.7. By June 2015, that number had risen to 11.3 weeks. (The peak of 25.2 weeks came in June 2010.)

• Civilian labor force participation rate. This is the percentage of people either working or looking for work, divided by the civilian, noninstitutionalized population. In January 2009, this stood at 65.7 percent, but by June 2015, it had fallen to 62.6 percent. The caution here is that this statistic has been affected by the increasing rate of retirements due to the aging of the Baby Boomers. However, most economists say that the weak recovery has played at least some role in this decline.

• Number of people on food stamps. The number of recipients has risen from 33.5 million in 2009 to 46.5 million in 2014, an increase of 39 percent. What is hard to say is how much comes from expanded accessibility rules and how much comes from rising economic need.

No question we have to work on our distribution of wealth to make sure more trickles down

 

[CrusaderFrank]

Obama done wonders for his 1% backers

 

[CowboyTed]

I will agree with OP Obama has not overseen economic by every metric but has seen it by the main indicators.

But the other stats are knock on effects of the main indicators.

Obama has stopped them declining but they haven't recovered yet.

So yes he was wrong to say 'every' but he could have said the main indicators.

I know the RW are over joyed with actually finding Obama said something that wasn't fully true but look at you own guys, GOP candidates and leaders have a hopeless record in Poltifact, Trump has still to credited with an actual true statement.

 

[CrusaderFrank]

Well if you include most people ever out of the labor force and biggest debt ever, then yeah Obama's the One

 

[pinqy]

Well if you include most people ever out of the labor force and biggest debt ever, then yeah Obama's the One

It's most people in the labor force ever as well.

 

[LeftofLeft]

If a guy has been laid off, salary cut, healthcare increased, or any combination over the last 8 years, metrics really become a matter of "whose metrics" and who are the winners in this economy? I'll bet that the losers in this economy have been the Middle Class; in particular, the Upper Middle Class. It is the upper middle class who are not necessarily wealthy, rich, or 1 percenters but are high annual income earners who have been demonized.

 

[The Rabbi]

The Obama recovery is the worst recovery on record. Average growth about 2%, compared with Reagan's 6%. Even GW Bush's economy performed better than Obama's.
Those are simple facts, ones the Left will try to shout down.

 

[TooTall]

I will agree with OP Obama has not overseen economic by every metric but has seen it by the main indicators.

But the other stats are knock on effects of the main indicators.

Obama has stopped them declining but they haven't recovered yet.

So yes he was wrong to say 'every' but he could have said the main indicators.

I know the RW are over joyed with actually finding Obama said something that wasn't fully true but look at you own guys, GOP candidates and leaders have a hopeless record in Poltifact, Trump has still to credited with an actual true statement.

Good job Obama.

"Wages and salaries, which account for 70 percent of employment costs, rose 0.2 percent in the second quarter, also the smallest increase on record. They had increased 0.7 percent in the first quarter."

 

[nuhuh]

The Obama recovery is the worst recovery on record. Average growth about 2%, compared with Reagan's 6%. Even GW Bush's economy performed better than Obama's.
Those are simple facts, ones the Left will try to shout down.

I guess you forgot that Bush basically handed Obama the keys to a burning house. We came within inches of a financial calamity almost worse than the great depression and Republicans think Rome can be rebuilt in a day. Why is it that Republicans expect Obama to clean up the mess they made in less time than they took to fuck it up in the first place?

 

[The Rabbi]

The Obama recovery is the worst recovery on record. Average growth about 2%, compared with Reagan's 6%. Even GW Bush's economy performed better than Obama's.
Those are simple facts, ones the Left will try to shout down.

I guess you forgot that Bush basically handed Obama the keys to a burning house. We came within inches of a financial calamity almost worse than the great depression and Republicans think Rome can be rebuilt in a day. Why is it that Republicans expect Obama to clean up the mess they made in less time than they took to fuck it up in the first place?

LOL! Yes Bush was so stupid he duped Democrats into voting for the Iraq War and passing bad legislation that tanked the economy.
Obama is so smart he can't find a way to fix it.
Go with that. Elsewhere.

 

[nuhuh]

The Obama recovery is the worst recovery on record. Average growth about 2%, compared with Reagan's 6%. Even GW Bush's economy performed better than Obama's.
Those are simple facts, ones the Left will try to shout down.

I guess you forgot that Bush basically handed Obama the keys to a burning house. We came within inches of a financial calamity almost worse than the great depression and Republicans think Rome can be rebuilt in a day. Why is it that Republicans expect Obama to clean up the mess they made in less time than they took to fuck it up in the first place?

LOL! Yes Bush was so stupid he duped Democrats into voting for the Iraq War and passing bad legislation that tanked the economy.
Obama is so smart he can't find a way to fix it.
Go with that. Elsewhere.

The CIA convinced politicians that their faulty intelligence was authentic in the late 90's. Bush and his push to convince others to support a war was flawed and it came in 2001 and later.
Obama has another 15 months of an expanding economy to go. Why don't we meet here then and let's see who gets served crow?

 

[rightwinger]

Economy is better? Better than what?

Better than when we were losing 700,000 jobs a month? Better than when we had five quarters negative GDP?, Better than when housing crashed and the market dropped 7000 points? Better than when the banks were folding?

Yea.....looks better to me

 

[The Rabbi]

Economy is better? Better than what?

Better than when we were losing 700,000 jobs a month? Better than when we had five quarters negative GDP?, Better than when housing crashed and the market dropped 7000 points? Better than when the banks were folding?

Yea.....looks better to me

The economy isnt better today than it was the day Obama took office, for most people. I guess its better for the welfare class of cheats like you.

 

[rightwinger]

Economy is better? Better than what?

Better than when we were losing 700,000 jobs a month? Better than when we had five quarters negative GDP?, Better than when housing crashed and the market dropped 7000 points? Better than when the banks were folding?

Yea.....looks better to me

The economy isnt better today than it was the day Obama took office, for most people. I guess its better for the welfare class of cheats like you.

You are correct.....I am much better financially under Obama than I was under Bush

Higher pay, Retirement fund has tripled, real estate worth more,bought a second house under Obama

 

[The Rabbi]

Economy is better? Better than what?

Better than when we were losing 700,000 jobs a month? Better than when we had five quarters negative GDP?, Better than when housing crashed and the market dropped 7000 points? Better than when the banks were folding?

Yea.....looks better to me

The economy isnt better today than it was the day Obama took office, for most people. I guess its better for the welfare class of cheats like you.

You are correct.....I am much better financially under Obama than I was under Bush

Higher pay, Retirement fund has tripled, real estate worth more,bought a second house under Obama

Sure. Kewl story, bro.
Meanwhile the average American is struggling with stagnant wages and increasing costs for things like health insurance and food.
Growth under Bush was far better than it has been under Obama.

 

[Oldstyle]

The Obama recovery is the worst recovery on record. Average growth about 2%, compared with Reagan's 6%. Even GW Bush's economy performed better than Obama's.
Those are simple facts, ones the Left will try to shout down.

I guess you forgot that Bush basically handed Obama the keys to a burning house. We came within inches of a financial calamity almost worse than the great depression and Republicans think Rome can be rebuilt in a day. Why is it that Republicans expect Obama to clean up the mess they made in less time than they took to fuck it up in the first place?

Ah, it's been almost seven YEARS, Sparky! Barack Obama has led the worst recovery from a recession in modern recorded American history.

Tell me what Barack Obama's economic plan has been to fix the economy for the past five years and I'll give you a cookie. The truth is that he hasn't had one since Larry Summers quit. I'll bet you any amount of money that you don't have the faintest idea who Barack Obama's Chief Economic Adviser is right now without having to Google it. You know WHY you don't know that despite the economy being the number one concern of Americans since Obama took office? It's because Barry gave up even trying to fix the economy a long time ago. He gives the issue lip service with calls for infrastructure spending but that's about it. He hasn't had a visible plan to stimulate the economy in years. We do Quantitative Easing to pump up the stock market and that's it.