The last economic figures from the Obama administration are here and according to the numbers, the “economic miracle” from the past 8 years can be best described as a miracle that we’re not in a recession just yet.
The Commerce Department released last week on Thursday its 3rd revision for United States’ 4th quarter GDP and the number is a puny 2.1 percent.
That means the Gross Domestic Product growth in President “A new Hope” Barack Obama’s final year landed with a big flop at just 1.6%.
Compared to post World War 2 presidents, Barack Obama’s presidency won “the worst” award in terms of GDP-economic growth.
Long story short, the coolest president in US history was actually horrible for economic growth, not to mention that he managed to double the US debt during his 2 terms in office.
Let’s compare Barack’s presidency with Harry Truman’s, the first of the 13 post War World 2 US presidents, a guy who had the “chance” to enter the White House in the aftermath of the biggest global conflagration, during which the US economy shrunk with 11,6%, a 4x economic contraction compared to any other year since. Well, even Harry Truman scored better than Barack in terms of economic growth.
Harry Truman who was also a Democrat did not benefit from the advantage of a zero percent interest rate policy from the FED, yet he can brag with 8.7% of GDP growth in 1950 and 8% in 1951.
Obama finished his 2 terms mandate as POTUS with an average GDP growth rate of 1.6%. Compare this figure with Truman’s post war 1.7% average, Kennedy’s 4.3%, G.W. Bush’s 2.1%, Nixon’s 2.8% or Johnson’s 5.3%.
Despite the fact that Barack Hussein Obama had 8 years for enacting a solid, full growth policy, compared to some of his predecessors who only had one term (like Carter or George H.W. Bush),he managed to score as one of the worst presidents in US history in terms of economics.
Barack Obama’s failed economic policies resulted in 95 million Americans without work, a staggering $20 trillion in US debt, and more Americans on Food Stamps than ever before.
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