“Saving the world economy from a Great Depression, that was pretty good.” – President Obama
Speaking of his legacy, successes and frustrations at a Youth Town Hall in London on April 23, 2016, the president boasted about his handling of the economy, among other issues and events, during his two terms in office despite miserable growth numbers.
(Graph courtesy powerofpam.com)
The Obama administration wants us to believe that one or two per cent growth is acceptable as they reported that the U.S. economy grew by just 0.5 percent in the first quarter. During his terms in office, growth has not exceeded 2.5 per cent.
While this performance has been the weakest economic expansion in the postwar era, the president insists, “we probably managed this better than any large economy on Earth in modern history.”
So, as the president wants us to accept this “next-to-no-growth” performance as the new normal, Hillary Clinton’s stated “if elected” progressive policies we’ll continue down this path.
GOP presidential candidate Ted Cruz has his sights on a minimum 5 percent growth year by cutting taxes, scaling back regulations on business and repealing ObamaCare for starters. “Cruz’s plan is better than Reagan’s,” according to Arthur Laffer. An optimistic prediction, yes, but better than accepting the current growth rate as the new normal.
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