FactCheck.org released President Obama’s final numbers for his administration. They’re worth noting in full:
The fact-checking outfit admitted that more tweaks could be forthcoming. It does a respectable job qualifying that Obama came into office in a big hole: This means improvement would both be relatively easy due to market cycles and how the economy during his administration under-performed other presidents dealt similarly lousy hands:
“By the time Obama left office, the jobless rate was down to 4.8 percent — well below the historical norm of 5.6 percent (the median rate for all the months since Truman’s inauguration in January 1949).
But getting down to that point was a long, slow grind. So slow that over all of Obama’s 96 months in office, the median jobless rate was 7.7 percent — the highest for any administration since the end of World War II.
FactCheck.org also notes both the demographic headwinds in the way of the unemployment rate (such as more women entering the labor force) as well as high retirement rates. It all adds up to a labor force participation rate that plummeted from 65.7 percent to 62.9 percent.
The bottom line is that with the escalation of the public debt by 128% and the national debt growing over $9 trillion under his administration, President Obama did not accrue this debt alone; both a Democratic and Republican-controlled House and Senate checked off on the rampant spending.
Overall, the Obama presidency dealt with financial and economic disaster with a vast increase in government spending. The economy took an inordinate amount of time recovering; beyond the superficially glossy numbers, the nation is still recovering in many ways from the terrible economy Obama inherited coming into office.
Source: Conservative Daily