How many times do economists have to say something before people believe it’s true? Despite the GOP’s relentless attacks, President Obama’s economic policies are working. How else can you explain the strength of the labor market — 248,000 jobs added in September or a 5.9 percent national unemployment rate — the lowest since July of 2008?
There is additional good news: The Congressional Budget Office reports the deficit is now only 3 percent of GDP, down from nearly 10 percent at the end of George Bush’s administration — with projections for it to be only 2 percent by 2015 (before Obama leaves office). America’s ‘debt problem’ seems largely solved, and almost all due to growth rather than slash and burn economic policies.
{mosads}If these indicators aren’t enough, look how the markets have performed. Despite some recent sell-offs, investors should be pleased because all across the board, the DJIA, NASDAQ and S&P traded at near record highs or better all summer long.
And Obamacare? Wasn’t it supposed to bring the U.S. economy to its knees? Here’s what Pulitzer Prize winning business writer Michael Hiltzik recently said:
“Another stake in the heart of a popular anti-Obamacare claim has arrived from the Kaiser Family Foundation, which compiled the projected premium changes for 2015 in 15 states and the District of Columbia.
Its finding is that premiums for the lowest-cost, most popular individual health plans will be dropping for next year, by a nationwide average of .08%. Now that insurers have been able to see what their competitors are charging … they are making strategic adjustments in how they price.
That’s just one of several indicators recently released that demonstrate that the Affordable Care Act is working as planned and that the parade of horribles so deeply relished by its opponents hasn’t materialized.”
When Obama took office five years ago, 800,000 people per month were losing their jobs. Contrary to what free-market economists were saying at the time, the new president understood that adding millions of auto workers to the unemployment lines simply was not an option.
Since taking office, the administration has racked up 55 straight months of job creation. Last month, when it was “only” 54 months in a row, Vice President Biden noted, “That’s the longest streak of uninterrupted job growth in U.S. history.” Granted Biden may be prejudiced; however, facts are facts. I ask you, shouldn’t this record of accomplishment be widely reported?
Considering how fragile the economy was when he assumed office, compared to its health and vitality today, it’s time Republicans admit the obvious: Barack Obama could go down as one of this country’s greatest presidents.
Freidenrich writes from Laguna Beach, California. He served as a congressional staff assistant on Capitol Hill in 1972.