Posts Tagged ‘recession

17
Feb
17

He Inherited A Mess But Left Behind A Bounty

17
Sep
15

How President Obama Turned A Great Recession Into A Growing Economy

Furman5

****

Jason Furman: 5 Indicators That Show We Turned A Depression-Like Shock into A Six-Year Expansion

Seven years ago, Lehman Brothers filed for bankruptcy, setting in motion the worst financial crisis since the Great Depression. Over the course of just a few months after taking office, President Obama worked to shore up the U.S. financial system, rescue the auto industry, and pass a Recovery Act and more than a dozen subsequent fiscal measures that provided vital support to families and businesses. Since the crisis, the President has taken continued steps–including Wall Street reform–to strengthen our economy and protect against future downturns.

Furman4

Our businesses have now created 13.1 million jobs over 66 straight months–the longest streak on record. The pace of job growth over the last three years has not been exceeded since 2000. The unemployment rate has fallen further and faster than economic forecasters predicted. Private domestic final purchases (a combination of the largest and most stable components of GDP) contracted as sharply at the start of the Great Recession as during the start of the Great Depression. But while economic output continued to contract for years into the 1930s, our economy returned to growth in 2009, as both personal consumption and business investment started to grow again.

More here

****

19
Jul
15

A Well Earned Thank You

Obama CIC

****

Dick Meyer: Mr. President, On Behalf Of An Ungrateful Nation, Thank You

I’ve never written a column like this. Readers rarely believe it, but I am not on any political team. Generosity toward the high and mighty isn’t among my few virtues. But this needs to be said: Americans are lucky to have Barack Obama as president and we should wake up and appreciate it while we can. President Obama will go down in history as an extraordinary president, probably a great one. He will have done this in era that doesn’t aggrandize leaders and presidents, but shrinks them. All presidents have had profound opposition, vicious enemies and colossal failures. A few were beloved and others deeply respected in their day, but none in the modern era and certainly not Obama.

Obama This Guy

One can hate Democrats, disagree with Obama on big issues, dislike his style or be disappointed the excitement of his election didn’t last. But his accomplishments, ambitious goals, dignity and honesty under tough circumstances demand admiration and appreciation. 1. The Iran deal: Time will reveal if the deal worked, not today’s talking/tweeting heads. What cannot be in dispute is this was a momentous initiative, a gutsy political risk, a diplomatic success and, potentially, a giant step in defusing a long-ticking time bomb. 2. Obamacare: In the midst of the worst economy since the Great Depression, Obama delivered one of the most important domestic programs since the New Deal. Only LBJ’s Great Society laws compare. Obamacare has survived two challenges in the Supreme Court and constant, kabuki-style congressional votes to repeal. It’s now off life support. Key goals are being met. It will evolve and improve. One day it will be taken for granted and people will say, “Keep the government out of my Obamacare.”

More here

****

****

****

****

13
Jan
15

The U.S. Economy Keeps Progressing. Thanks, President Obama

Obama Progress

****

Rich Miller: U.S. Retakes The Helm Of The Global Economy

The U.S. is back in the driver’s seat of the global economy after 15 years of watching China and emerging markets take the lead. The world’s biggest economy will expand by 3.2 percent or more this year, its best performance since at least 2005, as an improving job market leads to stepped-up consumer spending, according to economists at JPMorgan Chase & Co., Deutsche Bank AG and BNP Paribas SA. That outcome would be about what each foresees for the world economy as a whole and would be the first time since 1999 that America hasn’t lagged behind global growth, based on data from the International Monetary Fund. About 3 million more Americans found work in 2014, the most in 15 years and a sign companies are optimistic U.S. demand will persist even as overseas markets struggle.

B67pbfWCAAAjVF5.jpg-large

The U.S. is breaking away from the rest of the world partly because it has had more success working off the debt-driven excesses that helped precipitate the worst recession since the Great Depression. “The progress has been far greater in the U.S.,” Glenn Hubbard, dean of the Columbia Business School in New York and a former chief White House economist, told the American Economic Association annual conference in Boston on Jan. 3. The U.S. has pulled ahead of other industrial nations partly because its policy-making has been better, according to Paul Mortimer-Lee, chief economist for North America at BNP Paribas in New York. U.S. budget policy also has been more effective than the euro region’s austerity strategy, which undercut the continent’s economy, Mortimer-Lee added.

More here

****

****

****

06
Oct
14

The American Economy Is Growing? You Can Thank President Obama

Obama GOP

****

Bloomberg: Corporate U.S. Healthiest In Decades Under Obama With Lower Debt

Steve Wynn, founder of the Wynn Resorts Ltd. (WYNN) casino empire, once called President Barack Obama’s administration “the greatest wet blanket to business and progress and job creation in my lifetime.” Barry Sternlicht, chief executive officer of Starwood Property Trust Inc. (STWD), said Obamacare was driving down wage growth and “affecting spending and the desire to buy houses and everything else.” Corporate and economic statistics almost six years into his administration paint a different picture. Companies in the Standard & Poor’s 500 (SPX) Index are the healthiest in decades, with the lowest net debt to earnings ratio in at least 24 years, $3.59 trillion in cash and marketable securities, and record earnings per share. They are headed this year toward the fastest average monthly job creation since 1999, manufacturing is recovering and the U.S. has returned as an engine for global growth. The recovery, which stands in contrast to weak growth in Europe and Asia, has underpinned an almost threefold gain in the Standard & Poor’s 500 Index since March 2009.

“The U.S. is leading the way — we’re the only major economy with accelerating growth,” said Mark Zandi, chief economist in West Chester, Pennsylvania, for Moody’s Analytics Inc. and a registered Democrat who has advised both the Obama administration and Senator John McCain, a Republican. “Obama deserves some credit for that, but he probably won’t get it.” Barring any major disruptions, the economy is setting up for Obama to leave office on a high note, said Douglas Brinkley, a presidential historian and professor at Rice University in Houston. “History will eventually show that Obama inherited the Great Recession and resuscitated the economy,” Brinkley said in an interview. One example is General Motors Co. (GM), which last week regained its investment-grade debt rating from Standard & Poor’s only five years after the government-backed bankruptcy. Obama’s $49.5 billion bailout of the automaker in exchange for taxpayers owning 61 percent of the company kept it from being liquidated, an outcome that could have crippled parts suppliers and economies throughout most of 50 states, not just the Midwest. In the broader economy, consumers are buying again and homebuilding is increasing. The unemployment rate has declined to 6.1 percent, the lowest since 2008. The economy expanded at a 4.6 percent annualized rate in April through June. Obama’s 2010 health-care program will hold down consumer prices for years to come as millions of Americans obtain coverage, BNP Paribas SA and Credit Suisse Group AG said. The “Medicare cost miracle” resulted at least in part from Obama’s Patient Protection and Affordable Care Act, Nobel-Prize winning economist Paul Krugman wrote in a Sept. 1 New York times article.

More here

****

9.26.14

****

Steve Benen: Economic Growth Improves To Eight-Year High

The preliminary figures on second-quarter GDP looked good; the revised tally looked better; and the final report looks even better still. The U.S. economy grew at a 4.6% annual pace in the second quarter, matching the best performance since the recession ended in mid-2009. The increase in real gross domestic product was revised up from 4.2%, mainly because of higher exports and business investment, the Commerce Department said Friday. Americans also spent more on health care, but the gain was offset by lower spending on other services. Economists polled by MarketWatch had predicted GDP would be revised up to a seasonally adjusted 4.7%. Consumer spending, the main source of economic activity, was unchanged at 2.5% growth. The biggest gains came in business investment, a good sign for the economy in the months ahead. To provide some additional context, 4.6% growth is tied for the best quarter since the start of the Great Recession.

More here

****

****

****

****

16
Jun
11

“62% said he inherited the mess”

President Obama is joined by Tennessee Gov. Bill Haslam and Memphis Mayor A.C. Wharton for a meeting with first responders, volunteers and Memphis area families impacted by flooding in Memphis, May 16

Steve Benen: Dave Weigel noted in passing yesterday that President Obama’s approval rating, while down from the bump it received in May, “still seems insanely high considering how unhappy voters are about the economy.” ….we would expect it to be much lower given public anger and frustration … yet, the president’s support remains in the high 40s. There are competing explanations for this, but something in the NBC/WSJ poll stood out for me. Respondents were asked a good question:

“How responsible is President Obama and his administration’s policies for the country’s current economic conditions?”

Just 10% said Obama is “solely responsible,” and 24% said he’s “mainly responsible.” Nearly half the country (48%) believes the president is “only somewhat responsible,” while 16% consider him not responsible for economic conditions at all….

In contrast, the same poll asked how responsible George W. Bush is for the economy. Nearly half the country (47%) believe Bush is either mainly or solely responsible, well more than blame Obama…

…..people are frustrated and pessimistic, but they don’t necessarily see President Obama as the culprit. Indeed, the poll asked, “When you think about the current economic conditions, do you feel that this is a situation that Barack Obama has inherited or is this a situation his policies are mostly responsible for?” A large 62% majority said he inherited the mess.

Full post here




@POTUS

@BarackObama

@WhiteHouse

@FLOTUS

@MichelleObama

@PeteSouza

Enter your email address to receive notifications of new posts by email.

@TheObamaDiary

@NerdyWonka

RSS Obama White House.gov

  • An error has occurred; the feed is probably down. Try again later.

RSS WH Tumblr

  • An error has occurred; the feed is probably down. Try again later.

Categories

Archives

Blog Stats

  • 39,369,419 hits
September 2017
M T W T F S S
« Aug    
 123
45678910
11121314151617
18192021222324
252627282930