Friday, May 4, 2012

It's the Economy, Stupid

President Obama's Economic Report Card

I, for one, believe Congress is more responsible for what happens with the economy (see Clinton v Gingrich), however, Presidents like to take credit, so lets give them the blame too. 


Unemployment December 2008  7.2% 
Unemployment March 2012  8.2%


Unemployment was low for most of the 8 years preceding the President, with historical lows.  Bush's second term ended with an extremely sharp increase to 7.2%.  The President can not be blamed for what he inherited, but unemployment has been setting all kinds of records, such as number of months (38) above 8%, and the average unemployment length of +40 weeks.  That is what you will get when you pay unemployment benefits for up to 99 weeks.

National Debt 2008 $10 Trillion 
National Debt 2011 $15.6 Trillion


I've read the Left's debating of these numbers, but the facts are the facts - you can't continue to blame Bush, you have to take responsibility. "Doesn't get along well with others."

Government Spending 2008  $2.9 Trillion 
Government Spending 2011 $3.8 Trillion (Requested)


F- is as low as we go, sorry.  Again, the Left can bring up spending under Bush or even Reagan, and all I can say is - they are not running for President again.  I don't think the President studied his Vocabulary Words, because he totally missed "Fiscal Responsibility".

Government Revenue 2008  $2.6 Trillion 
Government Revenue 2011  $2.56 Trillion (Requested)


He could have done much worse.  The country does not have a revenue problem, it has a spending problem.  The President clearly does not want more revenue, if he did, he would lower tax rates on activity - but he simply doesn't get it.  "Lacks attention in class!"

Inflation 2008  .1% (anomaly)
Inflation 2011  3%


Unfortunately for us, with interest rates at record lows, and the Fed printing money like it grows on trees (it is mostly cotton, which does not grow on trees) there is danger looming here.  The President actually wants some prices to go up, so I would add "Needs Improvement."

Stock Market (DJIA) December 2008  $8700
Stock Market (DJIA) December 2011  $12217


There is no way I can give him a lower grade.  The growth has been slow and steady, and while we always want it higher, we want consistency.  Even with the President blaming Wall Street, greed, and "speculators," at every turn, (while taking huge campaign contributions from them), volatility has been acceptable...but look for a reaction to the 2012 election, and then hold on...

Overall, I would not let the President move forward...but wait, I DO NOT WANT HIM TO REPEAT, so let's just all agree, he can join the Club of Former Presidents, and 'move on'...


Woodsterman (Odie) said...

He had the opportunity to fix the problem by letting business right the ship. He really blew it and business is too uncertain about the future. They're keeping their money on the sidelines.

LL said...

By allowing banks to borrow at 0% and lend at 5%, the stock market has been able to hold its own.

However, there are a few other things that should be on your rating - the problems he's had dealing with oil, the green energy scams, the gun control scandal (Fast and Furious) and so forth show a pattern of irresponsible leadership.

And where is the mainstream when you need them? Bo, the presidential dog is missing and the Obamas enjoy a fricassee of hound. It isn't that hard to connect the dots...