President Barack Obama has now been in office for five years, and his approval rating is in the relatively low mid-40s range. Only about 40 percent of Americans approve of the way he has handled the economy. Despite these low numbers, almost every economic indicator has greatly improved over his presidency, and he has objectively done a great job of managing the economy. There seems to be a disconnect between public perception and the cold hard facts. Perhaps he is being blamed for long-term problems that admittedly require a long-term fix, such as the evaporation of America’s manufacturing base and the decline of wages as a percent of gross domestic product. These problems, however, are not new, and while he should attempt to remedy them, he should not be blamed for something that has been happening for 30 years. The truth is he has improved the economy and I for one, am glad that Obama’s economic policies have been guiding this nation for the past five years.
This economy is still not where it needs to be, but it is getting there. We must remember that in the immediate run up to Obama’s presidency we suffered the worst economic crisis since the Great Depression. The stock market lost over half of its value, unemployment doubled and GDP shrunk by about 9 percent in three months. We cannot expect to come out of such a crisis quickly. The world economy took a hard hit, and Obama’s policies have gone a long way toward digging ourselves out of this deep hole.
The stock market hit its low point in March 2009, before Obama’s policies had taken effect. Since that point, the stock market has more than doubled in value and soared to record highs. In March of 2009, the Dow was trading at about 6,500. Today it is closer to 16,500. Similarly, unemployment did not peak until Obama had been in office for about a year. This is natural as unemployment is a trailing indicator. It peaked at 10.8 percent in early 2010. Today it is down to 6.7 percent, the first time it has been below 7 percent since the start of the crisis. The Obama administration’s economy has created about seven million jobs since the 2010 peak, and six million since the start of his presidency. GDP has also grown to almost $17 trillion, up from its recession low of about $14.25 trillion.
This economy still needs work, but Obama is doing the best he can and it is working. His policies have made our economy stronger. I don’t understand why the general public doesn’t get that. Basic facts must be looked at.
Do you agree with Spencer? Has Obama done a good job with the economy? Please send all feedback to opinion@dailycardinal.com.
