(2 mths ago)
These Are The 9 Zero Hedge Charts Showing "Obama's Recovery" That Angered The Washington Post
As regular readers know, one of our favorite chartpacks to show "Obama's recovery" is the one below, presented most recently just two days ago during Obama's now almost weekly televised sermon of how the economy is great and anyone who disagrees is "peddling fiction", which using simple Bloomerg data, summarize recent changes in key economic indicators including soaring federal debt and government dependency via food stamp use, surging healthcare costs and social inequality, plunging homeownership, income, and labor force participation, and - of course - driving it all, none of the president's or Congress' actions, but the Fed's balance sheet, something even major banks admit is better known as "printing money" - money that ends up blowing one after another asset bubble unable to finds its way into the broader economy - a stigma that is now gone in a world in which helicopter money is seriously considered by lunatics in power.
To be sure, the charts do not in any way imply that Obama started any of these disastrous trends (with a few exceptions); they do however make it very clear that more than 7 years under president Obama, these same trends have not changed.
This means that while Obama may have inherited a bad economy, contrary to the endless propaganda, the economy has only gotten worse.
One needs only to go on a very short drive through any of the neighborhoods of Obama's native Chicago to get a clear realization of this sad fact (while wearing a bulletproof vest).
(2 mths ago)
In Obama's Final Jobs report, A Record 95.1 Million People Were Not In The Labor Force
As it began so it will finish.
Putting the exclamation point on a trend that has marked Obama's entire presidency, in the final Obama jobs report, the BLS announced that the total number of people not in the labor force grew once more, rising by 18,000 in December, and a whopping 841,000 in the past three months, to a new all time high of 95.102 million Americans no longer in the workforce.
This meant that the perennial bogeyman of the Trump administration, the collapsing labor force participation rate, remained flat near 35 year lows, risint fractionally from last month to 62.7% as a result of 152.111 million people employed in a civilian non-institutional population of 254.742 million.
(2 mths ago)
Top Ex-White House Economist Admits 94% Of All New Jobs Under Obama Were Part-Time
It’s true not just because of the sad realities such as that «Top Ex-White House Economist Admits 94 % Of All New Jobs Under Obama Were Part-Time» — or, as the economists Alan Krueger and Lawrence Katz wrote in the original of that study: «94 percent of the net employment growth in the U.S. economy from 2005 to 2015 appears to have occurred in alternative work arrangements». («Alternative work arrangements» referred there to Americans who were involuntarily working only part-time jobs — they simply couldn’t find full-time, though that’s what they wanted.) In other words: Obama’s failure isn’t just because of America’s increasingly sales-clerk, and burger-flipping, workforce.
(2 mths ago)
The Big Lie: 5.6% Unemployment | Gallup
Here's something that many Americans -- including some of the smartest and most educated among us -- don't know: The official unemployment rate, as reported by the U.S. Department of Labor, is extremely misleading.
Right now, we're hearing much celebrating from the media, the White House and Wall Street about how unemployment is "down" to 5.6%. The cheerleading for this number is deafening. The media loves a comeback story, the White House wants to score political points and Wall Street would like you to stay in the market.
None of them will tell you this: If you, a family member or anyone is unemployed and has subsequently given up on finding a job -- if you are so hopelessly out of work that you've stopped looking over the past four weeks -- the Department of Labor doesn't count you as unemployed. That's right. While you are as unemployed as one can possibly be, and tragically may never find work again, you are not counted in the figure we see relentlessly in the news -- currently 5.6%. Right now, as many as 30 million Americans are either out of work or severely underemployed. Trust me, the vast majority of them aren't throwing parties to toast "falling" unemployment.
There's another reason why the official rate is misleading. Say you're an out-of-work engineer or healthcare worker or construction worker or retail manager: If you perform a minimum of one hour of work in a week and are paid at least $20 -- maybe someone pays you to mow their lawn -- you're not officially counted as unemployed in the much-reported 5.6%. Few Americans know this.
Yet another figure of importance that doesn't get much press: those working part time but wanting full-time work. If you have a degree in chemistry or math and are working 10 hours part time because it is all you can find -- in other words, you are severely underemployed -- the government doesn't count you in the 5.6%. Few Americans know this.
There's no other way to say this. The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.
And it's a lie that has consequences, because the great American dream is to have a good job, and in recent years, America has failed to deliver that dream more than it has at any time in recent memory. A good job is an individual's primary identity, their very self-worth, their dignity -- it establishes the relationship they have with their friends, community and country. When we fail to deliver a good job that fits a citizen's talents, training and experience, we are failing the great American dream.
Gallup defines a good job as 30+ hours per week for an organization that provides a regular paycheck. Right now, the U.S. is delivering at a staggeringly low rate of 44%, which is the number of full-time jobs as a percent of the adult population, 18 years and older. We need that to be 50% and a bare minimum of 10 million new, good jobs to replenish America's middle class.
I hear all the time that "unemployment is greatly reduced, but the people aren't feeling it." When the media, talking heads, the White House and Wall Street start reporting the truth -- the percent of Americans in good jobs; jobs that are full time and real -- then we will quit wondering why Americans aren't "feeling" something that doesn't remotely reflect the reality in their lives. And we will also quit wondering what hollowed out the middle class.
Jim Clifton is Chairman and CEO at Gallup.
(2 mths ago)
Debt Surge Producing Fake Recovery
What do the following headlines have in common?
US wages grow at fastest pace since 2009
Euro area economy ended year with strongest growth since 2011
Surge in home prices is beating the one in mortgage rates
Manufacturing in U.S. Expands at Fastest Pace in Two Years
German Inflation welcomed back
Obviously they’re all favorable, with the possible exception of German inflation – though even that is “welcome”. Taken together they paint a picture of a global economy that’s finally returning to the kind of solid growth and steady, positive inflation that most people consider both normal and good.
Unfortunately, the reason for the improvement is emphatically not good: In 2016 the world borrowed a huge amount of money and spent the proceeds. The result is “growth,” but not sustainable growth.
Federal Debt in FY 2016 Jumped $1.4 Trillion, or $12,036 Per Household
(CNSNews.com) – In fiscal 2016, which ended on Friday, the federal debt increased $1,422,827,047,452.46, according to data released today by the U.S. Treasury.
At the close of business on Sept. 30, 2015, the last day of fiscal 2015, the federal debt was $18,150,617,666,484.33, according to the Treasury. By the close of business on Sept. 30, 2016, the last day of fiscal 2016, it had climbed to $19,573,444,713,936.79.
According to the Census Bureau’s latest estimate, there were 118,215,000 households in the United States as of June. That means that the one-year increase in the federal debt of $1,422,827,047,452.46 in fiscal 2016 equaled about $12,036 per household.
The total federal debt of $19,573,444,713,936.79 now equals about $165,575 per household.
Corporates Lead Surge To Record $6.6 Trillion Debt Issuance
(The News PK) – Global debt sales reached a record this year, led by companies gorging on cheap borrowing costs.
The bond rally that dominated the first half of the year helped entice borrowers that issued debt via banks to take on just over $6.6tn, according to data provider Dealogic, breaking the previous annual record set in 2006.
Companies accounted for more than half of the $6.62tn of debt issued, underlining the extent to which negative interest rate policies adopted by the European Central Bank and the Bank of Japan, as well as a cautious Federal Reserve, encouraged the corporate world to increase its leverage.
Corporate bond sales climbed 8 per cent year on year to $3.6tn, led by blockbuster $10bn-plus deals to finance large mergers and acquisitions.
The remaining debt included sovereign bonds sold through bank syndication, US and international agencies, mortgage-backed securities and covered bonds. The figures exclude sovereign debt sold at regular auction.
“The low cost of financing with record-low interest rates simply made building up leverage tempting,” said Scott Mather, chief investment officer for core fixed income at Pimco.
Total global debt tops 325 pct of GDP as government debt jumps: IIF
(Reuters) – Global debt levels rose to more than 325 percent of the world’s gross domestic product last year as government debt rose sharply, a report from the Institute for International Finance showed on Wednesday.
The IIF’s report found that global debt had risen more than $11 trillion in the first nine months of 2016 to more than $217 trillion. The report also found that general government debt accounted for nearly half of the total increase.
Emerging market debt rose substantially, as government bond and syndicated loan issuance in 2016 grew to almost three times its 2015 level. China accounted for the lion’s share of the new debt, providing $710 million of the total $855 billion in new issuance during the year, the IIF reported.
To sum up: Emerging market borrowing in 2016 was triple the year-earlier level. Corporate borrowing was the highest since 2006. And the US somehow managed to add another $trillion of government debt in the late stages of a recovery, when tax revenues are usually strong enough to shrink or eliminate deficits.
Since every penny of that new debt was presumably spent, it should come as no surprise that the latest batch of headline growth numbers have been impressive. Which is the basic problem with debt-driven growth: The good stuff happens right away while the bad stuff evolves over time – in the form of higher interest costs that depress future growth – making it hard to figure out what caused what.
That’s bad for regular people who have to live through the resulting slow-down or crisis. But it’s fine for the people who made the borrowing decisions because they get credit for the growth pop but won’t be around – having retired with huge pensions and high prestige – before the secondary effects really kick in.
This time, however, the cause-and-effect dynamic is being accelerated by a spiking dollar and rising interest rates, both of which raise the cost of debts that are denominated in dollars and/or have to be refinanced in the year ahead. So the mother of all financial crises that has been inevitable for a couple of decades has, thanks to all this new debt, taken a giant step towards “imminent.”
(2 mths ago)
Barack Obama started with a Nobel Peace Prize and is ending his presidency with the Pentagon's Distinguished Public Service Medal.
Sounds about right for a president who bombed 7 nations and became the first in U.S. history to be at war every single day of his eight year administration.
So how many bombs did Obama drop in 2016 alone?..
As you know, I'm not a fan of Zero Hedge (too much cherry picking data to match viewpoints rather than objective analysis) but this time they have absolutely nailed it.
And all without digging into the number of people killed by the US military under his tenure.
And the really scary things .... he's one of the most popular presidents' in US history!
Thanks for posting.
(2 mths ago)
Zero Hedge certainly publishes a great deal of hype --- and I ignore the majority of the articles posted on that site --- but they do hit the nail on the head at times.
I decided to publish those articles after someone vehemently insisted that Obama was leaving behind a stellar economic record....
Clearly the economy has worsened dramatically during his administration.
At the end of the day I do not see these results as his fault --- there is nothing that anyone can do about the situation --- literally trillions of stimulus has been thrown at the economy since he took office --- but increasingly the stimulus pushes on a string.
Trump may throw trillions more at the economy (infrastructure spending?) which might move the needle a little for awhile --- but I cannot see how he can 'make America great again'
Job Losses, Debt and Obamacare = Failed Presidency
Hannity: Obama hiding the truth about his failed presidency
Almost 3,000 new environmental regulations
The US cannot afford all that + 10-20 million Illegal Immigrants draining social benefits
Hey, the wealth that can be extracted from "white men's wallets" does not stretch that far !
"he's one of the most popular presidents' in US history!"
Laura Ingraham puts that popularity, and Obama's political savvy into perspective
Laura Ingraham rips President Obama's farewell address
At Obama's first inauguration "they were able to conjure up hope...
unwarranted as it turns out"
The Bullsh/tter-in-Chief (Obama) sells his (bogus) "achievements" one last time
Starting at 6 minutes
Tucker Carlson Tonight / Fox News / January 10, 2017
Published on Jan 10, 2017
It amazes me how popular he is after serving the country so poorly, and never ever having worked for ALL the people.
Thank goodness, he said the right thing about wanting "a peaceful transition"
(2 mths ago)
Obama Expands Surveillance Powers on His Way Out
With mere days left before President-elect Donald Trump takes the White House, President Barack Obama’s administration just finalized rules to make it easier for the nation’s intelligence agencies to share unfiltered information about innocent people.
New rules issued by the Obama administration under Executive Order 12333 will let the NSA—which collects information under that authority with little oversight, transparency, or concern for privacy—share the raw streams of communications it intercepts directly with agencies including the FBI, the DEA, and the Department of Homeland Security, according to a report today by the New York Times.
That’s a huge and troubling shift in the way those intelligence agencies receive information collected by the NSA. Domestic agencies like the FBI are subject to more privacy protections, including warrant requirements. Previously, the NSA shared data with these agencies only after it had screened the data, filtering out unnecessary personal information, including about innocent people whose communications were swept up the NSA’s massive surveillance operations.
(2 mths ago)
(2 mths ago)
Obama's Biggest Lies
“We signed into law the biggest middle-class tax cut in history”
This 2011 claim was not based on a dollar figure but on dubious math — that supposedly 95 percent of working families received some kind of tax cut under the Making Work Pay provision in Obama’s stimulus bill. John F. Kennedy actually wins the prize for biggest tax cut, at least in the last half-century. By the same measure, the income tax provisions of George W. Bush tax cuts were more than twice as large as Obama’s tax cut over the same three-year time span. (While a large portion of Bush’s tax cut went to the wealthy, it also benefited the working poor.)
“90 percent of the budget deficit is due to George W. Bush’s policies”
During the 2012 campaign, Obama repeatedly reminded voters that he became president during a grim economic crisis. But he went too far when he claimed that only 10 percent of the federal deficit was due to his own policies. About half of the deficit stemmed from the recession and forecasting errors, but a large chunk (44 percent in 2011) were the result of Obama’s actions. At another point, Obama also falsely suggested that the Bush tax cuts led to the Great Recession.
“If you like your health-care plan, you can keep it”
This memorable promise by Obama backfired on him in 2013 when the Affordable Care Act went into effect and at least 2 million Americans started receiving cancellation notices. As we explained, part of the reason for so many cancellations is because of an unusually early (March 23, 2010) cutoff date for grandfathering plans — and because of tight regulations written by the administration. So the uproar could be pinned directly on the administration’s own actions.
“The Capitol Hill janitors just got a pay cut”
President Obama offered an evocative image at a 2013 news conference when the sequester spending cuts struck the federal budget — janitors sweeping the empty halls of the Capitol, laboring for less pay. But it turned out that he was completely wrong. Janitorial staff did not face a pay cut — and Capitol Hill administrative officials even issued a statement saying the president’s remarks were “not true.” Then the White House tried to argue that janitors at least faced a loss of overtime. That was not correct either. The episode was emblematic of the administration’s overheated rhetoric during the sequester debate.
“The day after Benghazi happened, I acknowledged that this was an act of terrorism”
Obama did refer to an “act of terror” in the immediate aftermath of the 2012 Benghazi attacks, but in vague terms, wrapped in a patriotic fervor. He never affirmatively stated that the American ambassador died because of an “act of terror.” Then, over a period of two weeks, given three opportunities in interviews to affirmatively agree that the Benghazi attack was a terrorist attack, the president obfuscated or ducked the question. So this was a case of taking revisionist history too far for political reasons.
“I didn’t call the Islamic State a ‘JV’ team”
In 2014, Obama repeated a claim, crafted by the White House communications team, that he was not “specifically” referring to the Islamic State terror group when he dismissed the militants who had taken over Fallujah as a “JV squad.” But The Fact Checker obtained the previously unreleased transcript of the president’s interview with the New Yorker, and it’s clear that’s who the president was referencing.
“Republicans have filibustered 500 pieces of legislation”
Obama, a former senator, got quite a few things wrong in this 2014 claim. He spoke of legislation that would help the middle class, but he was counting cloture votes that mostly involved judicial and executive branch nominations. Moreover, he counted all the way back to 2007, meaning he even included votes in which he, as senator, voted against ending debate — the very thing he decried in his remarks. At best, he could claim the Republicans had blocked about 50 bills, meaning he was off by a factor of 10.
“The Keystone pipeline is for oil that bypasses the United States”
Long before Obama killed the Keystone pipeline project in 2015, he made a number of dubious claims about it, including that the pipeline would have no benefit for American producers at all. But the crude oil would have traveled to the Gulf Coast, where it would be refined into products such as motor gasoline and diesel fuel; the State Department said odds were low that all would be exported. Also, about 12 percent of the pipeline’s capacity had been set aside for crude from North Dakota and Montana.
“We have fired a whole bunch of people who are in charge of these [VA] facilities”
Obama in 2016 misled the public about the number of people held accountable for the 2014 scandal over manipulated wait-time data at the Department of Veterans Affairs, which contributed to patient deaths. Congress responded by passing a law that sped up disciplinary actions for senior executive service employees. But when Obama made his statement in September, only one senior executive had been removed for a case involving wait time (though the actual firing was for an ethics violation).
(2 mths ago)
Summing up 8 years of Barack Obama
It’s hard to argue with Barack Obama’s jump shot. I can’t imagine Rutherford B. Hayes having that kind of game.
Or his swagger. Comedic timing. Even charisma.
And there have been plenty of times over the last eight years when, in all seriousness, those qualities have truly mattered.
I can’t imagine anyone not getting goose bumps when President Obama sang Amazing Grace during the eulogy of Reverend Clementa Pinckney in 2015 after the horrific church shooting in Charleston.
During his presidency he had thrust upon him the impossible task of consoling an entire nation over and over again. Personality truly mattered.
But tangible, productive results are an entirely different story, and that’s what I want to examine today.
I’ve read a number of articles this week which glowingly praise President Obama’s accomplishments. Others offer scathing critiques.
Most tend to focus on the Affordable Care Act (ACA), i.e. Obamacare, suggesting that reforming healthcare is one of his most important legacies.
There are undoubtedly millions of people who now have medical insurance that never had insurance before.
And that is certainly a noble accomplishment.
The problem is that focusing on this single metric is a terrible premise.
Millions of people are no longer uninsured. Check. But that’s where their thinking stops.
What’s the overall quality in the system? What’s the cost?
Those metrics are conveniently overlooked.
Not even two months ago, the Obama administration was forced to publicly acknowledge that healthcare premiums will rise by an average of 25% in just a single year under Obamacare.
Plus, many consumers will only have a single option to choose from as a number of major insurance companies scale back insurance policies they offer.
The administration also admitted last year that overall healthcare spending continues to rise, surpassing $10,000 per person for the first time ever.
Then there’s a question of quality and efficiency.
In 2016, a Johns Hopkins study concluded that the number of preventable medical errors has soared in recent years and is now the third leading cause of death in the United States.
Obviously no one can blame Barack Obama for this trend.
But that’s precisely the point: it’s impossible for any program to be successful when the way you define success is so fundamentally flawed.
Obamacare focuses on one thing: coverage. Are more people insured? Yes. And in their mind, that makes it successful.
But anyone who looks at the big picture will reach an entirely different conclusion.
Premiums rose. Overall spending increased. Quality didn’t improve. Americans aren’t getting healthier.
(Not to mention the matter of that $2 billion website…)
However noble the intentions, it’s hard to consider these results a major success worthy of an enduring legacy.
Then there’s the issue of jobs. President Obama has been credited with ‘creating’ more than 11.3 million jobs.
This entire premise, of course, is total nonsense.
It’s not like the President starts businesses and hires people. The only jobs the President creates are in government.
It’s the private sector that create jobs.
And for a guy who once told entrepreneurs, “you didn’t build that,” (referring to their businesses), he sure is quick to take credit for 11.3 million jobs created.
But OK, let’s play along and give him credit: creating 11.3 million jobs is a very noble accomplishment.
Once again, however, this metric for success is flawed.
What’s the quality of those jobs? At what cost?
Total “goods-producing” jobs, i.e. workers who make stuff, actually declined under the Obama presidency.
Manufacturing jobs, construction jobs… even utilities and media jobs… all fell over the last eight years.
Bear in mind that the US was already at the peak of recession when President Obama took office, with unemployment surging.
Yet today, goods-producing jobs are even below those dismal figures from 2009.
So what jobs were created?
A good chunk of them are in healthcare, which sort of highlights the earlier point that Americans aren’t getting healthier since they need even more workers to care for them.
Additionally there were a lot of jobs created in the federal government.
Plus a full 2 million of those new jobs have been waiters and bartenders.
At the beginning of the Obama presidency in 2009, there were 9.5 million waiters and bartenders in the United States.
Today there’s 11.5 million waiters and bartenders.
So it’s not like all these millions of workers who supposedly owe their jobs to President Obama are out there discovering the cure for cancer.
Then you have to look at cost.
Despite these 11.3 million new jobs, the number of food stamp recipients in the Land of the Free Lunch increased by 13.9 million during the Obama administration.
Plus, during his 8-years in office, the Obama administration spent a record $28.7 TRILLION and registered a $10 trillion increase in the national debt.
This means that every job President Obama supposedly created cost the American taxpayer $885,000 in debt. Per job.
This is a pretty pitiful return on investment.
And that’s really the bottom line. Debt lasts.
One day his Supreme Court justices will retire. Obamacare may be repealed. History will forget about his charisma and charm.
Edward Snowden may eventually return home. The 500,000+ pages of regulations his administration issued will be replaced.
And even the families of all the innocent victims who were accidentally killed in his drone strikes may move on with their lives.
But the debt will still be there.
Consider this: in the last two weeks alone, the Treasury Department has auctioned off tens of billions of dollars worth of debt in the form of 30-year bonds.
This means that a child who won’t even be born until 2030 will have some high school summer job in late 2046, and an increasing chunk of his income will be taxed to pay off the debt that Treasury Department borrowed a few days ago.
That’s a legacy which outlasts everything else.
(2 mths ago)
(2 mths ago)
Only a brain dead would make such a list, or post such a list.
(2 mths ago)
You find fault with the list?
(60 days ago)
Ah - I see what you are saying ... Yes the graphic is wrong!
It fails to mention Syria .... another country that Obama has wrecked.
Obama 7 - Bush 4
I bet that Obama would qualify for the Guinness Book of World Records ... 7 wars at one time! This is truly magnificent!
And to top it off - he has a Nobel Peace Price to sweeten the pot.
I think it will be difficult for Trump to beat Obama --- that said --- he could keep those 7 going --- and whack a new country....
Maybe Ethiopia? Why not.... easy to get his PR people to make up an excuse ...
Then he can take to Twiat-er and Twat - Ethiopia - you are fired
(58 days ago)
Obama Averages 47.9% Job Approval as President
(57 days ago)
The Obama Administration Bails Out Private Equity Landlords at the Expense of the Middle Class: Government Guarantees for Rental Securitization
So how much did Blackstone promise to give to the Obama library for this huge grift, um, parting gift?
As regular readers may recall, private equity firms piled into buying foreclosed single family homes on the belief that if the government (in this case, Fannie and Freddie) was selling, they wanted to be buying. And they also convinced themselves that technology would somehow allow them to manage geographically dispersed single family homes, which is inherently a hand-on business, more efficiently than mom-and-pop or small scale operators, many of whom had a cost advantage by having some of the principals provide services (as in doing their own plumbing and electrical, so effectively “buying” those services at wholesale prices).
The most disciplined operators did well by getting in early and buying only very discounted properties, so that they had a good cash on cash return on the rentals. It would be attractive for them to hold long term, which would also give them lots of latitude regarding an exit. The lack of time pressure would mean they could sell the homes individually, even through “rent to own” deals with the higher credit quality tenants.
But many of the early entrants kept on buying long after prices were bargain basement, and it was clear due to the press reports of widespread mis-management and tenant abuses that they were cutting corners on maintenance due to having underestimated costs and complexity. Any real estate manager will tell you that running down the asset is foolhardly.
The logical time to start to exit was 2014, but the private equity property owners were whacked by the Bernanke taper tantrum. The most straightforward exit was to turn the properties and the management compan into a REIT, but only a couple of deals got done before that window closed.
The next strategy was rental securitization, which we regarded as a terrible idea given the awful track record of mortgage servicing, and that a rental securitization involved much more in the way of moving parts that mortgage servicing. Again, a few transactions got out the door, but the market foundered after a Blackstone securitization saw a big drop in rental income in the quarter immediately following the public offering.
So in its waning hours, the Obama Administration gave a completely unjustified bailout to private equity landlords, that Fannie Mae is guaranteeing the income of all but the bottom tranches of Blackstone’s latest rental securitization.
Let us stress that there is absolutely no policy justification for this. The mission of the government sponsored agencies is to promote home ownership, not to give real estate speculators a “get out of losses or underwhelming returns for free” card. Even worse, rather than forcing the private equity industry to take some well-deserved lumps for miscalculation, it will encourage them to continue to compete with lower-income prospective homeowners for purchasing properties.
That means it will be even more difficult for young people to buy homes. Lambert has pointed out repeatedly in his stats wrap in Water Cooler that real estate markets are suffering from a shortage of homes. Having private equity continue to be on the prowl for lower priced properties that they know they can unload from an economic perspective means that the pauperization of the middle class is now official policy.
Even though this guarantee clearly had to have been worked out during the Obama Administration, Blackstone did not make it public until it updated its filing with the SEC this week. It looks an awful lot like the timing was designed to make sure that the disclosure came after the new Trump team was in charge, meaning Obama would be unlikely to face the criticism he deserves, and the Trump Administration would be certain to let the deal stand.
(55 days ago)
Barack Obama Is Now The Only President In History To Never Have A Year Of 3% GDP Growth
Following today's extremely disappointing US GDP growth data, we have the final nail in the coffin of President Obama's economic reign. Not only is the average annual growth rate of just 1.48% during Obama's business cycle the weakest of any expansion since at least 1949, he has just become the only President to have not had even one year of 3% GDP growth.
An average annual GDP growth of 1.48% during Obama's two terms...