Econintersect publishes so much that is critical of government activities, this infographic can be considered as providing an opportunity for rebuttal. What do you think?
The great recession was the second worst economic downturn in U.S. History
– Dates of recession
– December 2007 to June 2009
– 1/3 of working Americans were unemployed at some point during the recession.[13]
– Over an 8 day period the DJI average fell 22% at the beginning of the recession. [14]
– $11.2 trillion in stock market losses recorded in the downward swing of the recession.[14]
– And Obama spearheaded the recovery.
– End of Bush’s Presidency Vs. Obama’s
– Dow Jones Industrial average:
– Bush:-58% (January 20th, 2009)[1]
– Obama:+90% (June, 2013)[2]
– Consumer Confidence:
– Bush:37.7 (all time low)(January 20th, 2009)[4]
– Obama: 81.5[3](current)
– Moving from an all time low in January, 2009 to an all time high in 2012.[10]
– % of GDP as deficit:
– Bush:8.3% (early 2009)[5]
– Obama: 3.7% (current) [6]
– Obama was able to largely solve the debt crisis through growth, not austerity.
– Unemployment rate:
– Bush: 7.8% (January 2009)[7]
– Obama:7.3% (Current)
– GDP per capita:
– Bush: $42,169 (january 2009)[9]
– Obama: $43,063 (Current)[8]
– Obama:By the end of Bush’s second term, the Dow Jones Industrial Average had declined 58%
– The second worst decline behind the great depression.
Obama and Reagan, Economic Superstars
– Both stimulus addicts
– Reagan: $2.3 trillion in stimulus (adjusted for inflation)
– Obama: $2.5 trillion in stimulus (2012)
– Opposite taxing strategies
– Reagan: Top tax rate 75% to 50%. All other tax rates -25%
– Obama: 20% tax increase of top two tax brackets.
– Quarterly growth averages
– Reagan: 7.1%
– Obama: 2.8%
– Obama’s recession, however, was larger. And it’s harder to grow a larger economy percentage wise.
– ———————
Obama’s economic policies seek to build a stable future for the middle class
– corporate governance
– The “Say on Pay” law ensures a non-binding vote for stockholders over how much corporate executives should be paid. [11]
– Increased mortgage fraud penalties, protection for low income house-buyers.
– Clean Energy
– The New Energy for America plan reduces U.S. oil consumption by 35% by 2030. By 2035, generate 85% of electricity from clean sources.
– Education
– Wants merit pay for teachers. To close 5,000 failing schools then reopen them with new teachers.
– Auto bailout
– The $80 billion in loans to General Motors and Chrysler paid off, bouncing the companies back from the edge of bankruptcy.[12]
– Healthcare
– The affordable care act extends medicare coverage, offers affordable coverage to middle class Americans, and places several restrictions on profiteering pharmacueticals.
– Minimum wage raise attempts
– Obama has proposed votes to raise the minimum wage several times. Stating that those who work at Walmart should make enough to shop there, to have healthcare, and to send their kids to college.
“Change does not come if we wait for some other person or some other time. We are the one’s we’ve been waiting for. We are the change that we seek.” Barack Obama
Citations
– http://www.washingtonpost.com/wp-dyn/content/article/2008/12/01/AR2008120101365.html
– http://www.cleveland.com/datacentral/index.ssf/2013/06/dow_jones_has_more_than_double.html
– http://www.advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php
– http://money.cnn.com/2009/01/27/news/economy/consumer_confidence/
– http://money.cnn.com/2009/01/07/news/economy/cbo_2009_budget_outlook/
– http://zeenews.india.com/business/news/economy/current-account-deficit-will-be-at-3-7-of-gdp-chidambaram_81817.html
– http://data.bls.gov/timeseries/LNS14000000
– http://www.tradingeconomics.com/united-states/gdp-per-capita
– http://www.multpl.com/us-real-gdp-per-capita/table/by-quarter
– http://www.tradingeconomics.com/united-states/consumer-confidence
– http://en.wikipedia.org/wiki/Economic_policy_of_Barack_Obama
– ttp://www.bostonglobe.com/news/politics/2012/10/29/barack-obama-bailout-auto-industry-looms-large-ohio-which-has-many-auto-jobs/UP7AmBAiWvKwXLKctgABcK/story.html
– http://www.mainstreet.com/article/moneyinvesting/news/scary-stats-about-recession?page=1
– http://www.huffingtonpost.com/2009/10/10/the-statistics-of-the-gre_n_316548.html
