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Obama's Economic Growth Record Is The Worst In 60 Years
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| Contributor | Scott³ |
| Last Edited | Scott³ Feb 14, 2013 06:21pm |
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| Category | News |
| Author | Jeffrey H. Anderson |
| News Date | Wednesday, February 13, 2013 12:00:00 AM UTC0:0 |
| Description | 
"0.8% — The Abysmal Rate of Economic Growth under Obama
President Obama's defense of his economic stewardship has effectively amounted to this: At least we no longer have the Bush-era economy. With an entire 4-year term in the books, it's now possible to confirm, and to lament, the essential truth of those words.
Prior to Obama, the second term of President Bush featured the weakest gains in the gross domestic product in some time, with average annual real (inflation-adjusted) GDP growth of just 1.9%. That's according to figures from the federal government's own Bureau of Economic Analysis (BEA).
Obama's first term, however, puts the paltry level of growth during Bush's second term in a newly favorable light. According to the BEA, average annual real GDP growth during Obama's first term was a woeful 0.8%.
To put Obama's mind-bogglingly low number in perspective, consider this: It was less than half the tally achieved during Bush's second term. It was barely a quarter of the tally achieved under President Carter.
It was the worst tally achieved during any presidential term in the past 60 years.
And here's the kicker: If it had been doubled (to 1.6%), it still would have been the worst tally in the past 60 years." |
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