Yesterday's GDP Report Confirms Our Commentary on Obama's Economic Record
In this week's Liberty Update, we highlight the falsity of the persistent claim that Barack Obama somehow prevented a great depression:
[T]he federal government's own economic data shows that Obama actually inherited an emerging recovery. The American economy was already rebounding before he even officially became president. What he has done is impose policies that have resulted in the slowest decade of economic growth in recorded U.S. history."
Yesterday's official report on first-quarter 2016 economic performance provided same-day confirmation. More specifically, the U.S. Commerce Department announced that gross domestic product (GDP), the basic metric by which the economy is measured and by which recessions and recoveries are defined, grew at a disturbing 0.5%. Not only is that…[more]
"Saving the economy from a great depression."
That was Barack Obama's response when asked by Fox News Sunday host Chris Wallace to identify his "biggest accomplishment."
In Obama's defense, it's not as though he enjoys a Reaganesque litany of accomplishments from which to choose - winning the Cold War, reversing a decade of economic stagnation, restoring America's sense of pride and optimism, etc. With no significant part of the world better off today than when Obama entered office, any "accomplishment" he selected was going to be a stretch. …
"Puerto Rico's fiscal woes are approaching a boiling point. With more than $70 billion in outstanding debt, the territory has come to Congress, hat in hand, asking for help. There are prudent ways to address the problem, and there are short-term patches that will only make the problem worse in the long run. A bailout, like those we saw for Wall Street and the auto companies in the wake of the financial…[more]