So tell me, what part of the economy did President Obama fail to fix?

This part:

Image for post
Image for post

Annual GDP under Obama has fallen into a lower orbit than it was under the Bush years, which (if I were inclined to extend the graph) you would see had fallen into a lower orbit than they were in under the Clinton years.

This matters. The current economic growth is insufficient to support the projected population growth over time. We at least need to return to a non-recession average of 3% economic growth to support workers entering the workforce; if we do not, then over time, we will have to pay for that failure with our standard of living. (Individuals not in the upper income quintile have been paying for it for some time, it should be said. Mean real hourly wage in the US peaked in 1974, and has been declining, albeit in a volatile fashion, ever since.)

The nonrecession average under BUsh was 2.7% growth; under Obama, 2.0%. Therein lies the problem.

Admittedly, this is a level of macro above what you are personally experiencing in your own business.

But, you asked. :-)

Written by

Data Driven Econophile. Muslim, USA born. Been “woke” 2x: 1st, when I realized the world isn’t fair; 2nd, when I realized the “woke” people are full of shit.

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