As of now, I am in control here, in the White House

Obama Whines About Lack of “Credit” for Economy as it Tanks

Okay, Mr. President. At White House Dossier, you get all the credit.

We’re basically within an accounting error of a recession, and President Obama is front and center on the New York Times website Thursday grumbling that he is not getting credit for fixing the economy. The economy, in the first quarter of 2016, grew at an annualized rate of 0.5 percent, following a 1.4 percent increase the last quarter of 2015.

The Wall Street Journal notes, “U.S. corporate profits are set to decline for the third straight quarter, the longest and broadest slide in earnings since the financial crisis.”

Yes, Mr. President, you fixed us. You fixed us good.

Obama rainbow

Obama, of course, thinks the reason he is not getting “traction” for his excellent stewardship of the economy is the same as the reason for all of his problems: Republicans and their politicization of everything.

From the Times piece:

There are, of course, many reasons so few Americans seem to be celebrating. “How people feel about the economy,” Obama told me, giving one part of his own theory, is influenced by “what they hear.” He went on: “And if you have a political party — in this case, the Republicans — that denies any progress and is constantly channeling to their base, which is sizable, say, 40 percent of the population, that things are terrible all the time, then people will start absorbing that.”

Alas, by any conceivable measure – or by any relevant measure – things are terrible. Obama has the worst economic growth record of any post-war president – ALL OF THEM – with an average GDP increase each quarter of around 1.7 percent. More people are out of the workforce than at any time in the last 40 years, helping account for the low unemployment rate, since those not looking for work aren’t counted as unemployed. Median income hasn’t risen, and the poverty rate is at the same level it was before Lyndon Johnson’s Great Society socialism kicked in.

And yet Obama and the New York Times collaborate on a serious article about why he isn’t getting enough credit. Go figure.

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22 Responses to Obama Whines About Lack of “Credit” for Economy as it Tanks

  1. It’s so frustrating that this delusional man still has any credibility left. Guaranteed Facebook will be filled with these great memes about how wonderful Obama is and the economy, cause if the NYT said it “it must be true!” Meanwhile my husband has been out of work since December and there are slim pickings in manufacturing jobs. Good thing our retirement fund is going gangbusters since we may have to live off it earlier than we expected. Thanks Obama! Forced leisure for us!

  2. What exactly does he claim that HE did to make such a prosperous economy?
    Thousands of coal miners out of work, a million more shunted out of the factory by illegal aliens, employers cutting full time worker’s hours to avoid Obamacare penalties, and it goes on.
    Maybe things look really good over there in DC with a million plus government workers heading to their jobs and the Wall Street bunch is happy, but that’s about it.
    Things are not good her in fly over country, not good at all.

  3. So, according to Obama, the bad news is a hounding error. Maybe his news is arriving late again…

    Speaking of which, the new film opus to POTUS and FLOTUS, “Southside with You”, opening in August, has this line from Michelle at the start of their first date: “You’re late. I expected it. You were late for your first day at work.”

    Faint praise, indeed.

  4. I listened to NPR for an hour this morning and an hour this afternoon during my daily commute. As they dissected this newly-reported anemic “growth” on Morning Edition, All Things Considered, and Marketplace, I did not once hear the term “Obama Economy.” Not once.

    During my formative years in the 1970’s and 1980’s, we were taught to pity the (hated and ill-informed) Russians because they had a state-controlled media.

    These days, I mostly just feel really sorry for us.

    • On the “great economic growth” meme the Obama carnival barkers are currently peddling: the current issue of Kiplinger notes that the 25 largest mutual funds have lost 6 percent year over year 2015-2016, compared to their usual 3 and 5 year return of just over 10 percent. So they are 16 percent behind their traditional rate of return at this time. That’s the Obama economy.

      • I should reword this a little: the top 25 mutual funds have a negative return of 6 percent, not simply lost 6 percent from their usual 10 percent gain. Sheesh. It’s too late in the evening to do financial reporting. ;+]

  5. Ah ha! I knew it. If only I hadn’t listened to the news or read a paper or worse read a terrific blog (that’s you Koffler) it’s all your fault that I don’t believe.

    You’ll all have to excuse me now, while I click my heels 3x and start singing, “Somewhere over the rainbow president…”

  6. It would be poetic justice if Hillary were to inherit the ‘Obama economy’ next year. The ‘blame Bush’ excuse has expired.
    Just wondering if Yellen will hike rates in July or Sept. It ain’t gonna be pretty.

    • Its an election year. No rate hikes until after the election. Those of us on a fixed income would love to get something on our savings. Even with the rates at near all-time lows, the housing market is anything but on fire. Housing appreciation is spotty across the country.

  7. I fully expect Obummer and the lame stream media to spend the remainder of this year telling us the economy is just fine even though we all know that we never had a “recovery” and it’s actually getting worse.

    I very much remember the final year of the Bubba Clinton presidency, 2000, when VP Al Gore was running against GW Bush. The economy was clearly declining yet the Clinton/Gore people repeatedly said, “Don’t talk down the economy!” and the media assisted them in keeping the bad economy out of the news in an effort to protect Bubba’s legacy and get Gore elected.

    I’ve thought of that often lately because I see something similar happening now. The economy is in bad shape and getting worse, but Obummer will completely deny it and the media will cover it up. They’ll wait until we have a Republican POTUS and then we’ll hear every day how bad the economy is. You know, kind of like how we heard the death count in Iraq and Afghanistan every day of the GWB presidency and after that not a word out of the media.

  8. I am making 5 bucks an hour less than 2010 but my mortgage is still ridiculous, my employer pays $500 a month for my insurance and today I was told I would have to wait until OCTOBER for a simple doctor appointment!!!!!! obamacare is evil

  9. He runs the national debt up $12 trillion dollars higher to claim success for creating 5,000,000 part-time jobs. GREAT JOB OBOBO!!

  10. I’m with you, Keith. The article is unfair. I give Obama credit all the time, and have for years. For the worst, most disastrous excuse for a “recovery” ever perpetrated on the people of this country. And believe me, I will continue to give credit and will share it with the hosebeast Hillary as well.

  11. Bright side–it’s not Austan Goolsbee yakking. (Actually, he is coming off a little less horribly since he went to the academic sector.) Is this the giant economic engine Obama said is pulling the rest of the ungrateful world? Wednesday, I went on a hour-long computer-based networking event put on my by alum assn–They would hook up two people for 8 mins and we compared notes on life and the economy. One guy had been laid off by AIG. another had a “big” sustainable energy job but was staying in the loop. A young recent grad was going home temporarily to his parents–he was a computer whiz (UX), but was between jobs. Another worked at an event planning place–though she had been an anthro major. I tried to give each encouragement–they wanted to know about cartooning. I said well, don’t fall too in love with the idea that you should only do what you love–you have to eat. I realized I had no life plan, which at this point, is kind of a belated revelation.

    • As I was living through the various stages of my life, I didn’t exactly have a master life plan, I guess. At least, I didn’t think I had one except in the most general sense. Looking back now, I think I actually did have a master plan. It was: “Illegitimi non carborundum”. I survived it all, and that little motto seemed to be my operating principle and master plan all rolled into one. ;+}

      • Want to be an honorary Viking-American? I have the powah! I had three careers–but they just happened to me…What would I do if I had it to do over…actually not sure…probably some personal things, not workplace things.