Wednesday, February 13, 2013

Obama has lowest growth rate in 60 years

I don't rejoice in bad news. But President Obama should recognize the failure of his "more government for everything" policies.

0.8% — The Abysmal Rate of Economic Growth under Obama

Investors Business Daily [quoting]


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.

True, Obama inherited a recession, but that recession only lasted for the first six months of his term. Eighty-eight percent of his term was post-recession.

In comparison, that same recession covered fully one year of Bush's second term — a full 25% of it. Yet, Bush's second term witnessed well over twice the growth of Obama's first.
Moreover, the abysmal performance of the economy in 2009 (Obama's first year in office) gave it plenty of opportunity to grow rapidly in the years to follow — there was essentially nowhere for it to go but up.
... [end of quote]

The graphic: Investors Business Daily. Click to enlarge.