There were three primary things about Obamanomics that suppressed, not caused economic growth.
Obamas class warfare mentality towards taxes (unfairly taxing the rich. Redistribution of wealth)
Obamas Keynesian spending policy. (This type of spending policy has failed every time it is used. We can not borrow or spend our way out of debt.)
Obamas costly expansions of government such as Obamacare. (The core concept here can be applied to most of Obamas economic policies.) This gave the government control over one sixth of our economy.
CBO economic projections (these are always based on the current fiscal policies in place that affect the economy as a whole.)
Looking at the CBO projections above, they show an economy in stagnation, or restriction, not a growing economy.
But the question is, did Obama improve the economy? Absolutely. He improved it from what Bush 43 left him but in the big picture he really did not do much beyond that. In a nut shell Obama basically stabilized the economy, but he did not really grow it. He is the first President ever to not achieve 3% annual growth in his 8 years in office. Even Jimmy Carter reached 3% annual growth.
Why is that? The potential was there, Obama could have easily seen the same growth we have seen under Donald Trump. I mean Obama reached very good growth per quarter on several occasions, even hitting over 5% in one quarter. But that does not help his case. It simply means that we SHOULD have seen this Trump kind of annual growth under Obama. This is because once an economy starts pulling out of the dumps it tends to grow at an alarming rate that requires us to reel it back in so that it does not get out of control. Obama never let us reach the point of needing to reel it back in, he held it back.
One word that has made all of the difference in Obamas economy and Trumps economy.
Industry. (Manufacturing Jobs)
Obama shackled our industry with EPA regulations so that this primary source of middle class (working class) job creation was unable to function, and therefore were not hiring new employees.
In Obama’s first year in office in 2009, the EPA issued 365 regulations, averaging one rule per day. In 2010, the EPA issued 454 regulations and in 2011, the EPA issued 557 regulations.
These regulations all but crippled our industry across the board. Less industry of course means less production of goods. (GDP) is a monetary measure of the value of all final goods and services produced in a period (quarterly or yearly).
You can not grow an economy when you are killing the very means by which you gain value in that economy. Its just not possible. Now in my humble opinion based on my research, this was done intentionally.
Obama himself said that many of the manufacturing jobs, were not coming back. A booming economy, was not ever going to happen again. He said that it was impossible. Remember, he is talking about the US under HIS economic policies.
The magic wand he was talking about was Donald Trump removing the EPA and other regulations and policies that allowed our industry to kick back into gear which has resulted in historically low unemployment across the board. People are back to work and spending money which is why the economy is booming. Obama can not really take credit for something he himself claimed was impossible. But we see for ourselves that the impossible is very, very possible indeed. He could easily say that the economy would never get better than it was because he was certain Hillary Clinton would be put in office to continue and likely add to his destructive policies.
As for Obama job growth, yes it was solid and steady but it fell short of previous administrations during the same time period. Every one taught the numbers but no one ever talks about what the quality of those jobs were and what their actual impact on the economy was.
According to a report by Harvard and Princeton economists Lawrence Katz and Alan Krueger, Obamas job growth record is not what it seems.
“We find that 94% of net job growth in the past decade was in the alternative work category,” said Krueger. “And over 60% was due to the [the rise] of independent contractors, freelancers and contract company workers.” In other words, nearly all of the 10 million jobs created between 2005 and 2015 were not traditional nine-to-five employment. (full time jobs)
In other words Obama created a whole bunch of part time or temporary jobs while also taking credit for people who moved into self employment. This is also backed up by the increase we see in people working multiple jobs during the same time period..
We can also verify this by the shift in employment going more towards part time or temporary by employers to avoid the high costs related to Obamacare. Trump eliminated the employeremployee mandates attached to Obamacare and businesses started hiring for full time positions again. Part time or temporary positions do not offer benefits like insurance which accounts for the part of Obamacare that allows children to stay on parents insurance until well into their 20's. Otherwise the only option is the network which places the burden of their care onto the tax payer.
All of these things are changing because of what Donald Trump has done since taking office. It is his policies and elimination of Obamas policies that is responsible for the economic growth we now see.
We can see in the CBO projections that under Obamas fiscal policies the economy would not grow, unemployment would not have gone down, and wages would not rise to the extent that they have under the current administrations policies. They would have remained stagnant. The economy would not improve on its own because Obama had it chained to the floor by his policies and business killing regulations. Even the CBO states in its reports of the time that it was the current policies that were the cause of the stagnant economy.
Remember above, Obama himself said that his economic policies were making it impossible for the economy to see growth like we are now, the unemployment numbers we see, the wage increases, as well as the rising quality of life we are all getting under this economy.
There are many factors involved in this and they can all be argued until the end of time. I look at cause and effect, its the only incorruptible data we have. It cannot be manipulated like polls, and statistics but it is also the last thing people tend to look at. They get caught up in the noise and look at everything but.
Obama placed the regulations and policies that limited our industry's ability to produce, unemployment stayed high, manufacturing jobs dwindled by 300, 000 jobs during Obamas first thirteen months in office. The same time the EPA began its assault on US industry with outrageous regulations. A fact that is completely ignored by the claims that Obama created over 800,000 manufacturing jobs. Its a flat out lie. This results in even more people out of work and on welfare programs.
Trump gets elected, removes those regulations and repeals those policies with the results being a vibrant and healthy economy, low unemployment, industry is thriving and people are getting back to work and off of welfare.
Cause and effect
So I am going to stop here for now. I do not know how technical you want to get or maybe I am throwing too much at you or not enough at you. I decided to do this a little differently than I had planned. I am setting this up as a debate instead of just throwing a bunch of facts at you and calling it good. This way I can get to know you and be more prepared for any future debates.
This is my position.
I am adding a link to a short bio or whatever you want to call it that explains where I am coming from and how I think and see things. It might make me a little easier to understand. If you want to check it out.