September 04, 2012

End-of-term report: Barack Obama’s economic record

The president’s record is better than the woes of America’s economy suggests

Again a fairly conservative (extremely market oriented) magazine making a case that the economy isn't all Obama's fault and mostly Bush's doing. Obama's job has been to get it growing again, creating jobs.

NOT since 1933 had an American president taken the oath of office in an economic climate as grim as it was when Barack Obama put his left hand on the Bible in January 2009. The banking system was near collapse, two big car manufacturers were sliding towards bankruptcy; and employment, the housing market and output were spiralling down. 

Hemmed in by political constraints, presidents typically have only the slightest influence over the American economy.

It's that last line..."presidents typically have only the slightest influence over the American economy"... I've repeated and repeated that same line over and over, over the years, yet the typical voters ignore the President's lack of control over the economy.

No way Clinton or W. Bush would have been re-elected if they experienced the current economy during their re-election bid. Obama is a bit more personable and an incrediable orator, he still has a chance.

Yet, this election is basically Romney's election to win. No President has been re-elected with such high unemployment rate since FDR.  Obama could be the first. Voters understand that it was the Republican policies of deregulation that crashed the banking system and perpetuated the economic turn down. They might give Obama a second chance.

Additionally, Romney is still having difficultly connecting with the voter, especially the non-white, women and lower-class voters.

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