Money The economic consequences of Barack Obama’s presidency

04:55  12 january  2017
04:55  12 january  2017 Source:   The Financial Times

Woman Carries Life-Sized Cardboard Cutout of Barack Obama Everywhere She Goes

  Woman Carries Life-Sized Cardboard Cutout of Barack Obama Everywhere She Goes "I take [him] with me whenever I can. He actually folds up so it's very travel friendly," said Ximena Larkin, of Chicago. It appears this Illinois woman can't bear to see President Obama leave office — so she's taking him with her wherever she goes.Ximena N. Larkin, 29, has become well-known on the streets of Chicago for carrying around a life-sized cardboard cutout of President Obama."I take [him] with me whenever I can," Larkin told "He actually folds up so it's very travel friendly.

Barack Obama . Add to myFT. The economic consequences of Barack Obama ’ s presidency . Given the starting point, and congressional opposition, recovery has been remarkable.

Because in fact, she is stunningly unqualified, having never taken a position of consequence on an issue of consequence before she was selected in the last days of August. But she has now been put in a serious position to assume the presidency , and her selection is the clearest indication yet of the contempt that Senator McCain -- transformed into nominee McCain -- now feels for the process of governance. The best argument for the election of Barack Obama as president of the United States is written quite clearly in the peaks and squiggles of John Paul Stevens' s EKG.

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Barack Obama once blasted Joakim Noah for shooting technique

  Barack Obama once blasted Joakim Noah for shooting technique President Barack Obama earned notoriety during his eight years in the White House for beingan avid basketball fan — and for all the trash talk that comes with being one.So who was the poor NBA player who was subjected to disses by the leader of the free world? Why, none other than Knicks center Joakim Noah.MORE: Obama's greatest sports moments © Getty Images President Barack Obama and Knicks center Joakim Noah In a GQ article detailing the history of Obama's pickup basketball game, it was revealed the president made fun of Noah's, um, peculiar shooting technique when Noah was a member of the Bulls.

During his first two years in office, President Barack Obama and his Democratic allies in Congress compiled a substantial record of policy accomplishment— the economic stimulus, bringing the financial system back from the brink of collapse, rescuing two automakers, universal health care Given the intensity of the polarization that predated his presidency , Obama did underestimate the difficulty of mitigating it. Even the White House’s strongest defenders concede that the health care debate went on much longer than it should have, with negative consequences for the rest of Obama ’ s agenda.

How should we judge President Obama ’ s economic record? There are two ways to go about that: First, from the point of view of people who understand at least a little about economics ; second, from the point of view of Barack Obama . We Americans maintain a superstitious, priest-king attitude toward presidents and economies . That’s mainly not true. Obama ’ s presidency will be the first in modern times to fail to coincide with at least one year of 3 percent economic growth.

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How should we assess the economic success or failure of Barack Obama’s presidency?

This is a difficult question to answer. After all, the incumbent of the White House cannot determine the performance of the huge and complex US economy. Indeed, policy initiatives usually have a modest impact. But the story of Mr Obama’s presidency is a little different from the usual, since it began amid the worst financial crisis since the 1930s. If we consider the disaster he inherited and the determination of the Republicans in Congress to ensure he would fail, his record is clearly successful. This does not mean it is perfect. Nor does it mean the US confronts few economic challenges. Neither statement would be close to correct. Yet it does mean he has laid a strong foundation.

Keane sends good wishes to Barack Obama

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Inside Obama ’ s Presidency . PRODUCED BY Michael Kirk Jim Gilmore Mike Wiser. Sen. BARACK OBAMA , President -Elect: The road ahead will be long. Our climb will be steep, two wars, a planet in peril, the worst Once again, his advisers were divided, worried about the political consequences .

Many of Obama ' s voters, even if failing to realize the folly of their own ideas and the resulting havoc on our nation, are beginning to see the unattractive economic consequences of this fantasy portrait, or at the very least the humanity of the portrait's subject. I recently received this anonymous quote in a much-forwarded e-mail: The danger to America is not Barack Obama , but a citizenry capable of entrusting a man like him with the Presidency .

The latest Economic Report of the President analyses the Obama record. It is also the brief for the defence. But Mr Obama’s Council of Economic Advisers does first-rate analysis. This report is no exception to that rule.

The starting point must be with Mr Obama’s inheritance: the economy was in free fall in early 2009. As the report notes, perfectly correctly: “It is easy to forget how close the US economy came to an outright depression during the crisis. Indeed, by a number of macroeconomic measures . . . the first year of the Great Recession . . . saw larger declines than at the outset of the Great Depression in 1929-30.”

Responsibility for the successful recovery does not rest with this administration alone: the administration of George W Bush was responsible for the immediate response (though bearing some responsibility for the severity of the crisis); the US Federal Reserve acted effectively; and Congress passed important legislation. Yet, shockingly, most congressional Republicans opposed all significant monetary, financial and fiscal actions taken to deal with the crisis.

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President Barack Obama , right, and Chief of Staff Rahm Emanuel flew to Williamsburg, Virginia for a Democratic caucus retreat in February 2009. Emanuel, known for his commitment to his party and its policies, previously served as a senior advisor to President Bill Clinton and a member of the House of Representatives from President Obama ' s home state of Illinois. Barack Obama was inaugurated as the 44th President of the United States—becoming the first African American to serve in that office—on January 20, 2009.

The following articles cover the Timeline of the presidency of Barack Obama : Timeline of the presidency of Barack Obama (2009). Timeline of the presidency of Barack Obama (2010). Timeline of the presidency of Barack Obama (2011). Timeline of the presidency of Barack Obama (2012).

President Barack Obama speaks during a news conference in the Brady press briefing room at the White House in Washington, Monday, Nov. 14, 2016. (AP Photo/Manuel Balce Ceneta)© AP President Barack Obama speaks during a news conference in the Brady press briefing room at the White House in Washington, Monday, Nov. 14, 2016. (AP Photo/Manuel Balce Ceneta)

The Obama administration implemented a number of important fiscal measures, notably the American Recovery and Reinvestment Act of 2009. It also provided strong moral support for the Fed (including the reappointment of Ben Bernanke, who had been President Bush’s nominee). The administration also restored the financial sector faster than expected and carried out a highly successful rescue of the car industry.

Meanwhile, Republicans decried the fiscal stimulus, complaining about the huge fiscal deficits caused by the crisis. Yet it was as absurd to complain about deficits then as it is to slash taxes now, when the economy seems close to full employment. Some Republicans claimed Fed policies risked hyperinflation. Most opposed the re-regulation of the financial sector and savaged the bailout of the car industry. Yet President-elect Donald Trump might not be in a position to bully automakers today if they had not been rescued back then.

Stephen Curry's MLK sneakers honor President Obama

  Stephen Curry's MLK sneakers honor President Obama Golden State Warriors star Stephen Curry sported sneakers honoring President Barack Obama during Monday's 126-91 win over the Cleveland Cavaliers. TheThe red, white and blue shoes featured the Presidential Seal on the tongue, Obama's signatureon the soles and the phrase "Back 2 Back," reffering to Curry's back-to-back NBA MVP honors and Obama's two terms in office.

The first 100 days of Barack Obama ' s presidency began with his inauguration on January 20, 2009, as the 44th President of the United States with Joseph Biden as his Vice President . The first 100 days of a presidential term took on symbolic significance during Franklin D. Roosevelt's administration

Barack Obama leaves behind a thriving cult of the presidency which should worry Americans more than it seems to. And — thank you, Wall Street Journal, for this one — his last Christmas vacation as president , too. Meanwhile, the president -elect this week publicly thanked himself for recent improvements in economic indicators: “The U. S . Consumer Confidence Index for December surged nearly four points to 113.7, THE HIGHEST LEVEL IN MORE THAN 15 YEARS!

In all, given the starting point, the performance of the economy has been remarkable. The unemployment rate has consistently fallen faster than expected. US business has also added 15.6m jobs since private-sector job growth turned positive in 2010. Real wage growth has been faster in the present cycle than in any since the early 1970s. In the third quarter of 2016, the economy was 11.5 per cent bigger than at its pre-crisis peak and real gross domestic product per head was 4 per cent above the pre-crisis peak, while that of the eurozone was still below it. Household net worth has also reached 50 per cent above its 2008 level.

Yet Mr Obama was interested in more than economic recovery. He tried to move the US closer to the universal health insurance taken for granted in other high-income countries. The Affordable Care Act (“Obamacare”) has added an estimated 20m adults and 3m children to the insurance rolls. Healthcare costs have also grown exceptionally slowly since the law was enacted, relative to past US performance.

These are all genuine achievements. Yet some problems could not be cured.

First, US economic outcomes have become exceptionally unequal, despite a modestly progressive shift in the impact of fiscal policy under Mr Obama. Doing something effective about this was beyond his powers, both because it is difficult and because his opponents had no interest in helping.

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Photos: Barack Obama ' s presidency . Cuban President Raul Castro tries to lift up Obama ' s arm at the end of a joint news conference in Havana, Cuba, in March 2016. Castro hailed Obama ' s opposition to a long-standing economic "blockade," but said it would need to end before ties between the two countries are fully normalized. It's not something that you can just redesign and break up and put back together again without consequences ."

Barack Obama ’ s presidential character and decision style is dominated by three traits. This question may well end up framing the research and debate on Obama ’ s presidency . to walk away from Afghanistan without regard to the consequences of such action bespeaks of deep-seated The high unemployment level is keeping Obama from taking fuller credit for the economic recovery.

Second, the participation in the labour force of prime-aged males (25 to 45) has been on a 60-year downward trend, while that of prime-aged females has flatlined for three decades. This is a poor performance by the standards of most high-income economies. It is impossible to argue credibly that this is the result of particularly generous US welfare benefits or particularly high minimum wages. The failure is deeper.

Third, growth of labour productivity has slowed sharply, though it was still higher than in other members of the Group of Seven leading high-income countries between 2005 and 2015. The reasons for this slowdown are a puzzle. Possibilities include the post-crisis weakening of business investment and a broader post-crisis loss of animal spirits. It is also likely that the underlying rate of innovation is slowing. Some argue that this is the result of excessive regulation. The next administration is set to test that hypothesis to destruction.

Finally, the US has a key role to play in tackling the threat of unmitigated climate change. In the absence of any consensus on this question in the US, Mr Obama relied on executive actions, which will now presumably be reversed.

In all, the administration rescued the US economy and bequeathed a sound foundation for its successor to build on. But it made a big mistake: it did not go all out to punish those whose malfeasance and irresponsibility blew up the financial system and economy. This sense of injustice is one reason why the US has elected the wrecking crew that is about to take office. Mr Obama could not channel rage. Mr Trump, alas, can.

Obama calls Facebook Live attack 'despicable' .
President Obama said Thursday that racial tensions haven't gotten worse in his time as president — they've just become more apparent because of the power of cell phone videos and social media. Case in point: the  live-streamed Facebook video showing four African-American youths in Chicago tying up, beating and torturing a white special needs student.Obama called the attack a "despicable sort" of hate crime.

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