People often use the word “historic” whenever our President so much as breathes out of his left nostril. Now we finally have an example of him doing something we can actually use the word for.
Barack Obama will leave a legacy with many different accomplishments, such as a failed government controlled healthcare law, the most racially divided country since the 60’s, and God knows how many broken promises.
But one of those things he can take with him when he leaves office is the fact that he will be the first President to ever leave office without having achieved at least one year of 3% GDP growth.
We just got another extremely disappointing GDP number. It was being projected that U.S. GDP would grow by 2.5 percent during the second quarter of 2016, but instead it only grew by just 1.2 percent. In addition, the Census Bureau announced that GDP growth for the first quarter of 2016 had been revised down from 1.1 percent to 0.8 percent. What this means is that the U.S. economy is just barely hanging on by its fingernails from falling into a recession. As Zero Hedge has pointed out, the “average annual growth rate during the current business cycle remains the weakest of any expansion since at least 1949″. This is not what a recovery looks like.
In addition, Barack Obama remains solidly on track to be the only president in all of U.S. history to never have a single year when the economy grew by at least 3 percent. Every other president in American history, even the really bad ones, had at least one year when U.S. GDP grew by at least 3 percent. But this has not happened under Obama even though he has had two terms in the White House.
Breaking down each year by GDP growth for each year Obama was in office looks like this.
2009: -2.8 percent
2010: 2.5 percent
2011: 1.6 percent
2012: 2.2 percent
2013: 1.5 percent
2014: 2.4 percent
2015: 2.4 percent
This is a man who consistently says he’s proud of “saving the economy,” and that he improved it despite the problems he had to overcome because of his opposition.
What’s more, Obama’s legacy is something Hillary Clinton is proudly saying she’ll continue. If that’s the case, she’s going to have a hard time explaining to many how continuing such low growth is a great idea.