Barack Obama Will Be The Only President In History To Never Have A Year Of 3% GDP Growth

Tyler Durden's picture

Submitted by Michael Snyder via The Economic Collapse blog,

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.

The following are the yearly GDP growth numbers under Obama.  They come directly from the official website of the World Bank

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

Does that look like a “recovery” to you?

Of course not.

And many are anticipating that this latest extremely disappointing GDP number will discourage the Federal Reserve from raising interest rates any time in the near future

The disappointing report could keep the Federal Reserve on hold longer as it considers another interest rate hike. The Fed lifted its key rate in December for the first time in nine years but has held it steady since.

According to the pundits in the mainstream media, this was supposed to be the year when the U.S. economy finally returned to “normal”, but that has not happened at all.  In fact, in recent days we have gotten a spate of bad news about the economy.  We just learned that the homeownership rate in the United States has hit the lowest level ever, and Gallup’s U.S. economic confidence index has fallen to the lowest level so far this year.

With the election coming up rapidly, this is the kind of news that Hillary Clinton definitely does not need.  She needs to be able to sell the American people on the idea that the Obama years have been very good for the U.S. economy.  If things take a sharp turn down in the coming months, that may be enough to cost her the election.

So far, Hillary Clinton’s economic agenda has not received that much scrutiny, but the truth is that she hopes to increase taxes in a whole bunch of ways which would be very harmful for the economy.  The following comes from an excellent piece by John Kartch and Alexander Hendrie

Hillary has endorsed several tax increases on middle income Americans, despite her pledge not to raise taxes on any American making less than $250,000. She has said she would be fine with a payroll tax hike on all Americans, she has endorsed a steep soda tax, endorsed a 25% national gun tax, and most recently, her campaign manager John Podesta said she would be open to a carbon tax. It’s no wonder that when asked by ABC’s George Stephanopoulos if her pledge was a “rock-solid” promise, she slipped and said the pledge was merely a “goal.” In other words, she’s going to raise taxes on middle income Americans.

 

Hillary’s formally proposed $1 trillion net tax increase consists of the following:

 

Income Tax Increase – $350 Billion: Clinton has proposed a $350 billion income tax hike in the form of a 28 percent cap on itemized deductions.

 

Business Tax Increase — $275 Billion: Clinton has called for a tax hike of at least $275 billion through undefined business tax reform, as described in a Clinton campaign document.

 

“Fairness” Tax Increase — $400 Billion: According to her published plan, Clinton has called for a tax increase of “between $400 and $500 billion” by “restoring basic fairness to our tax code.” These proposals include a “fair share surcharge,” the taxing of carried interest capital gains as ordinary income, and a hike in the Death Tax.

Taxes tend to be a pet peeve of mine, so looking at that list of proposed taxes definitely makes me cringe.

If Donald Trump wants to hit the Democrats really hard on the economy, all he has to do is point out the fact that Barack Obama is going to be the only president in American history to never see 3 percent economic growth for an entire year, and he had two entire terms in which to try to turn things in a positive direction.

Sadly, things are very likely going to be worse for the economy no matter who wins the election.  Under Obama, our national debt, our trade deficit, and most of our other long-term economic problems have gotten much, much worse, and so the table is set for a major economic disaster during the next presidential administration.

And if what I have to share about the future of America in my new book is correct, we are definitely moving into a “perfect storm” that will not just be economic in nature.  The things that are coming are going to shake this nation to the very core, and I believe that we will soon face the consequences for decades of exceedingly foolish decisions.

So in the end, we may look back and long for the days of 1.2 percent economic growth, because what is on the horizon is going to make that look like a Sunday picnic.

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One And Only's picture

Worst President in US history.

Tarzan's picture

I'm sure they have a nobel prize for that too....

 

Manthong's picture

Sounds like he is on the right track considering one of his objectives has been to eliminate the middle class by collapsing the economy.

 

ACES FULL's picture

He will not be the last.

Save_America1st's picture

Just think how fucked up the GDP would be (massively negative) if they also weren't plugging O-Fuck-U Care into the GDP.  That's the biggest fucking laugh ever.  

wee-weed up's picture

Look there... Jimmah is smiling his big toothy grin again.

Déjà view's picture

Close one...535 + 1, Banksters, Lobbyists & Deep State are off the hook.

Bay Area Guy's picture

As well as including full freight inflation factors in the calculation of the costs of goods and services, but magically reducing that same inflation factor when it comes to adjusting the GDP.  The Shadowstats numbers paint an even gloomier picture.  GDP since the 80's  has only been positive on their chart twice, and even then by less than 1%.

greenskeeper carl's picture

Ya the real numbers are even worse, no doubt. Im going to do something Ive never done on here before, and kinda sorta defend Obama - we have reached the point in debt overhang where real, organic growth isn't possible anymore. All we do is increase debt, which looks like prosperity, for a while at least. Real growth isn't going to happen unless and until the debt issue is resolved, which isn't really politically possible these days. Now having said that, Obama has been a disaster, and could have at least stopped making things worse, rather than cranking it up to 11.

ACES FULL's picture

Cranking it up to 11 was part of his job and in that regard,he was a success. Hillary will crank it to 12 and so on. Until the people are resigned to,even begging for, that eternal boot on their face.

The Saint's picture
The Saint (not verified) ACES FULL Jul 30, 2016 4:27 PM

Debt is the problem but Obama has kept his boot on the throat of business for 7 years making it even worse. He has pursued his agenda at the expense of what America needs.  Hillary will do the same except she will be more militaristic which could be an immediate disaster for America.

The only hope is that Trump is elected and he finds a way to start growing us out of the debt/GDP.  That's going to be a tall order given the fact that entitlements are exploding.

auricle's picture

Such is the life of a ponzi...

cynicalskeptic's picture

Fudging the CPI numbers has inflated GDP since Carter.  The US has been in a world of hurt for a while.

sun tzu's picture

A few adjustments by the BLS (Bullshit Liars and Scammers) and the mongrel messiah can have 3% GDP growth this year.

Peacefulwarrior's picture

+1 Exactly.... enervate the Economy, Have population more and more reliant on the State,  Divide the populace by race and religion, eliminate borders, destroy health care until it becomes single payer system... The Gloabalist agenda is in full cycle

saveUSsavers's picture

How many more IN POVERTY since Obama ASSHOLE arrived?

HOW MANY NO LONGER MIDDLE-CLASS?

HOW MANY MORE COUNTRIES WITH US MILITARY TROOPS OR DRONE-BOMBING?

WORST MOST "DECEITFUL" PRESIDENT EVER !

Croesus's picture

But...but...but what about all of his accomplishments? 

I'm surprised the Olympics Committee didn't decide to call "Politics" a sport, just so they could award him a Gold Medal. 

 

knukles's picture

Another cultural triumph

BTW, a little nicety for Hillary:

Request for donations for Hilary R. Clinton Monument Dear Friends: I have the distinguished honor of being a member of the Committee to raise $50,000,000 for a monument to Hillary R. Clinton. We originally wanted to put her on Mt. Rushmore until we discovered there was not enough room for her two faces.
 
We then decided to erect a statue of Hillary in the Washington, D.C. Hall of Fame. We were in a quandary as to where the statue should be placed. It was not proper to place it beside the statue of George Washington, who never told a lie, or beside Barack Hussein Obama, who never told the truth, since Hillary could never tell the difference.
 
We finally decided to place it beside Christopher Columbus, the greatest Democrat of them all. He left not knowing where he was going, and when he got there he did not know where he was. He returned not knowing where he had been, and did it all on someone else's money.
  
Thank you,
Hillary R. Clinton Monument Committee
 
 P.S.   The Committee has raised $2.16 so far.
 
mary mary's picture

Yes, but how much growth in the WELFARE STATE did Obama accomplish?

knukles's picture

1,534,721.3%
At the expense of the rest of us.

onewayticket2's picture

all that spending did yield a TON of votes though.....

silverer's picture

It's a great economy, if you consider he totally killed real capitalism.

onewayticket2's picture

bingo....He'll go down in history as a champion of central planning and control....in his world, this is a giant success.

To Hell In A Handbasket's picture

The GDP figures are bogus, so Obummer shouldn't feel too bad. They're about as honest as the USSA job/unemployment numbers. Is there any truth at all? The FED meetings are the biggest jokes of all. NIRP? ZIRP? It's all bullshit.

translator zero's picture

True dat. 

 

Just taken at face value though, put the GDP numbers in real dollars --> RECESSION for the last eight years (and the last 16 years).

 

ECON 101, sheesh. 

Felix da Kat's picture

"Barack Obama Will Be The Only President In History To Never Have had A Year Of 3% GDP Growth"

 

...and he wouldn't want it any other way.

E.F. Mutton's picture

The Tranny Bathroom President

What a legacy...adds a new twist to "Let My People Go"

The Gardener's picture
The Gardener (not verified) Jul 30, 2016 1:49 PM

What do you expect after the financial disaster Shrub left him, with Greenspan continuing his destructive policies under Obama also.

Hey, I ain't got NO love for Obama, but let's be fair here.

Theta_Burn's picture

He had a chance to be the greatest prez in history..

Instead, he went on the talk-show circut to defend what the wall street criminals did and the salaries they paid themselves.

A burger-king manager who gave us green-shoots and cash for clunkers.

...and lots of indictments

Davidduke2000's picture

That lame excuse stopped working after 2 years, he had another 6 years after that. 

Theta_Burn's picture

Well done Barry

At a cost of what 8 trillion? 8 fucking trillion...

A community organ grinder. with zero skills, but, what a life that knuckle dragging wife of his had eh?

The saddest part is if he ran for pres again, 50% of the morons would vote for him again..

Que hillaries vision for America.

 

 

 

 

Midas's picture

It is at least nine trillion.  I think it will end up pushing 10 trillion.  We went 10 trillion in the hole and what do we have to show for it? 

yogibear's picture

Indeed. Welfare king Barry. Brings hoards of illegals in to vote Hillary into office. Have the Federal Reserve print all the trillions he wants to spend and encourage Wall Street to swindle from the 99%.

snakehead's picture

Place your bets for 2016 coming in around 3.1% 

Vageling's picture

Obama... He costs a lot but you don't get anything in return. Well... If you consider the bill as ROI maybe.

Sure he enjoyed getting his dick sucked in the oval office! Doesn't even pick up the phone when Putin calls. Just too busy. If he's not doing his bathhouse he's playing with joysticks of drones. The rest he spends lying to the Americans and the world.

Guess GDP growth wasn't on his list. He calls it change!

Davidduke2000's picture

Chicago the crime capital of America yet the voters sent a black man from Chicago twice to the white house, what did thy except other than war crimes, crimes in general and lies day long?

overmedicatedundersexed's picture

hey, for a nigger, that's pretty good..like at harvard..just add a few points to the real GDP for racial justice..now are you racissts all happy?

Catullus's picture

And to get that fetid growth, they had 5 years of $1trillion + deficits or 6.25% of GDP each of those years. The private economy shrank for the first half decade.

Davidduke2000's picture

Barry and Mike will be known as the bathroom first family  with tranny component. 

wmbz's picture

Does not matter...He tried really hard and all those mean rayciss held him back. /s

His ball lickers, which is 100% of the MSM will portary him as the best prez. we ever had!

When the cocksucker is/was the worst and has tried to do as much damage as possible.

Good riddance, YOU LOUSY BASTARD!

Infield_Fly's picture
Infield_Fly (not verified) Jul 30, 2016 2:11 PM

GDP numbers for the last three years are cooked too - not sure if next president, oops, Trump, will have his people go back and update - I suspect he might when one considers how bad the economy really is...  Trump will try to stick as much of the shit show to barry.

 

Thanks for coming out yellen, ya fucking cunt!!!

Skiprrrdog's picture

Not to mention the first to be openly (after he was elected) muslin, a closet gay, and an all around, pathetic, laughable, lame, limp-wristed, lying, jackass fool...

THAT is your legacy, Obozo...wallow in it like a pig, you girlish half-black fool...the only ones you fooled were your low-brow/low IQ constituency...the rest of us, not so much...

WorkingFool's picture

What does Michele Obama do after she shaves her pussy each morning?  She puts his tie on and sends him to work.

Panic Mode's picture

Look at him and look at Africa, now you understand why US economy is going backwards.

thefinn's picture

He might be the president who brings a whole new meaning to "The buck stops here."

dogbert8's picture

This was what he intended all along, to bring the U.S. down to the level of the rest of the world. Over-regulation, Obamacare, depressed rates from the Fed, etc., all served to concoct an economic environment that simply cannot grow effectively. Unless things change pretty drastically, this is what we can expect in our future.

ThrownOffZHTwice's picture
ThrownOffZHTwice (not verified) dogbert8 Jul 30, 2016 2:53 PM

Dont' forget all the third world legal and illegal immigrants that have flooded into our country in the past decade.  In California, if you want anything built, any yardwork done, or want to buy anything at Target or Walmart, you better speak Mexican.  This place has become a multicultural cesspool.