Curt Smith is entitled to his own negative opinion of President Obama in his Sept. 27 column, but Smith is not entitled to disregard the facts about the U.S. economy under Obama, who managed (despite roadblocks from congressional Republicans) to reverse the economic disaster he inherited from the Bush administration.
The economy added 11.6 million jobs under Obama. The unemployment rate decreased from 7.8 percent to 4.8 percent. (Note that the unemployment rate has decreased under every Democratic administration since FDR and increased under every Republican administration except Reagan’s.) Average household income increased 5.3 percent after inflation, after decreasing under both presidents Bush. The poverty rate decreased slightly, after increasing under both presidents Bush. The S&P 500 stock index increased by 166 percent and Obama ended his term with 15 million fewer Americans lacking health insurance.
It’s true that Trump tax cuts have temporarily boosted the economy this year through massive government borrowing despite low unemployment, but few economists believe that boost is sustainable. Let’s see what the economic scorecard says at the end of the Trump administration.
Peter Collinge