People have many perceptions of how the US economy or the country as a whole is doing in recent years. Depending on your political views, you may think the country is doing exceptionally well or on the verge of collapse.
Listed below are 14 objective facts, without interjecting any opinion, about the state of America under the leadership of President Obama. Every statement is followed up with a link to a source where you can verify these facts for yourself.
1. We’ve now had 63 straight months of economic expansion.
That’s right, for 63 consecutive months the US economy has gotten progressively better. That includes 54 consecutive months of private sector job growth. Forbes magazine, no fan of President Obama, crunched the numbers and demonstrated how the economic recovery under President Obama has been better in just about every measurable way than the recovery under President Reagan.
2. We are currently enjoying the longest period of private sector job creation in American history.
Again, this statistic comes from the Forbes Magazine article listed above. In fact, we have now had 54 straight months of private sector job creation. That is the longest period of job creation since the Department of Labor has been keeping statistics. See the link below.
3. Unemployment has dropped from 10.1% in October of 2009 to 5.9% and projected to reach 5.4% by summer of 2015.
Not only has the unemployment rate dropped significantly, but since the recession ended, our economy as added over ten million new jobs. You can refer to the Forbes article above or check this article on PoliticsUSA.
4. The stock market continues to set new records since President Obama has been in office.
Since early 2009 there has been a steady trend in stock market growth. The Dow Jones Industrial averages reached an all-time high of 17,098 in August, 2014. Since most Americans have 401K retirement investments in the stock market, this stock market growth benefits millions of middle class Americans.
5. The Federal budget deficit is shrinking. It’s been reduced by two-thirds since 2009.
The $1.4 trillion federal budget deficit that Obama inherited in 2009 was in a large part due to the high rate of unemployment. When millions of people were put out of work in 2008 and 2009, it resulted in far less income taxes and less economic activity to generate federal revenue. As ten million people have been put back to work, there have been billions more tax dollars generated. As a result, the deficit has been shrinking each year. The 2014 deficit is projected to be around $500 billion, the smallest deficit since 2007 and roughly 1/3 of what it was in 2009.
6. Under President Obama, spending has increased only 1.4% annually, the lowest rate since Eisenhower was president.
You may have heard critics say that President Obama is spending money wildly and running up our debt. According to this article from Forbes, Obama has increased spending by 1.4% annually, far less than President Reagan (8.7%) or George W. Bush (8.1%). In fact, Obama has increased spending less than any president since Eisenhower.
7. For 95% of American taxpayers, income taxes are lower now than just about any time in the previous 50 years.
After President Obama took office, thousands of Tea Party members all over the country held rallies protesting Obama’s tax increases. At that time, President Obama had actually passed several tax cuts to stimulate the economy. Most of the Tea Partiers who were protesting had only seen their taxes decrease under Obama. Yet polls indicated that most Tea Party members wrongly believed their taxes had gone up.
In fact, the only people whose income taxes have gone up during Obama’s presidency are those making $400,000 per year or more. That’s less than 2% of the population. Today, for the vast majority of people, tax rates are exactly where they were when Obama first took office or lower. The article below from the Center on Budget and Policy Priorities explains this in greater detail.
8. Our dependence on foreign oil has shrunk due to record domestic oil production and improved fuel efficiency standards.
While some people claim that oil production has declined under President Obama, the truth is just the opposite. Oil production has reached record highs. The United States now produces so much oil that we export more oil and gasoline than we import.
9. At least 7 million more Americans now have health insurance than before.
Depending on whose numbers you use, between 7 and 10 million Americans acquired health insurance due to the Affordable Care Act. Now that those 7 to 10 million Americans have insurance, the rest of us are no longer on the hook to pay for their health care when they get sick. This saves the American people billions of dollars in the long run.
10. The Affordable Care Act has added years to the life of Medicare.
The Medicare trust fund had been on course to run out of money by the end of 2016. But due to cost savings from the Affordable Care Act and lower healthcare expenses, Medicare’s trust fund is now stable until the year 2030 without cutting benefits.
11. Since passage of the Affordable Care Act, we are seeing the slowest rate of increase in healthcare costs since 1960.
Contrary to the predictions from Republicans, health care costs have increased at a much slower pace since the passage of the ACA.
12. We currently have fewer soldiers, sailors and airmen in war zones than any time in over 10 years.
With the end of the Iraq war and the steady withdrawal of troops from Afghanistan, we have fewer people in war zones now than any time since 2002.
13. There have been zero successful attacks by al Qaeda on US soil since Obama became president.
Despite Dick Cheney’s claim that if voters elect a Democrat as president, we’ll be “hit again and hit hard” by al Qaeda, we have actually been far safer from terrorist attacks on US soil in recent years than we were under the previous president. There have been several unsuccessful attacks against the US under both presidents, but under Obama, al Qaeda has been largely unsuccessful in striking the US on our home soil.
14. We now successfully catch and deport more illegal immigrants than ever before.
Despite the publicity from busloads of children who illegally entered the country, the numbers prove that President Obama has deported more illegal immigrants than any other president.
All of the facts stated above can be confirmed through multiple sources, yet most Americans are not aware of all of this positive news. I invite you to do your own research and check these facts for yourself.
The truth is, most other presidents would envy President Obama’s record despite the fact that he inherited the worst economic crash since the Great Depression.
Here’s a bonus. If you feel particularly ambitious, feel free to research these additional facts.
- Since Obama became president, our economy has gone from losing 800,000 jobs per month to adding 200,000 jobs per month. That’s a net improvement under Obama of about 1 million jobs per month!
- Before Obama became president, our financial system was in ruins and millions of people were at risk of losing their life savings. Now, the financial loopholes have been fixed and we are no longer at risk of another financial collapse.
- In 5 years under Obama the economy has created twice as many jobs as were created in 8 years under George W. Bush.
- President Obama passed credit card reforms that protects consumers from excessive fees, rate hikes, deceptive marketing and unreasonable due dates.
- Thanks to “Obamacare”, senior citizens have saved billions of dollars on prescription drugs.
- The Affordable Care Act requires insurance companies to spend at least 80% of your premiums on health care. As a result millions of Americans have received refunds from their health insurance companies.
Despite the unprecedented obstructionism and record number of filibusters used by Republicans to kill even the most routine legislation, the fact remains, in almost every measurable way, the American people are profoundly better off today than they were before President Obama took office.
From Hub Pages