So, how do you suppose future generations will come to look back upon the presidency of Barry “Almighty”? Now I’m quite sure there is very little doubt that many on the left, as well as nearly all in the black community, believe that Barry deserves nothing less than to be compared to Ronald Reagan. This despite the fact, which should be obvious to even the most casual of observers, and in spite of his riding into office on the promise of “Hope and Change” and to “fundamentally transform” the country, that what Barry will be leaving behind is a country that is so much worse off than it was when he came into office.
As a for instance, in the budget message that he recently sent to Congress, Barry portrays himself as a president who led America back to economic good times. And in blowing his own horn Barry wrote, “When I took office, our nation was in the midst of the worst recession since the Great Depression.” And he goes on to say, “The economy was shedding 800,000 jobs a month. The auto industry was on the brink of collapse and our manufacturing sector was in decline. Many families were struggling to pay their bills and make ends meet. Millions more saw their savings evaporate, even as retirement neared.”
Barry went on to say, “But thanks to the grit and determination of the American people, we rescued our economy from the depths of recession, revitalized our auto industry, and laid down new rules to safeguard our economy from the recklessness of Wall Street.” So, is Barry the architect of an economic renaissance? A champion of the working man? Is this what reasonable people a century from now will look back and see in the era of his presidency? Not so much. Barry may wish that that is how he presidency will be perceived, buy the answer to all those questions is a very resounding, No. But Barry is a legend in his own mind.
Because, you see, the truth is that Barry took office at a time when big-government liberalism had already put America on a downward trajectory, and an increasingly steep trajectory at that. And he not only has kept this nation on that trajectory, but he has actually accelerated it, and very much so. It is now almost seven years since the last recession ended in June 2009. Is America seeing significant economic growth today? No. Has it seen significant economic growth in any year since the recession ended? Not only no, but HELL NO! And there are some who would argue that the recession never really ended for them!
For example, in 2009, according to the Bureau of Economic Analysis (BEA), real Gross Domestic Product declined by 2.8 percent. In 2010, it grew by 2.5 percent. But that is the most robust economic year of Barry’s presidency so far. In 2011, real GDP grew by only 1.6 percent; in 2012 by 2.2 percent; in 2013 by 1.5 percent; in 2014 by 2.4 percent; and in 2015 by 2.4 percent. The BEA has calculated the annual percent change in inflation-adjusted GDP going back to 1930. Unless real GDP grows by 3 percent or more this year, Barry will be the first president elected since then not to see a single year of real 3 percent GDP growth during his time in office.
Now in an effort to put that into perspective, 10 of the 12 years from 1933 through 1944, when FDR was president, real GDP grew by 5 percent or more, according to the BEA’s numbers. In 2004 and 2005, when George W. Bush was president, real GDP grew by 3.8 percent and 3.3 percent. But that was the last time real GDP grew by at least 3 percent in a year. For 10 straight years now, the U.S. economy has grown at less than 3 percent a year. And while America has seen no great economic growth over the past decade, what it has seen is a significant growth in the federal debt. Barry has amassed more debt than every president who came before him. Combined!
When Bush was inaugurated to his second term on Jan. 20, 2005 — in that last year when the American economy grew by more than 3 percent — the total federal debt was $7,613,215,612,328.37. Four years later, on Jan. 20, 2009, when Barry succeeded Bush, the debt was $10,626,877,048,913.08. That means the debt grew by $3,013,661,436,584.71 — or an average of $753,415,359,146 per year — in the second term of the last Republican president. As of Monday, the federal debt was $19,000,235,912,585.65 — having thus far grown by $8,373,358,863,672.57 during Barry’s presidency. And while federal debt has climbed, household incomes have not.
According to the Census Bureau, real median household income peaked in 1999, when it was $57,843. In 2014, the last year reported, it was $53,657. Since the 1930s, the liberal vision of a welfare state, where a growing percentage of the population is dependent on government, has been transforming America. Prior to the presidency of Franklin Roosevelt, no American collected even Social Security benefits from the federal government. Americans were independent and self-reliant. Now Americans can collect, among other federal benefits, Social Security, Medicare, Medicaid, disability insurance, food stamps — and Obamacare subsidies.
Barry’s new budget proposal envisions the federal government taking in approximately $3,643,742,000,000 in taxes in fiscal 2017 and spending approximately $4,147,224,000,000. Barry’s OMB estimates his proposal would run a deficit of approximately $503,482,000,000 next year. Barry’s legacy is the ongoing legacy of big-government liberalism: a growing debt and increasing dependency. Eventually, the government will not be able to tax and borrow enough to maintain the welfare state it is continuing to build. People looking back will no doubt see that plainly. But it would be far better for future generations if we saw it plainly now.
The fact is that Barry’s presidency is the first administration in United States history to record seven straight years of annual gross domestic product growth below 3 percent. We have a higher percentage of American children live in poverty today than did at the start of the Great Recession. Entirely too many people are being allowed to go on government “disability” program rolls, not good for many of them in the long run and not financially sustainable to the remaining working population. According to researchers at the University of Michigan, welfare payments make one unhappier than a modest income honestly earned and used to provide for one’s family.
Sadly, it’s far too many of the American people, on both ends of the political spectrum, who remain either too blind to see, too stupid to comprehend, or just don’t care about, all that is taking place right before their eyes. And how do I know this? It’s very simple really. By watching who it is that many of them are now choosing to vote for as they decide who it is that they want as their next president. We have a rather sophomoric real estate billionaire, a women who has revealed state secrets and who belongs in prison for doing so, and a devout Socialist, all running for president and none of whom who deserve to be elected.