When Obama came to office we were losing over 800,000 jobs per month and the economy was in free fall. It isn’t hard to measure the economic success of his Presidency. And he did it, unfortunately, with monetarist stimulation rather than the fiscal stimulation which had pulled us out of every recession since the Depression. Republicans know this which is why Trump is pushing for a trillion dollar stimulus package and the Freedom Caucus is buckling under pressure.
Thing is, we have over 3 percent economic expansion and unemployment, which had reached double digits at the beginning of Obama’s time in office is now at 4.6 percent. And, for what it’s worth, stock prices are breaking records.
Trump has tweeted that he should have credit for it, which is stupid and petty, but he has to do it politically. Because as of this time next year he will have been expected to improve those numbers. He has to deliver lower than 4.6 percent unemployment, and higher than 3.2 percent economic expansion.
And he has to do it without generating too much inflation, which looks like it may become a factor such that the Federal Reserve is going to up interest rates. Sure, he can blame the Fed for it, which will play well to his base, but not to the Wisconsin and Michigan voters who expect him to bring industry back to the rust belt, and quickly.
So, this time next year, let’s see how he’s performed. I’ve said that about local officials as well.
Hey, by the way, how about that General Plan Update? You know, the one which was supposed to be finished three years ago after a conservative majority came to power in 2012 and was going to get things done? How’s that going?