OBAMA'S FRAUDULENT CLAIM CREDIT FOR GOOD ECONOMY

                          ECONOMY IMPROVED – OBAMA'S FRAUDULENT CLAIMS

Barack Obama's, and his Democrat shills' frequent, loud and boisterous pronouncements of his responsibility for the current vibrant economy, GDP growth and job creation, are absolutely false! Since he knows the claims are not true, his assertions legitimately can be called fraudulent. Yes, fraud! Why? When annual GDP growth stagnated at 2%, and less, during his presidency, he and his utterly incompetent economic council, headed by Larry Summers, announced that 2% GDP growth was a “new normal” and “greater growth would never be had again.” Had their strategies continued, they would have been correct. Every Obama policy was antithetical to economic improvement, capital formation, aka business growth, and job creation.

Clearly, either they did no analytical problem-solving to determine root cause of the 2008-9 meltdown (really obvious) or Obama reflexively relied on his bias to direct policy. As is now reflected, both factors contributed to a failed effort to rejuvenate the moribund economy. As I write this, Obama is in the media repeating the fraudulent claims of his “success.” So wrong! But, millions applaud, believe him and will vote for those whomever he recommends who will follow his ways. And, failure will continue.

While the economy is controlled by the financial and IT industries, it is driven at the base by the energy industry. The economic meltdown of 2008 was a breakdown in financial sector and had nothing to do with energy. Mandated subprime mortgage grants in 1994 by Bill Clinton, aided by banker Robert Rubin, followed by repeal of Glass Stegal by Phil Gram and Tom Bliley in 1999, resulted in the financial collapse. President Barack Obama had no part in the cause, but he made the meltdown worse and prolonged it by the worst policy that a head of any enterprise, a CEO, can make. He tried to “reinvent” the energy industry instead of fixing the broken financial sector, a fatal flaw!

Any competent CEO, which Obama proves over and over not be, knows one doesn't try to “reinvent” an enterprise, in this case an economic driver of a nation, when under economic stress, that is at the economic bottom. This is almost always a failure. Any attempt at such major change must be done when economic conditions are good and resources are available. Obama used the economic crisis, rather like one of his aides once said, “never let a good crisis go to waste.” His prejudice for alternative energy drove him to “reinvent the energy sector, rather than attending to the urgent need of repairing a broken financial sector. Obama decided to invest in solar energy. He failed!! Americans suffered!

Shortly after his inauguration as as president, February 2009 to be exact, Obama got $850 Billion approved to “stimulate” the economy. Most of this money, and more, went to failing solar energy companies. A failure right out of the chute! Then Obama formed a “Jobs Council” to invest in “shovel ready jobs.” Another failure! It's been reported that the jobs council never even met. At some point, some years after, Obama smiling and jokingly averred, “apparently the jobs weren't shovel ready.” Not a laughing matter!

Over eight years many jobs that were directly hit by the financial meltdown returned but growth never got to a level to legitimately call growth beyond that before the crisis.

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To compound the crisis of the financial meltdown, Obama implemented 100s of regulations, “administrative controlling bureaucracies,” in Wilsonian “Progressive” terminology, that stalemated and stagnated business development and job growth. This stagnation was not removed until Obama left office and the new president, Donald Trump, took charge with a vision completely diametric to Obama's – the vision of an experienced top executive. Trump's policies have, without a shadow of doubt to an intellectually honest observer, resulted in rejuvenation a moribund economy. It's not yet clear how much of his strategy will be successful, but improvements to date are unmistakable. And, Obama has no reason to take credit for any of the success. To do so is fraudulent! But, that's Obama.