With Obama's presidency ending in a couple of days, I recently read an an interesting article by Martin Wolf who argued Barack Obama did his best in rescuing the US economy and argues that Obama laid a strong foundation for the United States economy considering the Great Recession was the worst economic crisis since the 1930s and the Republican Congressmen repealed any fiscal, monetary, and financial actions taken to deal with the crisis.
Wolfe cites economic data to prove his point bringing up the fact that:
- Unemployment rate fallen faster than expected. (U.S. business added 15.6 M jobs).
- Real wage growth faster than any year since 1970's.
- 3Q economy growth of 11.5% is bigger than the pre-crisis peak.
However, Wolf admits that Obama was not perfect in his economic recovery plan, writing that:
- US economic outcomes have become exceptionally unequal.
- There has been a downward trend of labor force participation rate.
- Labor productivity has been in decline for the past eight years.
Personally, I agree mostly with Wolfe. However, he mentions in his article that Republicans in Congress were partly to blame for the ineffectiveness of Obama's economic policy, which I disagree with considering during the first two years, both the Senate and House were Democratic. Also, hasn't this economic recovery and growth been the slowest in United State's history?
I am wondering what you guys think of the effectiveness of Obama's economic policy these past eight years and how would you rate his plans.