And It’s Official… March 11, 2015Posted by geoff in News.
…another Obama promise broken. For the past 3 years we’ve been tracking the President’s promise to double exports within 5 years; a promise that was a key part of his economic recovery plan:
In promising Wednesday night to double the United States’ export growth over the next five years, President Obama set an ambitious goal for American trade policy that, he said, could create two million jobs.
-NYT, January 28, 2010
And now that the 5-year period is over, we can finally see how he did.
Before we get started, it’s important to note that the President never had a coherent plan for exactly how he was going to pull this off – he was relying on the normal recovery and growth of exports to get him there. Basically rank opportunism combined with sound bites for the LIVs.
And how hard could it be? After all, that dumbo Bush managed to double exports in 5 years, so certainly someone who thinks as highly of himself as does Barack Obama could easily do it. Right?
Eh, not so much:
You can see that he almost got lucky: the first 18 months were pretty much on pace. But after that, his awe-inspiring exports policy managed to completely smother exports growth. In July 2011, total exports were $178.3 billion, whereas in January 2015, they were $189.4 billion.
Basically he just managed to match inflation for the past 3 1/2 years, despite large increases in petroleum exports.
In the end, exports increased by just 32% since he made his promise. Not 100%, per the plan. Not even 50%
When he breaks a promise, it’s not a near-miss. It’s spectacular.