Hey Fox Business, It Only Seems Like Obama Was in Office for 9 Years March 30, 2017Posted by geoff in News.
Fox Business News has an article titled “Obama’s Final Economic Record Not Great,” which isn’t really news, but it’s always nice to hear that other people have noticed. Sadly though, the article was a bit flawed, containing both a hit and a miss. First the hit:
The U.S. economy may have grown faster than expected in the final three months of the year, at a pace of 2.1%, but that won’t do much to improve President Obama’s economic legacy. Including the latest Commerce Department figure, the average GDP growth rate during his tenure was about 1.5%. The only president with a worse economic record since 1930 is Herbert Hoover.
Yup, no problem there. But then the author whiffs it:
It’s no secret Obama inherited a distressed economy. In December 2007, just two months before Obama officially took office, the Great Recession officially began and the U.S. economy shrank at a rate of 0.3%. During the recession, which ended in June 2009 according to economists, unemployment rates reached as high as 10%.
Seeing as President Obama didn’t take office until January 2009, the Great Recession had been wreaking havoc for 14 months before he took office. It ended 5 months later, so President Obama only presided over the last quarter of it. As we’ve pointed out at this very site, the recovery began before President Obama began his errant economic fumbling.