Despite Republican efforts to paint President Obama as anti-business, stifling the economy and punishing the “Job Creators” with higher taxes and government regulation, history and empirical evidence just doesn’t support those arguments at all. As just revealed by a Bloomberg.com report
Here’s the video:
Bloomberg – not exactly a bastion of left-leaning ideology – reports that the major economic indices that reflect a healthy national economy all point to better Stock Market performance, and higher GDP growth, corporate profits and home construction under Democrats.
Under Democratic administrations, these sectors have prospered more and indicators have all been consistently higher than under Republicans. Also proven out by the better economic prosperity figures, is the fact that government plays a positive role in stimulating growth and more wide-spread prosperity. Since 1900, there have been six continuous Republican stints in control of the White House (11 presidents) and six continuous Democratic periods (8 presidents). Here is what history has shown for the three major economic indicators during that entire span:
Stock Market Value Increase:
Republicans: 5% Democrats: 12%
GDP (Gross Domestic Product):
Republicans: 2.6% Democrats: 4.2%
Republicans: 8.9% Democrats: 10.5%
Source: Fox Business.com, which further states:
“Due to their “tax-and-spend” reputation, investors expect Democratic administrations to underperform Republican ones and be “poison to any portfolio,” Sam Stovall, chief equity strategist at S&P Capital IQ, wrote in a note. ‘History shows the opposite to be true, however.’”
As reported last week by the Baltimore Sun “Romney and the GOP construct an alternate reality” and “The Romney campaign repeats its lies no matter how many times they’re disproven.” Moreover, recent claims by Republican Vice Presidential Nominee just don’t pass the “smell test” on many, many levels. Most recently, the Romney/Ryan Campaign has tried to compare the Obama Administration to that of President Jimmy Carter, who did not come into office in the midst of the worst Recession since the Great Depression of 1929. The latest attacks on Obama by the Romney/Ryan campaign resurrects that old 1980 Ronald Reagan question…”Are you better off now than you were four years ago?”
Clearly this is an unfair comparison by any reasonable metric, and it distorts and discounts the crash of the economy in 2008, just before Obama took office. While average Americans may indeed still be suffering from high unemployment, the Obama Administration has made tangible gains to turn around the economy, despite Republican efforts to block every meaningful bit of recovery legislation, most notably the president’s “American Jobs Act.”
The Stock Market has doubled to a current 13,000+ Dow Jones Average figure since 2008 and corporate profits are at record highs. So, how then is Obama anti-business? Corporate greed knows no bounds and the main attack on Obama has been the Democrats’ attempts to regulate the risky speculation that led to the Recession he inherited and to apply fair “rules of the road” with consumer protections that the Republicans have long resisted.
Now Paul Ryan, who can’t even tell the truth about his marathon time, is lying about business bankruptcies (claiming 1.4 million in 2011, under the Obama Administration), trying to compare Obama to that old Reagan enemy, Jimmy Carter. As reported by ABC News, the facts just don’t match up!
Ryan also got it wrong with regard to the number of business bankruptcies last year. In 2011, there were 1, 410, 653 total bankruptcies. Of that number 47,806 were business bankruptcies and 1,362,847 were non-business bankruptcies.
So did he misspeak or purposefully manipulate the data to make it sound worse?
“He obviously misspoke, but it’s still an apples to apples comparison,” Ryan spokesman Brendan Buck said. “The point remains: bankruptcies are up dramatically under President Obama compared to the Carter years.”
Yet it’s important to note that bankruptcies are down dramatically under President Obama, compared to the Bush years.
Business bankruptcies hit a record 71,549 in 1991, when George H.W. Bush was president, second only to 1985, under Reagan, when 71,277 businesses filed.
A record number of Americans — more than 2 million — filed for personal bankruptcy in 2005.