A new economic report, published by Forbes.com on September 6, 2014, clearly shows that President Obama is the best economic president in modern times. It’s not an opinion, it’s a fact, based on all of the typical economic indicators, including jobs, investments, growth and expansion, even the rate of inflation. In all of these areas President Obama’s record outperforms that of every other modern president, including conservative idol, Ronald Reagan.
Under President Obama’s leadership, the unemployment rate has now decreased to 6.1 percent, the lowest it’s been since 2007, when the economy began gushing jobs under the failed leadership of then president George W. Bush.
Typically, republicans have tried to detract from the president’s accomplishments. When it comes to the falling unemployment rate, they claim that it is somehow related to large numbers of people just dropping out of the workforce. This would almost be believable if the economy wasn’t creating new jobs at a rate that coincides perfectly with the falling employment rate, but it is. There have been six consecutive months with more than 200,000 new jobs created, with only a slight dip in that number in August. Additionally, there have been 63 straight months of economic expansion and more than two solid years of manufacturing expansion.
In order to satisfy Obama’s conservative critics, Forbes compared the economy under President Obama to that of Ronald Reagan, who the GOP often touts as the best economic president of our times. It’s no surprise to discover that even with many additional obstacles in his path, Forbes concluded that:
“President Obama’s administration has outperformed President Reagan’s in all commonly watched categories.”
In order to complete the analysis, Forbes interviewed Bob Deitrick, CEO of Polaris Financial Partners. The company’s newsletter is reported to be one of the most reliable authorities on economic performance in the country. Here’s what Deitrick had to say about President Obama’s job creation record, when compared to that of President Reagan.
“President Reagan has long been considered the best modern economic President. So we compared his performance dealing with the oil-induced recession of the 1980s with that of President Obama and his performance during this ‘Great Recession.’
As this unemployment chart shows, President Obama’s job creation kept unemployment from peaking at as high a level as President Reagan, and promoted people into the workforce faster than President Reagan.
President Obama has achieved a 6.1% unemployment rate in his 6th year, fully one year faster than President Reagan did. At this point in his presidency, President Reagan was still struggling with 7.1% unemployment, and he did not reach into the mid-low 6% range for another full year. So, despite today’s number, the Obama administration has still done considerably better at job creating and reducing unemployment than did the Reagan administration.
We forecast unemployment will fall to around 5.4% by summer, 2015. A rate President Reagan was unable to achieve during his two terms.”
According to Forbes, this is not only the best private sector job growth in modern history:
“This is the best private sector jobs creation performance in American History.”
Deitrick also made it clear that President Obama has not achieved this reduction in unemployment because of a shrinking workforce, but in spite of it.
“What’s now clear is that the Obama administration policies have outperformed the Reagan administration policies for job creation and unemployment reduction. Even though Reagan had the benefit of a growing Boomer class to ignite economic growth, while Obama has been forced to deal with a retiring workforce developing special needs. During the 8 years preceding Obama there was a net reduction in jobs in America. We now are rapidly moving toward higher, sustainable jobs growth.”
As a final note, President Obama has managed to outperform Ronald Reagan in all of these areas, while at the same time, reducing the national debt. On the other hand, Reagan greatly expanded the debt, and still failed to achieve in eight years, what President Obama has achieved in only six.