I’ve heard this week the economy would “go down the tubes”, if a Democrat gets elected to the White House. Did anything like that happen when Obama was elected? These charts, at demomentum.com , show the opposite, a steady and continuing rebound and expansion. Following an economic panic that hit during Bush’s term.
One of the most durable rebounds, beginning in mid-2009, boosted the automotive sector, in Sales of vehicles and jobs.
Credit the ARRA law (American Recovery and Reinvestment Act of 2009 (ARRA), passed in FEB 2009, passed with almost entirely the votes of Democrats, in turning around the automotive sector from the collapse in demand and tanking financial markets in 2008. In the House, zero Republicans joined in voting for the ARRA.
The law was pushed by a Democratic president, Democratic votes in the SENATE and HOUSE. Demomentum.
For the big picture in Job gains, here’s the growth in total nonfarm employment in the US, [ New Jobs, thousands (000s)], yearly data, through 2018].
As shown in earlier reporting, here is the US Unemployment rate (%), year-end 2006-2018
and the Unemployment rate for African-American workers in the US:
[Another view, showing all months (not just December of each year) can be accessed directly at the site of Bureau of Labor Statistics, here.]
Thanks to Obamomentum, joementum and demomentum. To whoever your favorite Democratic lawmakers are who voted to push the economic recovery.
Also, see the much bally-hoo'ed GDP [gross domestic product] — it grew last year 2.9% in 2018, from 2017.
The annual growth rate is shown above. Last year's economic growth was the fastest since, well, ... 2015.
And just to drive the point home, here is the growth trajectory of the stock market since Inauguration Day under 3 presidents. Bush, Obama, Trump.
Chart is up-to-date as of August 16. Main message is, the gains in the stock market indices under Trump have grown on the shoulders of the gains during the Obama years. The gains since 2017 have not been faster, or more extraordinary.
Sure. Obama was emerging from a recession. Yet, this is Trump’s precious stock market where he has believed he somehow had exclusive bragging rights.
Mainly the recent period has extended the 96 months of gains that came before, where the stock market nearly doubled — lifted 175% by year 8 during Obama’s 2 terms.
Credit where credit is due.