Obama Leaves a Disastrous Economic Legacy Behind
When President Barack Obama leaves office in January, he will leave behind an unfortunate legacy across the entire spectrum: Foreign policy, national security, immigration, and healthcare have all been wrecked by his eight years of naivete and liberalism. But while his supporters can spin those failures into successes using their own labored argumentation, they can’t rescue his greatest mess, the economy.
Oh, they’ll try. And they have.
But no amount of “he inherited the biggest recession since the Great Depression” can refute the raw numbers. Under his economic recovery, the U.S. has added jobs at a tortoise-like rate that would make even the fiercest liberal long for the days of Ronald Reagan. Obama’s unemployment rate has steadily improved, but the Labor Force Participation Rate has declined in kind. In March, it stood at 62.8%, the lowest level since 1978. Millions of healthy, able Americans are sitting on their duffs, not even bothering to look for work.
Even Democrats like former President Bill Clinton can’t pretend to celebrate the Obama economy. In early 2016, Clinton said, “The problem is, 80 percent of the American people are still living on what they were living on the day before the crash. And about half the American people, after you adjust for inflation, are living on what they were living on the last day I was president, 15 years ago. So that’s what’s the matter.”
Obama’s policies aren’t just liberal; they are cartoonishly liberal. Instead of shying away from the stereotypes, he embraced them. In doing so, he turned the American dream on its head. Whereas we used to see “a life of leisure” as something to be earned through a lifetime of hard work, savings, and investment, our growing welfare state has made such a life attainable without any effort whatsoever. Why work hard when the safety net is so expansive and comfortable?
Meanwhile, millennials who did all the right things – went to college, studied hard, networked effectively – have found themselves in a hostile job market with little opportunity for advancement. Their hard work has been rewarded with staggering amounts of student debt. Instead of addressing the fundamental failures of their economic policies, Democrats have seized on this situation to expand welfare once again – this time in the form of free college tuition, the tab picked up by the taxpayers.
For millions of Americans, the situation is desperate. And desperate people require help.
Democrats gleefully promise that help in the form of more handouts.
And the cycle continues.