The Commerce Department just reported that economic growth during the Obama presidency averaged 1.6% annually. This was the lowest of any president's term wince World War II.
Obama bashing aside, here are the economic realities:
Reality #1: There is no way that we can create lots of jobs, continue to pay an aging population promised social security and Medicare benefits and continue to subsidize low income producing Americans without strong economic growth.
Reality #2: You cannot have strong economic growth unless businesses are able to attract investment capital from those who forecast a good return to their investment.
Reality #3: A country which is constantly imposing or threatening to impose new costs on business -- e.g. taxes, health care obligations, burdensome regulations, minimum wage laws -- cannot attract increased investment in businesses located there (want to invest in Venezuelan businesses right now?).
This is the fundamental reason growth was so low during the Obama presidency. While the long-term business outlook in the US was not as dire as in Venezuela, it's clearly been a lot gloomier than any time in recent history. Democrat's response? The beatings will continue until moral improves. The last eight years have been an approximate replay of the Jimmy Carter years. Is it possible that the Trump presidency can turn business pessimism around the way Ronald Reagan did? Reducing taxes and burdensome regulation (starting with Obamacare and overreaching labor and environmental rules) would be a start.
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