THE ECONOMY EXPANDS … FINALLY
- The economy expanded at a rate of 2.9 percent in the third quarter of 2016.
- This is the highest growth in the last two years.
- The president's unwillingness to work with Congress in a bipartisan way wasted many opportunities to promote economic growth.
The nation’s economy grew at an inflation-adjusted rate of 2.9 percent in the third quarter. While this is good, it shows the weakness of the Obama economy. Growth has averaged approximately 1 percent in the last three quarters, and the recovery from the recession has been lackluster at best. Under the Obama standards, what should be normal – growth of around 3 percent – is now viewed as a strong rebound.
GDP Components – Change in Q3 2016
The third quarter’s growth is the highest growth in the last two years. This could have been different if President Obama had worked with the Republican Congress to enact bipartisan job creation policies. Instead, he spent his time passing partisan big-government bills during the first two years of his presidency and then going around Congress with big-government executive orders in the final six. Presidents Reagan and Clinton worked with Congresses of the opposite party to get major reforms passed, and the private sector benefited from this cooperation.
Obama’s Economic Growth Disappoints
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