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| President Obama's greatest economic hits: how is he doing? | President Obama's greatest economic hits: how is he doing? |
| (2 months later) | |
| Since President Obama took office in 2009, he has repeatedly sworn to tackle America's economic malaise. "If President Barack Obama's new focus on the economy sounds familiar, that's because he's done it before," the Associated Press noted archly this week. "Obama has been launching—and re-launching—initiatives on the economy. Some came with new policy proposals, others with catchy slogans." | Since President Obama took office in 2009, he has repeatedly sworn to tackle America's economic malaise. "If President Barack Obama's new focus on the economy sounds familiar, that's because he's done it before," the Associated Press noted archly this week. "Obama has been launching—and re-launching—initiatives on the economy. Some came with new policy proposals, others with catchy slogans." |
| The White House's own video compilation for Obama's speeches on the economy is an unwitting testament to lost determination, false starts, and unmet demands for action. | The White House's own video compilation for Obama's speeches on the economy is an unwitting testament to lost determination, false starts, and unmet demands for action. |
| Still, spurring economic growth, like getting to Carnegie Hall, does require some practice. The clock is running on the 2014 elections, and the president needs to shore up his record to help his fellow Democrats. He also needs America to stop thinking about the White House's failed pushes on gun control and immigration reform, and start thinking about job creation. | Still, spurring economic growth, like getting to Carnegie Hall, does require some practice. The clock is running on the 2014 elections, and the president needs to shore up his record to help his fellow Democrats. He also needs America to stop thinking about the White House's failed pushes on gun control and immigration reform, and start thinking about job creation. |
| It's a good time to revisit exactly what the president said he has valued most. Here are the highlights of four years of economic policy statements – and their results. | It's a good time to revisit exactly what the president said he has valued most. Here are the highlights of four years of economic policy statements – and their results. |
| Minimum wage increases | Minimum wage increases |
| In this year's state of the union, Obama pushed $9 minimum wage. | In this year's state of the union, Obama pushed $9 minimum wage. |
| "Minimum wage increases are not accompanied by job losses," said Alan Krueger. "It puts money in their pockets." "This is returning the minimum wage, after inflation, to 1981 … when President Reagan came to office. ... A family making minimum wage should be able to raise their family in dignity above the poverty line." | "Minimum wage increases are not accompanied by job losses," said Alan Krueger. "It puts money in their pockets." "This is returning the minimum wage, after inflation, to 1981 … when President Reagan came to office. ... A family making minimum wage should be able to raise their family in dignity above the poverty line." |
| Result: Obama pushed this suggestion at several other speeches after the state of the union, but dropped it as immigration reform came to the forefront of the legislative agenda. | Result: Obama pushed this suggestion at several other speeches after the state of the union, but dropped it as immigration reform came to the forefront of the legislative agenda. |
| Federal deficit | Federal deficit |
| "Together, we've agreed to cut the deficit by more than $2tn," Obama boasted in the 2012 state of the union. | "Together, we've agreed to cut the deficit by more than $2tn," Obama boasted in the 2012 state of the union. |
| Result: The deficit has indeed shrunk dramatically – to around $489bn, compared to $720bn at the same time last year – and, according to some accounts, is even skating on the edge of a surplus. | Result: The deficit has indeed shrunk dramatically – to around $489bn, compared to $720bn at the same time last year – and, according to some accounts, is even skating on the edge of a surplus. |
| Manufacturing innovation and reshoring | Manufacturing innovation and reshoring |
| In both the 2012 and 2013 state of the union addresses, Obama praised companies like Ford, Caterpillar and Master Lock for bringing jobs back to the United States. "American manufacturers are hiring again, creating jobs for the first time since the late 1990s," Obama said in 2012. "So we have a huge opportunity, at this moment, to bring manufacturing back. But we have to seize it." The White House predicted that such jobs would result in $16bn of investment and add 12,000 jobs in the US by 2015. | In both the 2012 and 2013 state of the union addresses, Obama praised companies like Ford, Caterpillar and Master Lock for bringing jobs back to the United States. "American manufacturers are hiring again, creating jobs for the first time since the late 1990s," Obama said in 2012. "So we have a huge opportunity, at this moment, to bring manufacturing back. But we have to seize it." The White House predicted that such jobs would result in $16bn of investment and add 12,000 jobs in the US by 2015. |
| Many companies, like Apple, have made enthusiastic statements about bringing some manufacturing operations back to the US. | Many companies, like Apple, have made enthusiastic statements about bringing some manufacturing operations back to the US. |
| Results: In a piece for the Guardian today, Mubin S Khan notes that the actions have fallen behind the words: fewer than 100 companies have actually brought manufacturing jobs back to America; in addition, some of those companies are maintaining the bulk of their manufacturing operations overseas and only bringing back a small number of factories to America. Of those factories, many will be automated, Khan notes, which will not result in more jobs. In addition, 12,000 jobs, while surely welcome, would still leave the manufacturing sector millions of jobs short of its peak. | Results: In a piece for the Guardian today, Mubin S Khan notes that the actions have fallen behind the words: fewer than 100 companies have actually brought manufacturing jobs back to America; in addition, some of those companies are maintaining the bulk of their manufacturing operations overseas and only bringing back a small number of factories to America. Of those factories, many will be automated, Khan notes, which will not result in more jobs. In addition, 12,000 jobs, while surely welcome, would still leave the manufacturing sector millions of jobs short of its peak. |
| Financial reform: | Financial reform: |
| In the state of the union, Obama said: "We've put in place new rules to hold Wall Street accountable, so a crisis like this never happens again." | In the state of the union, Obama said: "We've put in place new rules to hold Wall Street accountable, so a crisis like this never happens again." |
| Result: Obama was referring to the Dodd-Frank financial reform effort, which is skating on the brink of failure. A Washington Post analysis shows that 62% of the bill's deadlines have been missed and a more embarrassing New York Times story found that lobbyists were literally writing the legislation to suit their own interests. | Result: Obama was referring to the Dodd-Frank financial reform effort, which is skating on the brink of failure. A Washington Post analysis shows that 62% of the bill's deadlines have been missed and a more embarrassing New York Times story found that lobbyists were literally writing the legislation to suit their own interests. |
| Immigration reform | Immigration reform |
| The White House, in most recent efforts to save immigration reform, started selling it as a form of economic stimulus, as in this video. According to some studies, a majority of Americans agree that granting illegal immigrants legal status would boost the economy, and some studies show that having more legal immigrants would provide a boost to the wages of native workers. | The White House, in most recent efforts to save immigration reform, started selling it as a form of economic stimulus, as in this video. According to some studies, a majority of Americans agree that granting illegal immigrants legal status would boost the economy, and some studies show that having more legal immigrants would provide a boost to the wages of native workers. |
| Results: Immigration reform, which passed the Senate, is now assumed to be stalled in the House, although organizations like La Raza are redoubling their efforts. In terms of this particular legislation's claim to be an economic stimulus, there have been doubts. Highly skilled workers, for instance, would still face an uphill battle to stay in the United States because of the assumption that they would be taking jobs away from educated Americans. | Results: Immigration reform, which passed the Senate, is now assumed to be stalled in the House, although organizations like La Raza are redoubling their efforts. In terms of this particular legislation's claim to be an economic stimulus, there have been doubts. Highly skilled workers, for instance, would still face an uphill battle to stay in the United States because of the assumption that they would be taking jobs away from educated Americans. |
| A New York Times analysis found that being a citizen does not end poverty for immigrants. A Daily Beast commentary suggested that the immigration bill in its current form would feed immigrants into a series of low-paying dead-end jobs and reduce the economic power of the native working class. | A New York Times analysis found that being a citizen does not end poverty for immigrants. A Daily Beast commentary suggested that the immigration bill in its current form would feed immigrants into a series of low-paying dead-end jobs and reduce the economic power of the native working class. |
| Corporate America job creation | Corporate America job creation |
| In 2012, Obama said: "Tonight, my message to business leaders is simple: Ask yourselves what you can do to bring jobs back to your country, and your country will do everything we can to help you succeed." In another State of the Union, he noted, "Our economy is adding jobs – but too many people still can't find full-time employment. Corporate profits have rocketed to all-time highs – but for more than a decade, wages and incomes have barely budged." | In 2012, Obama said: "Tonight, my message to business leaders is simple: Ask yourselves what you can do to bring jobs back to your country, and your country will do everything we can to help you succeed." In another State of the Union, he noted, "Our economy is adding jobs – but too many people still can't find full-time employment. Corporate profits have rocketed to all-time highs – but for more than a decade, wages and incomes have barely budged." |
| Results: This is the group Obama has yet to win over. Corporate America has been as slow to embrace economic stimulus as Congress has. Whether this is due to a lack of demand or merely a desire to return more money to shareholders, there's been a notable lack of participation from major companies in the endeavor to reduce the unemployment crisis. | Results: This is the group Obama has yet to win over. Corporate America has been as slow to embrace economic stimulus as Congress has. Whether this is due to a lack of demand or merely a desire to return more money to shareholders, there's been a notable lack of participation from major companies in the endeavor to reduce the unemployment crisis. |
| There was some talk of tax breaks for corporations looking to bring money back to the United States, or repatriation, but that effort seems to have fizzled. Similarly, the president's focus on corporate tax breaks has borne little fruit. | There was some talk of tax breaks for corporations looking to bring money back to the United States, or repatriation, but that effort seems to have fizzled. Similarly, the president's focus on corporate tax breaks has borne little fruit. |
| Ending the general financial malaise | Ending the general financial malaise |
| This year, the president offered an optimistic view on the economic recovery. | This year, the president offered an optimistic view on the economic recovery. |
| "After years of grueling recession, our businesses have created over six million new jobs. We buy more American cars than we have in five years, and less foreign oil than we have in twenty. Our housing market is healing, our stock market is rebounding, and consumers, patients, and homeowners enjoy stronger protections than ever before." | "After years of grueling recession, our businesses have created over six million new jobs. We buy more American cars than we have in five years, and less foreign oil than we have in twenty. Our housing market is healing, our stock market is rebounding, and consumers, patients, and homeowners enjoy stronger protections than ever before." |
| Results: The economic malaise is still very real to many Americans. Most Americans believe the US is still in recession, and have said they consider the recovery a long way off. | Results: The economic malaise is still very real to many Americans. Most Americans believe the US is still in recession, and have said they consider the recovery a long way off. |
| Other economic plans | Other economic plans |
| Obama has repeatedly said the goal of his economic policies is to reduce income inequality, and boost the middle class. "It is our generation's task, then, to reignite the true engine of America's economic growth – a rising, thriving middle class," he said. Obama also noted an ambitious desire to look at the core causes of the slow economy: "How do we attract more jobs to our shores? How do we equip our people with the skills needed to do those jobs? And how do we make sure that hard work leads to a decent living?" | Obama has repeatedly said the goal of his economic policies is to reduce income inequality, and boost the middle class. "It is our generation's task, then, to reignite the true engine of America's economic growth – a rising, thriving middle class," he said. Obama also noted an ambitious desire to look at the core causes of the slow economy: "How do we attract more jobs to our shores? How do we equip our people with the skills needed to do those jobs? And how do we make sure that hard work leads to a decent living?" |
| Results: These are the questions that, as yet, have had no answers. Congress has not passed a stimulus bill in years. The president's goal is to change that. | Results: These are the questions that, as yet, have had no answers. Congress has not passed a stimulus bill in years. The president's goal is to change that. |
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