Republicans have consistently said that a president cannot take responsibility for a strong economy — unless of course he’s a Republican.
A weak economy, however, is always a Democratic president’s fault. And if a Republican president presides over the worst financial crisis in a half-century after seven years in office, that is clearly the fault of poor people.
President Obama is in an awkward position when it comes to the economy. It’s only great if you compare it to the last 14 years. But with 50 percent of America now saying in the latest CNN poll that his presidency is a success, he figures that he’s now allowed to “take a well-earned victory lap” by answering the question Speaker John Boehner (R-OH) asked for four years: “Where are the jobs?”
“Well, after 12 million new jobs, a stock market that has more than doubled, deficits that have been cut by two-thirds, health care inflation at the lowest rate in nearly 50 years, manufacturing coming back, auto industry coming back, clean energy doubled — I’ve come not only to answer that question, but I want to return to the debate that is central to this country, and the alternative economic theory that’s presented by the other side,” the president said in Cleveland on Wednesday.
A sensible media would be debating which of Obama’s two great accomplishments — the stimulus or the Affordable Care Act — is a bigger success; which better proves that the government can successfully intervene to prevent suffering while reshaping our economy to be more sustainable; or about which Republicans were more wrong.
But conservatives won’t let that happen. They’ll focus on metrics that languished before Obama came into office — we’re very concerned about labor force participation all of a sudden! — and blast him for not solving all of the failures of conservative economics and foreign policies.
America should be used to Democratic presidents outperforming Republicans by now. While no administration is perfect, President Obama has staked strong claims for liberal values and policies that prove things Republicans have to pretend never happened.
Here are 5 good things Obama has done for the country:
- Proved trickle-down economics are wrong, again
You don’t hear it mentioned often enough, but 2014 was the best year of job creation in this century. This is a key point, because it’s the first full year in which Obama’s economic policies really took hold. Most of the Bush tax breaks on the rich ended in 2013. And in 2014, new taxes on the wealthy and corporations kicked in to help 16 million Americans gain health insurance. The result was a job market like we haven’t seen since the’90s. As they did in 1993, Republicans claimed that asking the rich to pay a bit more would destroy the economy. So, of course, the opposite happened. It’s almost as if some tax hikes on the wealthy are good for the economy! But if Republicans admitted that, they’d have to give up their entire reason for existing, which is to comfort the most comfortable.
- Proved we can expand health insurance coverage and shrink the deficit.
America’s long-term debt problems are largely built on conservatives’ unwillingness to do what every other advanced nation in the world does — insure everyone. As a result, we pay more and get worse results than almost every industrialized country in the world. Obamacare has shown that we can increase coverage dramatically while cutting more than $600 billion from long-term debt projections. Republicans have finally gotten honest in their new budget and admitted that their alternative to Obamacare is… nothing. They’ve got nothing because Obamacare was their alternative, and every prediction they’ve made about it has been wrong. Health spending is at a 50-year low, businesses aren’t dumping employees’ coverage, hospitals are performing better, and policy cancelations were likely lower than they were before the law. Meanwhile, Obama has been even more successful at shrinking the deficit as a percentage of GDP than even Bill Clinton.
- Proved that the government can kick-start a clean-energy revolution.
When it comes to fighting climate change, President Obama has done more than anyone on Earth. Beyond the regulations he set in his first term, which are quickly reducing our dependency on dirty energy, the stimulus launched the clean-energy technological revolution this nation needed. Republicans started calling the stimulus “failed” before it even became law. And that kind of message discipline — plus half a billion dollars in ads that smeared the bill — scared Democrats from bragging about it. But now that we’ve experienced the first year of economic growth where carbon emissions didn’t increase in 40 years, maybe they should.
- Proved we can regulate Wall Street without killing the stock market.
Good news! Bankers are complaining about being regulated too much. Despite this “over-regulation,” we’re seeing constant stock market records. Meanwhile, the memory of the costs of under-regulation — 8 million jobs and trillions in wealth — continues to fade. Democrats have become newly proud of the Dodd-Frank law now that they see how desperate Republicans are to gut it. The success in keeping the economic engine of the rich purring should not dissuade those on the left. Instead, they should continue to fight against the persistent dangers to our economy that come from ridiculous executive compensation schemes, stock buybacks, and high-frequency trading.
- Proved that we should give diplomacy a chance.
The Bush administration left America facing a newly nuclear-armed North Korea, an Iran building nuclear centrifuges, and a wrecked Iraq, run by a propped-up sectarian strongman with no interest in reconciliation. Democrats were likely naive in assuming this Tower of Babel of foreign policy disasters could be kept from crumbling. The Obama administration’s effort to re-engage the world may seem foolhardy now — but what was the alternative? More confrontational Republican alternatives would have guaranteed nothing but more American lives lost. Syria is a disaster. Libya proved that regime change is never simple. Putin is emboldened or frantically flailing, depending on your point of view. But as a result of re-engagement with our allies and a Medvedev-led Russia, sanctions brought Iran to the negotiating table. We’re closer than ever to a nuclear deal that could prevent another, still more disastrous war. And even if it fails, at least we tried not to repeat the catastrophes of the past.
Despite these successes, Republicans have to see Obama as a floundering, economy-shrinking, deficit-creating failure, or risk questioning their failed worldview.
Essentially, they have to pretend he’s Bobby Jindal.
Photo: President Barack Obama arrives at Bob Hope Airport via helicopter from LAX en route to ABC Studios for an appearance on Jimmy Kimmel Live on Thursday, March 12, 2015. (Jay L. Clendenin/Los Angeles Times/TNS)Click here for reuse options!
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