timschochet
Footballguy
Not necessarily. We may not have the final word until 2034. Or later. Hell, economists are still arguing over the causes of the Great Depression.If this is the case...then I guess that the results would be the final word?
Obama had eight years culminating with little or no results....President Trump is in his second year. I guess we'll have the final word in 2024?
Here’s what I would say:
1. Obama began with a terrible economy. He attempted to make it recover with two large expenditures: the bank bailout, which worked, and the stimulus, which mostly failed.
2. Other than those two big efforts, Obama interfered with the economy by tightening restrictions and by raising some taxes, and by cutting some government spending. This had the effect of hurting the economy somewhat, but it helped to protect the environment, avoid future banking catastrophes, and bring down the annual deficit which slowed the amount of debt increase.
3. Obama’s other big effort, Obamacare, has had no significant effect on the economy so far. (It probably will long term.)
4. Economic growth recovered during Obama’s second term and by the end of it things were looking good.
5. Trump has cut taxes, reversed Obama’s environmental controls, and on banking. This has had the positive effect of spurring economic growth even beyond what it was doing under Obama. It has had the negative effect of increasing the deficit and debt, hurting the environment, and eventually making a repeat of 2008 more likely. In addition, many economists believe the spurt is only short term because the real problems with our economy haven’t been dealt with: the change to automation for one, the growing need for an alternative to carbon fuels for another. For now, however we are in a boom and Trump deserves some or most of the credit.
Thats my impression. You tell me where you disagree.