President Obama is/was a good president (economics)

I thought we were sticking to Obama's actions and not looking at previous presidents actions. Since you mentioned how the economy was under Bush, I'm now forced to point out how the crash (both of them) were a result from actions under Clinton (NOT Bush). Don't get me wrong, I'm not a fan of Bush, but he took the blame from policies of a previous president. Considering Bush was handed the dot com bubble from the day he took office (NASDAQ down 40% the day to took office), he was in a losing battle from the beginning. But lets focus on what Clinton did that resulted in the housing bubble during Bush's term. First Clinton signed Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation. He also signed the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. These actions and bills are what led to the exotic investments such as CDO's (collateralize debt obligations) and MBS (mortgage backed securities) which were sold off on Wall street to investors throughout the world. Once the interest rates changed (during the Bush era quite ironically), people could no longer afford to pay their mortgages, which resulted in defaults. Defaults led to millions of mortgages not being paid, and investors selling off these exotic investments, and crashing stocks. I won't even get into the legislation that Clinton passed in the early 90's that led to this failure in the housing bubble in 2008 either, but I'll post a link for reference. . http://www.huffingtonpost.com... . http://www.wsj.com... The Deficit My opponent states that I fail to understand that the deficit percentage was cut significantly under Obama, but he my opponent doesn't understand how it works. First, it's a percentage based on the GDP. So we have to first understand how the GDP is being manipulated to understand how the deficit percentage works. I'll just talk about one aspect that affects the GDP that most people don't know/understand. The government now includes the productivity of technology. Okay, most may agree or not question that technology might make us more productive but lets look at this one simple example. You buy your employees new computers that are 5 times faster. Well, according to the BLS (Bureau of Labor & Statistics) seems to think that those employees are now 5 times more productive because of this technology and therefore calculates this into the GDP. You see, you cannot type 5 times faster, or work 5 times faster, process orders 5 times faster, complete and article 5 times faster, answer emails 5 times faster. You do these things slightly faster, but the GDP EXTREMELY OVER EXAGGERATES this, which makes the government look good (far better than it ever should). In regards to the deficit, let me repeat this again since my opponent is failing to address the numbers. Obama's LOWEST deficit = $483 billion Bush's HIGHEST deficit = $458 Billion I'm not a genius, but I know that $483 is much higher than $458. So Obama didn't reduce the deficit that was handed to him from Bush, but just reduced his own wastefulness. Let's look at it this way, if you go out and spend $10k more than you earned last year (racking up credit card debt), then for the next 8 years, you only spend ($9k, then $8k, then $7k, then $6k, etc) reducing the amount that you spend ABOVE your income, should you get praised for that? What this means is that your debt is continually rising ($10k + 9k= $19k + 8k = $27k +7k = $34k + $6k = $40k, etc. ). Should you be praised as a savior for racking up debt? Let me know if this math is too simple for you. . https://mises.org... Unemployment Ok, so the unemployement is the lowest in 5 years. Let me ask you this: "Would you rather have 3 part time jobs that make only minimum wage? Or would you rather have 1 full time job making $25 an hour with health benefits? " So far you appear to be in favor of 3 part time jobs making minimum wage, because that's how Obama's unemployment rates are down so much. Also, my opponent fails to address the fact that people who are no longer getting unemployment drop out of the unemployment numbers. So if Obama didn't gain a single job in a month, and 30,000 people dropped out of the unemployment statistics, then his Unemployment rate drops in percentage, even though NO NEW JOBS were created. Job Creation I'm sorry, 15 MILLION new jobs were created apparently under Obama. I'm sure 14 Million of those are part time bartender/waitress jobs, since people have to work 3 jobs to make what they used to make at 1 job. Another thing that Obama has benefited from is the boom in Oil, which isn't a result of his policies, but an increase in oil prices making fracking now a viable and profitable business. If anything, Obama has been hindering the oil business with the rejection of the Keystone Pipeline and a crack down on EPA regulations. Oil Production My opponent points out that Hydraulic fracking was invented in 1947 (well it can actually be tracked to much farther back than that), but what caused the recent boom in oil fracking? What enabled the oil and gas industry to extract oil from shale rock over the past 7 years was higher prices. If it weren"t for higher oil prices, the capital investment needed in the oil and gas sector, wouldn"t have occurred, and US oil production would have continued to decline. If it costs more to drill than the oil is worth, then people aren't going to drill. Same thing in GOLD mining, it wasn't done for years, until gold got high enough in price. (Simple economics kid). NOW LOOK WHAT OBAMA DID TO OIL! !! ?? ?? ? Obama has conspired with Saudi Arabia to crash the price of Oil to hurt Russia, since Russia made the largest energy deal in the history of the world with China, circumventing the Petro-Dollar. That's why we went into Iraq, embargoes on Cuba, cut off North Korea, sanctioned Russia, Iran, bombed Syria and others. He's a puppet for the Federal Reserve, and his first priority is to protect the banking cartels position and their profits from the Petro Dollar. But at what cost? Now millions are going to lose jobs in the Oil fracking business because oil is bottoming out? Good try, but Obama has done nothing to help oil production, and has done everything to hurt it. . http://www.forbes.com... . http://www.nationalreview.com... . http://oilprice.com... . http://www.globalresearch.ca... National Debt My opponent says I fail to see the big picture? ? WTF? Do you not have a clue on how the debt works? It's really simple math that my 5 year old son can even grasp. 1+1=2, right? Now add about 12 zeros behind it and you have the same exact concept. So, what say you about Obama adding more to the National Debt than every single President in the History of the United States of America (COMBINED)? Back to you Pro!