Obama's Economic Policies Have Been Successful

Thanks to TheElderScroll for this debate.Economy" The deepest and longest-lasting recession the United States has experienced since then began in 1980, when Jimmy Carter was president (the gross domestic product dropped 9.6 percent in the second quarter of that year) and did not end until fourth-quarter 1982, almost two years into the Reagan presidency. ...Mr. Reagan faced a far direr situation in that inflation was in the double digits and the prime interest rate was at 20 percent."[1]Obama has not inherited the worst recession. Reagan inherited a double-dip recession (meaning the combined was worse than today's) and he had to deal with inflation. As for banks, " If a banking collapse was the true villain rather than the Fed, bank lending should a) have been a leading indicator and b) should have declined more significantly than in past recessions. But this chart of bank lending, adjusted for inflation with recessionary periods shaded, shows 'bank lending behaved similarly in this recession to other post-war recessions.'"[2]Here is that chart showing bank lending: [2]And then, Obama didn't save the financial system.[3] Auto-Industry Bailout "Such was the case in Ohio: In March of 2008, GM employed 12,300 Ohioans. Today, GM employs 9,533, for a loss of 2,767 jobs — equal the average GM job loss in U.S. operations. A structured bankruptcy would have yielded a similar jobs result, but a competitive GM. There would be about 10,000 GM jobs in Ohio today with or without Obama “Saving GM.”"[3]"The process could have been carried out in a much fairer way and GM could have now been in a much better position right now if over $100 billion dollars of UAW benefits were not deemed untouchable by the Obama Administration. And, for the record, GM employs about 77,000 people in America. The claims that the industry would have collapsed and millions of jobs lost if taxpayers didn't ante up to save the UAW are just more campaign deception."[4]Chapter 11 doesn't lose many jobs. ObamaCare "President Obama's landmark healthcare overhaul is projected to cost $1.76 trillion over a decade, reports the Congressional Budget Office."[5]And, healthcare premiums are rising sharply.[6]And then, there is the taxes[7]And more, "If that doesn't tickle your fancy, maybe this will: "President Obama's healthcare reform law coverage provisions will cost less but cover fewer people than first thought," the Hill reported, considering data from the CBO's Tuesday report. Revised estimates of ObamaCare's coverage provisions indicate that 2 million fewer people will acquire coverage by 2016. Moreover, the CBO estimates that 4 million Americans will lose their employer-sponsored health plans by 2016, a far cry from the 1-million-person figure forecasted last year. Further yet, 1 million to 2 million fewer people will be granted access to the federally-subsidized healthcare exchanges, while an additional 1 million are estimated to qualify for Medicaid and the Children's Health Insurance Provision."[5]Dodd-Frank Act "Another problem with complexity is that it encourages efforts to game the system by exploiting the loopholes it inevitably creates. Take the simple matter of nomenclature. Anticipating the Volcker rule, bank departments previously using the word “proprietary” have been dropped, renamed or quietly shifted to sheltered corners. The shadow banking system existed before the crisis, but expect it to grow as some financiers decamp to companies that evade Dodd-Frank's definitions."[8]And more real effects, "By curbing the fees banks can charge retailers for processing debit-card purchases, banks have had to increase fees paid by customers. The share of large banks offering free checking plunged to 35% last year from 96% in 2009. Capital-reserve requirements are forcing Wall Street firms to raise capital by cutting payrolls. A little-known provision requiring manufacturers prove that the metals they use in electronics aren't mined by Congo rebels could cost producers as much as $16 billion a year and make products sold by discount retailers more expensive."[9]Jobs "The reality is that the House, the one branch of government the Republicans actually control, has passed 38, yes 38, separate jobs bills over the past 20 months. All of these bills are stuck in the Democratic-controlled Senate. You can easily track the progress of The House Republican Plan for America’s Job Creators and learn more about the 38 bills Republicans in the House have already passed that actually would help entrepreneurs do what they do best: Create the jobs, wealth and prosperity that benefit all Americans.'[10]"The weak June jobs numbers are a fitting and ironic ending to President Obama's so-called "Betting on America" tour. By any measure, there is little reason to bet on the economy improving during an Obama presidency. If he had a realistic economic approach, good policies or even the willingness to drive growth, he would. And make no mistake, the low jobs numbers are Obama and the Democrats' fault."[11]"President Obama said in February 2009 that the stimulus would lift "2 million Americans from poverty." But since Obama took office, 6.3 million Americans have fallen into poverty. 2010 U.S. Census data, the most recent available, showed that 46.2 million Americans were living in poverty. Worse still, child poverty has increased, rising to 21.6 percent."[12]"The argument is often made that the recession turned out to be far worse than anyone knew at the time. But various indicators show that the economy had pretty much hit bottom at the end of 2008 — a month before President Obama took office. Monthly GDP, for example, stopped free-falling in December 2008, long before the stimulus kicked in, according to the National Bureau of Economic Research. (See nearby chart.) Monthly job losses bottomed out in early 2009 while the Index of Leading Economic Indicators started to rise in April."[13] "Today, 12.8 million Americans are unemployed, 8.2 million cannot find enough work, and 1.1 million have given up looking for work altogether. Unemployment still remains above 8 percent, the supposed maximum rate, and certainly above 6 percent. For 36 straight months, unemployment has been higher than what the president promised. That's more than a rounding error; that is a failure of leadership."[12]Here is what actually happened with the stimulus. Look at the rate WITHOUT the stimulus: [14] Labor Force Participation Rate One, retirees aren't part of the labor force, two, students aren't counted as unemployed, and finally, the rate has rapidly declined under Obama. Look at the chart I provided earlier. Gas Prices "What the president fails to realize is that there is no one to blame for rising energy costs other than himself. America has all the energy we need for our own use. The problem is that we have an administration that talks about energy independence, but takes actions to prevent it."[15]Final: Obama's Record [16] [17]The resolution is affirmed. NOTE: Voters, I said that sources do not have to be inside the debate; mine here and in the comments section.