Guest Post by Joe Hoft
Obama’s just like Reagan… Except when he isn’t.
Trickle Down Economics versus Trickle Down Socialism
As noted last year – Barack Obama’s economic policies have been an absolute failure when compared with Reagan’s economic recovery.
Here is an update with 2015 year end data showing Annual GDP Growth comparisons:
(Chart by Joe Hoft)
Per updated data reported by the US Dept of Commerce – Bureau of Economic Analysis as of January 29, 2016, the average annual GDP growth rate for Obama in his first 7 years in office is a dismal 2.9%. Reagan’s recovery on the other hand averaged a 7.9% annual GDP growth rate for his first 7 years in office.
Reagan’s policies led to an average annual increase in GDP of nearly 3 times that of Obama’s policies.
Of course, Obama’s record on job growth is also much worse than President Reagan’s record.
Net job growth has declined under Obama. By the end of the second year of their terms as president, economic growth under Reagan averaged 7.1% , under Obama an anemic 2.8%. (IJ Review)
And today, more than seven years into the tepid recovery, labor-force participation remains at its lowest level since 1978 during the Carter years.
In addition, as noted last year, Obama’s job growth is also much worse than Reagan’s record with more people being added to food-stamp rolls than the job rolls.