This is the third part in a series. So now we’re getting into some debatable stuff, but here goes.
- Obama brought the federal budget deficit down from the more than $1.4 trillion a year he inherited from bumbling, corrupt and incompetent George W. Bush to $587 billion in 2016.
- Obama presided over one of the biggest stock market bubbles in world history, and did nothing about it. The hangover from this bubble is going to last quite a long time, but many of his rich supporters got richer because of it.
- The president presided over one of the biggest housing bubbles in US history, and did nothing about it. This bubble redistributed trillions of dollars from working folks to Wall Street executives and billionaires that have always been his financial supporters. The big banks illegally conspired to withhold 3.4 million houses off the market (over 50 percent of all vacant houses in the USA) in order to drive up housing prices, and Obama made certain not to let his justice department do anything about this. See The Big Banks Are Manipulating the Housing Market–JohnHively.Wordpress.com
- Obama presided over the largest redistribution of income in US history, and did nothing about it. From 2009 to 2013 the 1 percent stole all of the US income growth, and they stole over 50 percent in 2014 and 2015.
- In other words, Obama presided over an economy driven by bubbles and redistributing income from the 99 to the 1 percent. Good job!
- Obama called rising income inequality “the defining issue of our time.” When his Wall Street financial masters objected to this subject, Obama never mentioned it again. Guess who was really in charge of the white house? Hint. The big investment banks, along with other Wall Street executives and billionaires.
- All of the above suggests the next recession is going to be worst than the last one, and it is on its way. We’re at or near the peak of this weak economic expansion. Once we’ve reached that peak, the only place to go is down. Some of Obama’s better known accomplishments (or notoriously known depending on your point of view) include the Affordable Care Act and getting us out of Iraq. These were included in President Obama’s Top Accomplishments, and His Worst–JohnHively.Wordpress.com. Part two included normalizing relations with Cuba. That list can be found here.