Not Obama’s doing
To confused Canadian Richard Brunt, writer of the letter “Welcome up north” : After nearlysix years in office, President Obama manages an economy stuck with a 5.8-percent unemployment rate (8.5 percent of the labor force when counting all unemployed plus those working part-time for economic reasons and those not seeking but available for jobs) and a GDP growth rate slightly greater than 2 percent.
In early 1964, Congress passed the tax cuts that John F. Kennedy had urged.
By early 1966, this country was growing at a rate of 6.6 percent, unemployment dropped to 3.8 percent and the Dow Jones Industrial Average nearly doubled.
In 1981, President Reagan signed into law one of the largest tax cuts in history.
During the next eight years, 20 million new jobs were created, the unemployment rate dropped and GDP growth averaged 5 percent per year.
America is now the largest producer of natural gas and well on its way to being oil-independent by 2015, primarily because of fracking, which Obama disdains due to his stubborn loyalty to the environmental groups who falsely claim that carbon dioxide endangers the environment.
The American economy has very slowly improved, but in spite of Obama.