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Possibly the reason people still felt so anxious about the U.S. economy going into the 2016 election is because although things were improving and were in much better shape than they were when Obama took office in 2009, people still sensed there was something that wasn't quite right. And they would be correct.
This article makes an interesting point and looking back over GDP growth over the course of the 90s, 2000s, and 10s drive the point home. Since the recession began, we have not seen a year with over 3% GDP growth. The closest we've been is 2.9% in 2015. 2016 and 2017 actually saw slower growth than 2015. Compare that to growth near 4% during the best years of George W. Bush and well over 4% during the Clinton '90s. Another reason this is a big deal is because we never saw catch-up growth coming out of this recession.
I would also say that today's economy isn't really booming. It's simply that for the first time since 2008, we are back to the point of full employment and a pretty strong job market. However, wages are still stagnant and standard of living isn't really increasing the way it should during a booming economy.
To add on to this, I have to give Trump his due. I think both people who say that Trump is riding the coat tails of Obama's economy and those who say that Trump has caused the current economic improvement are partially correct. Obama left strong fundamentals in place and Trump has increased business confidence.
What are your thoughts? How would you describe today's economy?
Booming for me. The last of the Obama years, and now the Trump year has been great personally. I've realized big gains in all my investments and have a good paying job to boot. Not so much as most of my friends, who work at restaurants, service, and Admin types of jobs which have not kept up with inflation, and most have education debt from crappy degrees that don't pay.
No recession beings and ends everywhere at the same time. Or in the same degree. There are areas in the nation that are naturally more recession-resistant than others, and there are areas that are prone to recession.
In those vulnerable areas, recessions have accumulated their damage. So any downturn that may be small when observed on the average becomes a recession in those pockets, and the population, which is already struggling, finds life is suddenly a lot harder once more.
The national economy took the biggest hit it ever had taken since 1929 in 2008. 2008 wasn't the beginning; the failures of the mortgage derivatives began in 2005, and had already wiped out most of the smaller banks that got into it by 2007. Their failure is what brought the biggest banks down in 2008. 3 years after some parts of the country were already into recession.
Why did the derivatives market come to exist in the first place?
Because the stock market went flat after the Reagan recession of 1980 ended. Home mortgages were the only sector of the economy that was hotly growing, and banks were making big money by lending on houses.
The stock market simply found a way to turn houses into stocks at a time when people were buying houses they couldn't afford.
Expecting something that collapsed so completely to bounce right back up on its feet again is ridiculous. Once enough people lose their home, times should be expected to become very hard. A homeless person is more likely to stay homeless than be able to recover enough to buy another house.
Once the house is gone, the stability in a person's life goes with it. Once the rental house is gone, lost to the bank, more stability is lost. When enough stability is lost in a region, recession sets in and sticks around, sometimes for decades and decades. That's when the banks go down.
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Quote:
Originally Posted by bawac34618
Possibly the reason people still felt so anxious about the U.S. economy going into the 2016 election is because although things were improving and were in much better shape than they were when Obama took office in 2009, people still sensed there was something that wasn't quite right. And they would be correct.
The word "recession" has a set definition, you are either in one or not, there is no grey area.
The writer of the article is either redefining the word, or just mixing it up with "depression"
The word "recession" has a set definition, you are either in one or not, there is no grey area.
The writer of the article is either redefining the word, or just mixing it up with "depression"
Two different words with the same meaning when used in economic terms.
After the Great Depression, the word 'depression' was no longer used, because it was too painful and full of bad memories, so other words began to replace it. Slump, downturn, recession, decline, dip, standstill, stagnation- they all have the same economic meaning. They all can be interpreted as "depression".
Booming for me. The last of the Obama years, and now the Trump year has been great personally. I've realized big gains in all my investments and have a good paying job to boot. Not so much as most of my friends, who work at restaurants, service, and Admin types of jobs which have not kept up with inflation, and most have education debt from crappy degrees that don't pay.
LOL The economy isn't about you. The only thing sillier is to use GDP like it's an accurate measuring stick.
Possibly the reason people still felt so anxious about the U.S. economy going into the 2016 election is because although things were improving and were in much better shape than they were when Obama took office in 2009, people still sensed there was something that wasn't quite right. And they would be correct.
Of course, it didn't. Obama made many of the same mistakes FDR did. It would have helped if Obama had half a brain and learned from those mistakes. /SMH
Well the last 9 years have been very good to us here in the Low Country.
Things have slowed down for us in the last year......but still enjoying new manufacturing plants that were under construction for the last two years and now adding jobs in the area again.
I don't mind what Obama did or didn't do -- worked for us.
Sorry if some of you had a tough time. Hoping the continued steady job growth of the last 8 years provides you some relief
Possibly the reason people still felt so anxious about the U.S. economy going into the 2016 election is because although things were improving and were in much better shape than they were when Obama took office in 2009, people still sensed there was something that wasn't quite right.
You were told to feel anxious, so you did. I was not anxious in 2016.
You got played.
You complained about the "real" unemployment, but you don't talk about it anymore
You complained about Labor Force Participation, but you don't talk about it anymore
You complained about debt, but you don't talk about it anymore
The list goes on. It is clear you were anxious only because you were manipulated to be anxious, and although none of the above has changed, you are not anxious anymore. Why? Because you are being told everything is fantastic.
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