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Gross Domestic Disappointment

- April 28, 2016

Hillary Clinton Awards Obama With An “A” Grade Despite His Path Toward Being One Of The Worst Presidents Of All Time For Economic Growth

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TOP TAKEAWAYS

  • Today we learned the Clinton-Obama economy slowed to 0.5 percent growth in the first quarter of 2016.
  • Americans have grown sick and tired of the stagnant Clinton-Obama economy, or as Bill Clinton puts it, the "awful legacy of the last eight years."
  • With today's report, Obama stays on pace to be one of the worst presidents in American history for economic growth.
  • Despite Obama's historically bad record, Clinton has tried to embrace his legacy, claiming that Obama deserves an "A" for his performance on the economy.
  • Clinton has decided to double-down on Obama's failed economic policies, introducing a tax plan that will shrink the U.S. economy, costs American jobs and lower Americans' wages.

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TODAY'S 1ST QUARTER GDP FIGURE IS JUST THE LATEST SIGN THE CLINTON-OBAMA ECONOMY IS NOT WORKING FOR EVERYDAY AMERICANS

Today, We Learned The U.S. Grew At Just 0.5 Percent During The 1st Quarter Of 2016. (Bureau Of Economic Analysis, 4/28/16)

Bloomberg Headline: "U.S. Economy Grew In First Quarter At Slowest Pace In Two Years." (Michelle Jamrisko, "U.S. Economy Grew In First Quarter At Slowest Pace In Two Years," Bloomberg, 4/28/16)

The U.S. Economy "Stumbled Out Of The Gate In 2016," "Underscoring The Uneven Growth That Has Been A Hallmark" Of The Obama Administration. "The U.S. economy stumbled out of the gate in 2016 as consumers and businesses pulled back, underscoring the uneven growth that has been a hallmark of the nearly seven-year expansion. Gross domestic product, a broad measure of economic output, advanced at a 0.5% seasonally adjusted annualized rate in the first quarter, the Commerce Department said Thursday. That was the worst performance in two years." (Jeffrey Sparshott and Ben Leubsdorf, "U.S. First-Quarter GDP Advances At 0.5% Pace," The Wall Street Journal, 4/28/16)

The U.S. Economy Is "Hitting The Brakes" From The "Unspectacular Pace" Of The Past Year. "That roughly matched the expectations of economists, who said the economy was hitting the brakes from the steady but unspectacular pace maintained over the last nine months." (Chico Harlan, "U.S. Economy Slows, With GDP Growing 0.5% In First Quarter," The Washington Post , 4/28/16)

  • The U.S. Economy Has "Sputtered" Into A Phase Of Low Growth. "The U.S. economy sputtered in the first quarter to the lowest growth in two years, expanding just 0.5% as business slashed investment by the steepest rate since the Great Recession." (Jeffry Bartash, "Economy Grows In First Quarter At Slowest Pace In Two Years," MarketWatch, 4/28/16)

"The American Economy Settled Into The Slow Lane" To Start 2016, Which "Continued A Downshift" That Started Last Year. "The American economy settled into the slow lane last quarter, as consumers took their foot off the gas and businesses grew more cautious as well. The 0.5 percent growth rate in the first three months of 2016, which the Commerce Department reported on Thursday, continued a downshift that began late last year." (Nelson D. Schwartz, "U.S. Economy Grew 0.5% In First Quarter, The Slowest Pace Of Growth In Two Years," The New York Times, 4/28/16)

Today's Report Reaffirms The Attitudes Of Americans Who Feel The Country And The U.S. Economy Is On The Wrong Track

67 Percent Of Americans Think The Country Is On The Wrong Track. (Rasmussen, 2500 LV, 2% MoE, 4/17-22/16)

59 Percent Of Americans Believe The U.S. Economy Is "Getting Worse." (Gallup, 3,542 RS, 2.0% MoE, 4/4/-10/16)

54 Percent Of Americans Would Characterize The Current State Of The U.S. Economy As "Poor." "The survey showed people were slightly more likely to describe the economy as good and slightly more optimistic about their own financial situations than they were in February. Still, 54 percent characterize the economy as poor." (Kathleen Hennessey and Emily Swanson, "AP-GFK Poll: Obama's Approval Rises With Improving Economy," The Associated Press, 4/11/16)

51 Percent Of Americans Disapprove Of The Way Obama Is Handling The U.S. Economy . (American Research Group, 1,100 RS, 2.6% MoE, 4/17-20/16)

The Hill Headline: "Poll: Economy Is Most Serious Problem Facing America" (Mark Hensch, "Poll: Economy Is Most Serious Problem Facing America," The Hill, 3/10/16)

A Majority Of Americans Still Feel The U.S. Economy Remains In Recession. "Other polls have found that a majority of Americans even think the economy remains in recession, even though the Great Recession officially ended in June 2009." (Christopher S. Rugaber, "AP Survey: Voter Anexity At Odds With Economists' Optimism," The Associated Press , 3/1/16)

Even Bill Clinton Understands That Americans Feel "Intensity And Anger And Confusion And Anxiety" About The Economy And Are Ready To Move On From The "Awful Legacy Of The Past Eight Years"

Bill Clinton Has Acknowledged That Americans Feel "Intensity And Anger And Confusion And Anxiety" About The Economy. BILL CLINTON: "Why is there so much intensity and anger and confusion and anxiety? Because that beautiful picture of the future the President painted? Millions of Americans can't look at that picture and find themselves and their families in it to saves their lives." (Former President Bill Clinton, Remarks At A Campaign Event, St. Louis, MO, 3/8/16)

Clinton Has Explained That Most Americans "Can't Find" Themselves In Obama's "Pretty Picture" Of The Economy. BILL CLINTON: "So, you got a lot of people that say, 'oh that's a really pretty picture Mr. President and I know you're telling the truth, and he is, but right now I can't find myself in it.' Hillary is running for president so that every single person in this country can find themselves in that picture for the future." (Former President Bill Clinton, Remarks At A Campaign Event, St. Louis, MO, 3/8/16)

Clinton Has Slammed The Obama Economy, Describing National Conditions As The "Awful Legacy Of The Last Eight Years." BILL CLINTON: "I literally from the time I met her 45 years ago until we talked yesterday, she is the best change maker I have ever known. She always finds a way to make something good happen, to make people feel empowered, to buy people into the process, to make democracy work the way the framers intended for it to work. Now if you don't believe we can all grow together again, if you don't believe we're ever going to grow again, if you believe it's more important to re-litigate the past, there may be many reasons that you don't want to support her. But if you believe we can all rise together, if you believe we've finally come to the point where we can put the awful legacy of the last eight years behind us and the seven years before that where we were practicing trickle down economics with no regulation in Washington, which is what caused the crash, then you should vote for her." (Bill Clinton, Remarks At A Campaign Event, Spokane, WA, 3/21/16)

Click To Watch

OBAMA IS ON TRACK TO BE ONE OF THE WORST PRESIDENTS EVER FOR U.S. ECONOMIC GROWTH

Obama Is On Track To "Be The Only U.S. President In History That Did Not Deliver A Single Year Of 3.0% + Economic Growth." "Right now, the nation is probably already in a recession. The BEA's first estimate of 4Q2015 RGDP growth was only 0.69%, and there is mounting evidence that this will later be revised downward. However, making the wildly optimistic assumption that 2016 RGDP growth will come in at the CBO's current forecast (2.67%), Obama will be the only U.S. president in history that did not deliver a single year of 3.0%+ economic growth." (Louis Woodhill, "Barack Obama's Sad Record On Economic Growth," RealClear Markets, 2/1/16)

Obama Could Leave Office With An Average Economic Growth In The Bottom Four Of All Presidents . "This would place his presidency fourth from the bottom of the list of 39*, above only those of Herbert Hoover (-5.65%), Andrew Johnson (-0.70%) and Theodore Roosevelt (1.41%)." (Louis Woodhill, "Barack Obama's Sad Record On Economic Growth," RealClear Markets, 2/1/16)

  • Obama May Leave Office Having Only Produced An Average Of 1.55% Economic Growth. "Again, assuming 2.67% RGDP growth for 2016, Obama will leave office having produced an average of 1.55% growth. This would place his presidency fourth from the bottom of the list of 39*, above only those of Herbert Hoover (-5.65%), Andrew Johnson (-0.70%) and Theodore Roosevelt (1.41%)." (Louis Woodhill, "Barack Obama's Sad Record On Economic Growth," RealClear Markets, 2/1/16)

Because Of Obama's Failure To Generate Economic Growth, 93 Percent Of U.S. Counties Have Failed To Recover From The Recession

The Wall Street Journal Headline: "Six Years Later, 93% Of U.S. Countries Haven't Recovered From Recession, Study Finds" (Eric Morath, "Six Years Later, 93% Of U.S. Counties Haven't Recovered From Recession, Study Finds," The Wall Street Journal , 1/12/16)

The National Association Of Counties Found That Under The Clinton-Obama Economy, 93 Percent Of Counties In The U.S. "Have Failed To Fully Recover" From The Recession. "More than six years after the economic expansion began, 93% of counties in the U.S. have failed to fully recover from the blow they suffered during the recession. Nationwide, 214 counties, or 7% of 3,069, had recovered last year to prerecession levels on four indicators: total employment, the unemployment rate, size of the economy and home values, a study from the National Association of Counties released Tuesday found." (Eric Morath, "Six Years Later, 93% Of U.S. Counties Haven't Recovered From Recession, Study Finds," The Wall Street Journal , 1/12/16)

  • The Four Indicators Used In The Study Are Total Employment, The Unemployment Rate, Size Of The Economy And Home Values." Nationwide, 214 counties, or 7% of 3,069, had recovered last year to prerecession levels on four indicators: total employment, the unemployment rate, size of the economy and home values, a study from the National Association of Counties released Tuesday found." (Eric Morath, "Six Years Later, 93% Of U.S. Counties Haven't Recovered From Recession, Study Finds," The Wall Street Journal , 1/12/16)

A "Large Swath" Of Counties In The Middle Of The Country Have Even Taken A Step Back, Suffering From Economic Contractions Last Year. "But a large swath of counties in Texas, Illinois and other states in the middle of the country suffered economic contractions last year." (Eric Morath, "Six Years Later, 93% Of U.S. Counties Haven't Recovered From Recession, Study Finds," The Wall Street Journal , 1/12/16)

DESPITE OBAMA'S DISMAL RECORD, CLINTON GIVES OBAMA AN "A" GRADE AND PLANS TO DOUBLE DOWN ON HIS POLICIES WITH HER OWN HARMFUL TAX AGENDA

In An Interview With The Boston Globe, Clinton Gave The Obama Administration An "A" For Its Overall Performance, Adding "I Don't Think He Gets The Credit He Deserves For Saving Our Economy." CLINTON: "I'd give him an 'A.' I don't think he gets the credit he deserves for saving our economy from falling into a great depression, for saving the auto industry which represents millions of jobs up and down the supply chain, for beginning the crackdown on Wall Street abuses with Dodd-Frank, for getting the Affordable Care Act passed, for really being as responsive as he could possibly be given the obstructionism that he faced with the Republicans in Congress." (Hillary Clinton, Interview With The Boston Globe, 10/17/15)

Click To Watch

Clinton's New Tax Plan Will Reduce U.S. GDP By 1 Percent

According To Analysis By The Tax Foundation, Clinton's Tax Proposals Would "Reduce The Economy's Size By 1 Percent." "According to the Tax Foundation's Taxes and Growth Model, Hillary Clinton's tax plan would reduce the economy's size by 1 percent in the long run." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

Clinton's New Tax Plan Will Cost Over 300,000 American Jobs

According To Analysis By The Tax Foundation, Clinton's Tax Proposals Would Result In "311,000 Fewer Full-Time Equivalent Jobs." "This reduction in GDP would translate into 0.8 percent lower wages and 311,000 fewer full-time equivalent jobs. Accounting for the economic effects of the tax changes, the plan would end up increasing federal tax revenues by $191 billion over the next decade." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

Clinton's New Tax Plan Will Reduce Americans' Wages By 0.8 Percent

According To Analysis By The Tax Foundation, Clinton's Tax Proposals Would "Lead To 0.8 Percent Lower Wages. "The plan would lead to 0.8 percent lower wages, a 2.8 percent smaller capital stock, and 311,000 fewer full-time equivalent jobs. The smaller economy results from somewhat higher marginal tax rates on capital and labor income." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

FOR THE MAJORITY OF AMERICANS ALREADY CONCERNED ABOUT THE ECONOMY, CLINTON'S AGENDA "PROMISES TO MAKE IT JUST A BIT WORSE"

The Wall Street Journal's James Freeman: "For Everyone Dissatisfied With The Obama Economy, The Clinton Agenda Promises To Make It Just A Bit Worse." "And although the Clinton tax hikes are ostensibly targeting the rich, with proposed changes such as a new surtax on high incomes and a Buffett Rule that sets a minimum tax rate on high earners, the Tax Foundation projects a decline of at least 0.9% in after-tax incomes for all taxpayers due to slower growth. So for everyone dissatisfied with the Obama economy, the Clinton agenda promises to make it just a bit worse." (James Freeman, "Hillary's $191 Billion Tax Increase," The Wall Street Journal. 1/26/16)

RealClear Markets : Clinton's Economic Plan Equates To "Hospice Care," Featuring Proposals That Are "Not Intended To Restore Strong Growth" But Rather Make Americans "More Comfortable In The Face Of Economic Stagnation." "With respect to the economy, both Hillary Clinton and Bernie Sanders are offering what amounts to 'hospice care.' Their 'tax the rich' redistributionist proposals are not intended to restore strong growth. They are designed to make the middle class more comfortable in the face of economic stagnation." (Louis Woodhill, "Barack Obama's Sad Record On Economic Growth," RealClear Markets, 2/1/16)

Fortune Magazine : Clinton's Tax Proposals Will "End Up Hammering Economic Output And Costing Jobs." "Hillary Clinton is going to have to answer questions about her tax plan in the coming day, as a new analysis claims Clinton's plan will involves hundreds of billions of taxes and end up hammering economic output and costing jobs." (Ben Geier, "Hillary Clinton's Plan Calls For $498 Billion In Taxes, Report Says," Fortune, 1/26/16)

The Washington Examiner : Clinton's Tax Proposals Would "Crimp Economy Growth And Lower Incomes For All Workers." "Hillary Clinton's plans for reform taxes would raise nearly $500 billion in a decade on paper, according to new research, but would crimp economic growth and lower incomes for all workers, meaning that the actual revenues collected by government would be lower." (Joseph Lawler, "Analysis: Clinton's $498 Billion Tax Hike Would Lower Growth And Wages," The Washington Examiner , 1/26/16)

Fortune Magazine : Clinton's Tax Proposals "Likely Won't Sit Well" With "Many Middle Class Voters." "This likely won't sit well with conservatives and many middle class voters. If Clinton wins the Democratic primary, expect her Republican opponent to talk about this study constantly - and for Clinton to offer rebuttals." (Ben Geier, "Hillary Clinton's Plan Calls For $498 Billion In Taxes, Report Says," Fortune, 1/26/16)


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