Feb 15, 2017
Looking Back on Obama’s Economic Legacy
Post by Freedom Partners
To ensure a better future, we must learn from the past. And, what better time than now, in the infancy of Trump’s presidency, to look back on the mistakes of the last eight years.
Examining President Obama’s legacy is key to make sure we don’t allow similar mistakes to happen. Especially since, under President Obama, we saw a slower economy, higher costs for health care and millions more on food stamps than under any other administration in recent history.
The economy under President Obama’s administration left American workers and families out to dry. The average job search lasted 25 weeks, a 40-year high. The labor participation rate was 62.9 percent—its lowest since March 1978. This is not a surprise considering all the regulations that imposed more burdens on business. In fact, the 673 major regulations passed under the Obama administration have cost over $800 billion. It’s no wonder that the average annual economic growth of 1.4 percent was the lowest since President Eisenhower.
When it comes to health care costs, Obamacare has caused premiums to skyrocket. Just one example is the 41 percent increase in average state premiums for individuals from 2013-2014. In addition, the 19 Obamacare cooperatives that never opened, failed or were ordered to close have amounted to $1.78 billion wasted.
Limited economic opportunity under President Obama led to increased use of safety net programs. Since 2009, the number of people who have signed up for Supplemental Nutrition Assistance Program (SNAP), also known as food stamps, increased by approximately 10 million people, or 32 percent. This increase also translated to $16.24 billion in taxpayer dollars spent.
Ultimately, the cost of more regulations and big government spending is stagnation, slow growth and a struggling economy that deprives people of opportunity and a better life. As the new Congress and the Trump administration look to the future, they ought to learn from the past.