In 2008, the last year of the George W. Bush Administration, the American economy collapsed into the Great Recession, the greatest economic downturn since the Great Depression of the 1930s!
Now, seven years later, the Great Recession is finally over, and most American economists would say we are at “full employment”, with an unemployment rate of 5 percent!
Does anyone wish to argue that, magically, John McCain and or Mitt Romney would have brought about such a low unemployment rate any sooner than seven years, when the same situation arose under the New Deal of Franklin D. Roosevelt?
Twice, a Republican President brought down the economy, and a Democratic President revived the economy.
Both FDR and Obama were called Socialists, Communists, radicals, and extremists, and both faced great hatred from the elite wealthy.
The difference is that FDR kept a Democratic Congress, while Obama had to deal with an opposition House of Representatives for the last six years of his Presidency, and with an opposition Senate for the last two years of hisÂ Presidency.
So in a way, Obama’s accomplishment may be all the greater!
It will take time for Obama to be appreciated for what he did for the economy, but the time will come, eventually.
At the same time, there clearly is a need for more to be done, as there are still too many people in our society, poorly educated and unmotivated, who need to be trained and helped to find stable employment, but a lot has been done, and it is appropriate to salute President Obama!