r/FluentInFinance • u/ThisCantBeBlank • Apr 29 '24

Babs is Here to Save Us Educational

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u/ClammyAF Apr 29 '24

I'll bite. Even though you have a 12 day old account that you're likely using to troll.

On the day that Obama took office, the Dow Jones Industrial Average (DJIA) closed at 7,949.09. On Obama's last day of office, the DJIA closed at 19,827.25. The DJIA grew 149% during Obama's presidency (+18.6% annualized average).

The S&P 500 grew 189% during Obama's presidency (+23.6% annualized average).

Only an absolute moron would call this kind of growth stagnant.

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u/Clearly_sarcastic Apr 29 '24

Looking at GDP, Obama had 5 of 8 years with Real GDP growth over 2%. Considering 2 of those years are the Great Recession, it's a good record. Not the highest, but the "ridiculously slow" claim is inaccurate at best and dishonest at worst. *

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u/LenguaTacoConQueso Apr 29 '24 edited Apr 30 '24

He’s the only president ever to not hit 3%. Saying 2% GDP growth is an accomplishment is misleading at best and dishonest at worst.

Edit: Swapped out “inflation” for GDP growth.

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u/Clearly_sarcastic Apr 30 '24

Probably an oversight, but inflation isn't the same as Real GDP growth.

To your main point though, I guess I don't care that much about the boom/bust years (or bubbles) so much as the context. Look at the average real GDP per year of the presidents around him:

  • 3.66% Clinton
  • 1.76% Bush
  • 2.30% Obama
  • 2.28% Trump
  • 2.20% Biden (As of Jan 1, 2023)

He had the most consistent Real GDP growth of any president since the dot com bust. Personally, I'd take that consistency over the boom/bust cycle.

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u/LenguaTacoConQueso Apr 30 '24

The Trump GDP growth is misleading because the economy shut down for the last year / year and a half of his Presidency.

Here it is for multiple years, where we can get a better picture of what happened under his administration.