By Joel Murray
Even though Obama has been replaced, its often great to reflect the mark such a president left on the economy. Whilst Obama himself said “In the United States, our economy is growing again,” it most definitely didn’t seem so for the U.S. economy. Lets have a look.
Looking from a single employment report from May 2016, the unemployment rate had moved from 7.8 percent at Obama’s inauguration to 5.0 percent in April 2016, as more and more Americans stop looking for work, the Labor Force Participation Rate whilst he’s been in office has decreased from 65% to 62%. Since Obama took office, this metric has slid 3%. Not really relating to his growing economy he so says there was.
Obamacare seemed like a good idea, right? Tens of millions of uninsured people would now have access to affordable, high-quality health insurance through Medicaid expansion, their employers, and the Health Insurance Marketplace. But, they had to get the money to help insure all these people, so what did they do? New taxes were introduced. Which were mostly on high-earners and the healthcare industry. What this also meant was the people who paid for private health insurance (around 30 million of the U.S.) had their insurance cancelled, as it didn’t comply with the affordable care acts benefits policy. Replacing insurance after is cancelled is not cheap, and ate into the the pockets of private health insurers. And for those who didn’t reapply for insurance of another kind, the ACA taxed the hell out of them. So essentially, what Obamacare told America was “get health insurance the falls under the ACA’s policies, even though some of them don’t apply to all Americans, or we will tax you!”. This all inevitably ate into the disposable income of those who had private health insurance, which were mostly the upper class in the working economy. Why would everyone need insurance that falls under the ACA’s act? A single, high income male doesn’t need insurance that covers him for maternity care, which is one of the 10 essential benefits that fall under the ACA. We have to question ourselves, how was Obama seeing a growing U.S. economy when his new plan put unnecessary taxes upon those who didn’t want health insurance, or didn’t want national health insurance?
President Barack Obama was notorious for wasting America’s. One such case, according to new documents obtained by government watchdog group, confirms he has spent a large amount of money on travel as president, wasting military resources and putting an copious amount of stress on the secret service. It was estimated that a near $100 was wasted on travel privileges he has. Current president, Donald Trump has said as a part of helping to save the tax payer, by reforming presidential travels.
Obama really took a crack into America and has gone now across several websites and newspapers as one of the worst presidents for the U.S. economy. Such debate is still at hand about this. Could Obama really see a growing economy as he mentioned? Such a cut in rates of parts of employment, unneeded taxing for an unreliable plan that helped one side of the working class but slashed disposable income for the other, and a waste of money and resources really is still to question.