The Great Recession recovery wasn't powered by Obama; it was oil and gas

[Tom Kirkman + 8,860]

Yep, dead on accurate assessment.  Obama pretty much did everything in his power to impede the oil & gas industry in the U.S. while he was in office.  

Obama's current attempts to try to claim credit for U.S. economic recovery AFTER he left office and under the Trump administration is hogwash. 

 

The Great Recession recovery wasn't powered by Obama; it was oil and gas

Former President Barack Obama recently tried to take credit for President Trump’s record economic growth. Ironically enough, though, oil and gas development accounted for the vast majority of growth and job creation during the so-called Obama economy. Obama did nearly everything in his power to prevent that. Should Obama have his cake and eat it too?  ...

 

... In fact, Obama actively worked to restrict the industry that led the economy as a percentage of GDP growth. Oil and gas development accounted for nearly half of GDP growth, and the fracking boom alone accounted for 9.3 billion jobs, nearly half of the jobs created during his entire presidency. States such as Texas contributed nearly 70% of all jobs created during the Obama administration. Wage growth for workers in the natural gas industry also skyrocketed, with workers in states such as North Dakota seeing their weekly wages increase up to 40% in the post-shale boom. Without oil and gas development, there would have been almost no economic or job growth during the Obama administration.

Energy production laid the foundation for American energy independence. Off-shore drilling and the shale boom resulted in a decline in imports of foreign oil. By the end of the Obama years, the United States saw a 74% increase in oil production. By 2016, imports of foreign oil had declined by 4 million barrels since before Obama assumed office. Yet, it wasn’t until Trump implemented a laissez-faire approach to energy that America was finally able to achieve energy independence.

Obama, on the other hand, at the behest of far-left environmental groups such as the Sierra Club and Greenpeace, did everything he could to impede the fossil fuel industry via executive orders and overregulation. Regardless of Obama’s wavering support for the Keystone XL pipeline, for example, the industry and the economy saw tremendous growth thanks to its implementation.

By 2014, 98.5% of fracking occurred on nonfederal lands, yet the Obama administration attempted to seize more federal lands throughout his tenure. Permits for federal onshore extraction during the Obama administration declined.  ...

 

... Obama cannot take credit for the economic boom we are seeing under the Trump administration. It happened in spite of him, not because of him. The oil and gas boom powered the economic recovery from the Great Recession, not Obama’s attempts to stop it.

 

[notsonice + 1,069]

Obama cannot take credit for the economic boom we are seeing under the Trump administration. ??? boom is gone Oil and gas is leading the charge to the bottom.Market Summary > Dow Jones Industrial Average

INDEXDJX: .DJI 24,941.66 −824.98 (3.20%). The whole economic expansion under Obama and Trump was fueled by oil and gas boom and massive deficit spending. How Trump managed to double Obamas last year in office deficit is a mind blower. Now is the time to give Trump his well deserved credit, A Fed that cannot do anything today to keep the oil and gas business afloat in the US. A presidency in denial about what the virus is doing to the world and US economy. A tax cut that did not bring manufacturing back into the US, and to top if off crashing stock markets around the world. Yep Obama should not get the credit for Trumps doings. And where is Trump this weekend? Golfing?

[ConorMcInerny + 7]

This is comically bad journalism. The link you cite says oil and gas created 9.3 billion jobs. Perhaps a single read-through before the author posted would help to not infer that oil and gas created 1.5 times more jobs than there are people on Earth. Even better, when you click the link that the author cites for his 9.3 million figure, the article cited clearly states that the 9.3 million figure is the total number of jobs created under Obama, not solely oil and gas. Is the author lazy or intentionally manipulative?

As for the substance of the article, it is a laughable claim that the recovery happened despite the President. Really? That is what you are going with? The recovery happened through government spending and consumer protection and enablement. There is this foolish assumption that government spending is categorically bad even though it is quite literally putting money in the pockets of American companies and people. Oil and gas growth does not happen for the sake of oil and gas growth. The energy sector is demand-driven. 

Oil and gas undoubtedly played a large role in the recovery and continuing growth, but it is a false conclusion to say it is the cause of the recovery. That is like saying "this restaurant has really good mashed potatoes, so therefore it is the best restaurant in the world." So many factors go into propping up the largest economy in the world.

All Trump did was take a country that was consistently growing and pump it full of stimulus. It wasn't in the name of recovery or saving everyone, it was typical greed. "How big can I make these numbers..." Do you know why we have speed limits on highways? Because if you go too fast, you lose control and crash. Hope your 401k is wearing its seatbelt!

[Ward Smith + 6,615]

2 hours ago, notsonice said:

Obama cannot take credit for the economic boom we are seeing under the Trump administration. ??? boom is gone Oil and gas is leading the charge to the bottom.Market Summary > Dow Jones Industrial Average

INDEXDJX: .DJI 24,941.66 −824.98 (3.20%). The whole economic expansion under Obama and Trump was fueled by oil and gas boom and massive deficit spending. How Trump managed to double Obamas last year in office deficit is a mind blower. Now is the time to give Trump his well deserved credit, A Fed that cannot do anything today to keep the oil and gas business afloat in the US. A presidency in denial about what the virus is doing to the world and US economy. A tax cut that did not bring manufacturing back into the US, and to top if off crashing stock markets around the world. Yep Obama should not get the credit for Trumps doings. And where is Trump this weekend? Golfing?

Yep, you're not so nice. No so smart either. 

Is the current deficit larger than every deficit under Obama, or merely when compared to his lowest? stimulus packages were many and varied. Obama phones anyone? Cash for clunkers? Shovel ready jobs? Solyndra et al? Shall I continue? How many real jobs did all that largesse produce? 

Now you claim Trump stimulus. What program is that, exactly? Because the Federal Reserve has precisely nothing whatsoever to do with the Federal Government. Their loose money policy is on them. They reject Trump as Powell has so eloquently stated more than once. 

Oh and you're flat out WRONG about manufacturing. Those jobs have begun coming back to the United States so apparently Trump did have a "magic wand".

Sure must suck to be a Demoncrat about now. Got your wrist ready for that blade yet? 

[Ian Austin + 131]

14 hours ago, Tom Kirkman said:

Yep, dead on accurate assessment.  Obama pretty much did everything in his power to impede the oil & gas industry in the U.S. while he was in office.  

Obama's current attempts to try to claim credit for U.S. economic recovery AFTER he left office and under the Trump administration is hogwash. 

 

The Great Recession recovery wasn't powered by Obama; it was oil and gas

Former President Barack Obama recently tried to take credit for President Trump’s record economic growth. Ironically enough, though, oil and gas development accounted for the vast majority of growth and job creation during the so-called Obama economy. Obama did nearly everything in his power to prevent that. Should Obama have his cake and eat it too?  ...

 

... In fact, Obama actively worked to restrict the industry that led the economy as a percentage of GDP growth. Oil and gas development accounted for nearly half of GDP growth, and the fracking boom alone accounted for 9.3 billion jobs, nearly half of the jobs created during his entire presidency. States such as Texas contributed nearly 70% of all jobs created during the Obama administration. Wage growth for workers in the natural gas industry also skyrocketed, with workers in states such as North Dakota seeing their weekly wages increase up to 40% in the post-shale boom. Without oil and gas development, there would have been almost no economic or job growth during the Obama administration.

Energy production laid the foundation for American energy independence. Off-shore drilling and the shale boom resulted in a decline in imports of foreign oil. By the end of the Obama years, the United States saw a 74% increase in oil production. By 2016, imports of foreign oil had declined by 4 million barrels since before Obama assumed office. Yet, it wasn’t until Trump implemented a laissez-faire approach to energy that America was finally able to achieve energy independence.

Obama, on the other hand, at the behest of far-left environmental groups such as the Sierra Club and Greenpeace, did everything he could to impede the fossil fuel industry via executive orders and overregulation. Regardless of Obama’s wavering support for the Keystone XL pipeline, for example, the industry and the economy saw tremendous growth thanks to its implementation.

By 2014, 98.5% of fracking occurred on nonfederal lands, yet the Obama administration attempted to seize more federal lands throughout his tenure. Permits for federal onshore extraction during the Obama administration declined.  ...

 

... Obama cannot take credit for the economic boom we are seeing under the Trump administration. It happened in spite of him, not because of him. The oil and gas boom powered the economic recovery from the Great Recession, not Obama’s attempts to stop it.

 

With all due respect, it was driven by the cheapest borrowing conditions in history, and it keeps going...and going....and going. 
 

The fallout is going to be scary. 

[0R0 + 6,251]

9 hours ago, ConorMcInerny said:

As for the substance of the article, it is a laughable claim that the recovery happened despite the President. Really? That is what you are going with? The recovery happened through government spending and consumer protection and enablement. There is this foolish assumption that government spending is categorically bad even though it is quite literally putting money in the pockets of American companies and people. Oil and gas growth does not happen for the sake of oil and gas growth. The energy sector is demand-driven. 

 

The recovery was because of high oil production and lower energy costs during Obama's term. Otherwise we would have looked like the Italian economy. Obama did throw nits at the energy industry but did push the electrogas process development. What he did not accomplish is anything that resulted in economic growth. His major changes were all damaging (Obamacare, anti energy efforts, Dodd Frank to freeze banking) or worthless

10 hours ago, notsonice said:

How Trump managed to double Obamas last year in office deficit is a mind blower. Now is the time to give Trump his well deserved credit, A Fed that cannot do anything today to keep the oil and gas business afloat in the US.

The Fed took out precisely as much reserves out of the banks and thus the economy as the tax cuts brought incoming cash from its parking place abroad. They sabotaged the economic benefit since they sterilized the cash flows it created by removing the funds from the financial system. They nearly caused a second financial crisis and a global recession in tailoring their policy to their absurd projections of economic trends. It is no coincidence that the Fed waited with the long promised tightening cycle till after Trump was elected. 

[Ward Smith + 6,615]

14 minutes ago, 0R0 said:

The Fed took out precisely as much reserves out of the banks and thus the economy as the tax cuts brought incoming cash from its parking place abroad. They sabotaged the economic benefit since they sterilized the cash flows it created by removing the funds from the financial system. They nearly caused a second financial crisis and a global recession in tailoring their policy to their absurd projections of economic trends. It is no coincidence that the Fed waited with the long promised tightening cycle till after Trump was elected. 

Too many people in this country and on this site continue to believe the Federal Reserve belongs to the government. They are completely independent, proudly thwart the president and his agenda and continue to enrich their cronies at the expense of the US. 

[Tom Kirkman + 8,860]

2 hours ago, Ward Smith said:

Too many people in this country and on this site continue to believe the Federal Reserve belongs to the government. They are completely independent, proudly thwart the president and his agenda and continue to enrich their cronies at the expense of the US. 

The Federal Reserve about has as much to do with the U.S. government as FedEx does. 

(Fedex is a private, FOR PROFIT express mail delivery service BUSINESS, used as an alternative to the U.S. Postal Service.)

 

The Fed is NOT your friend.

 

[Danlxyz + 62]

This graph from the BLS shows manufacturing employment from 2001 to 2020. Once the 2008-2009 Recession was over, manufacturing jobs seem to have grown fairly steadily for both Obama and Trump.

Well, the graph seems to have disappeared.

Edited February 29, 2020 by Danlxyz

[Ward Smith + 6,615]

3 hours ago, Danlxyz said:

This graph from the BLS shows manufacturing employment from 2001 to 2020. Once the 2008-2009 Recession was over, manufacturing jobs seem to have grown fairly steadily for both Obama and Trump.

Well, the graph seems to have disappeared.

Let's start when Obama got elected.

See if this graph sticks 

Trump's magic wand

Edited February 29, 2020 by Ward Smith
Added link

[Danlxyz + 62]

5 minutes ago, Ward Smith said:

Let's start when Obama got elected.

The election was in November 2008 and the inauguration around January 20, 2009. In fact a president doesn't really have much influence in the first year budget unless he starts a war or something like that.