President Bill Clinton left office with a record budget surplus and booming economy. We were beginning to pay down the national debt and the big “problem” being discussed was where to find enough workers to fill all the jobs.
George W. Bush inherited this excellent situation and eight years later America’s economy had completely melted down. The financial system was locked up, major banks couldn’t transfer funds, the economy was losing 270,000 jobs a month and the surplus was blown — replaced by the biggest deficit in history — $1.4 trillion.
Barack Obama inherited the worst economic conditions since the Great Depression. Now, four years later, the economy is no longer losing 270,000 jobs per month; under Obama it is gaining 194,000 jobs per month. America is better off than four years ago. The budget deficit is too high at $1 trillion, but Obama has cut it $400 billion and it’s headed in the right direction — down. Unemployment is also headed down, the housing market and consumer confidence are up, and the economy is growing.
Are all the problems Bush left Obama fixed? No. But it took Bush eight years to melt down the economy. In fairness, Obama should get eight years to fix it.
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