With Hillary Clinton confirmed as the Democratic Presidential candidate, she is all set to take the reins from President Barack Obama. Clinton has to accept two important truths about the Obama led United States economy.
The first truth is that Americans have economically improved a lot compared to what they were eight years before. The second truth is that Americans are more worried than ever before. They feel that they should be much better than what they actually are. It is a matter of concern that a significant number of Americans are yet to recover.
Clinton has to toe the line of the celebratory economuc rise-and she must also lay out a vision of how to make America reach its complete potential, particularly on the salaries of workers and on growth. A majority of experts regard the US economy under Obama as a “B+ economy”. The rating signifies a good, but not that great economy.
A number of key statistics underpin the present American economic scenario. When it comes to jobs, 144 million people joined employment in the course of economic recovery. Unemployment was about 10 percent in 2010. In 2016, it is only 4.9 percent. Obama has clear success in this regard.
The economic growth under President Obama was approximately two percent every year. This looks good, but not that much when compared to the pre-recession median of about three percent. The Obama administration did all right in this regard.
When it comes to stocks, Obama has delivered an excellent bull market. The S&P 500 and Dow now are at a peak unparalleled in their history. The technology heavy Nasdaq is hovering above its peak in the Dot-com era.
Obama falters when it comes to workers’ salaries. The average American family earns a little below $54,000 every year. This is the same as it was about 20 years before (if adjusted for inflation). The growth of wages has not been good under President Obama. It is said to be the recovery’s “missing piece”.
President Obama delivers on housing. Prices of homes have recovered to 2005 or pre-crash highs. The average price is now about $231,000. When it comes to student debt, however, the condition brings worry. About 70 percent of college going students graduate with debt. The debt of the average student comes to about $29,000. Government debt has also doubled during his administration. It went from $10 trillion and rose to about $19 trillion at present.