Matt 26z

I keep hearing this, but I can't figure out what Obama did.

RedFred

He got people like you to buy guns and more Nazi gear.

astronaut x

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Matt 26z

Gun sales are actually way down now that we have a government that totally respects the constitution.

Rochard

LOL.

Well, there was the Economic Stimulus Package which cut taxes, extended unemployment benefits, and funded public works projects. Then there was the American Recovery And Reinvestment Act which pumped $250 billion into the economy, which lead to a 3.9 GDP by early 2010. He signed the Dodd Frank Wall Street Reform Act to protect us from this happening again.

You can spin it any way you want, but Obama did better all around.

Trump the other day was talking about how his administration has crated 3.4 million new jobs in the past eighteen months. And that sounds impressive. However, during the last eighteen months of Obama's administration they had created 3.7 million jobs. This is the Republican standard - claiming the economy was bad under Obama, but much better under Trump. That's not true. It's good under Trump, but just not as good as it was under Obama.

I'm going make sure this next statement stand out.

Trump walked into office with a perfect economy, increased our deficit by 32% in one year, and still can't match Obama's numbers.

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pimpmaster9000

My chart in tbe other thread says it all...charts dont lie...

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dyna mo

Umm the"economic stimulus" legislation was written in congress BEFORE Obama was even in office. It was written by congressional leaders.

dyna mo

Dodd-Frank act was written by.....wait for it...... Dodd and Frank.

Rochard

And again with the smoke screen. Let's assign credit to everyone EXCEPT Obama.

Introduced in the House on January 26, 2009
Passed the House on January 28, 2009
Passed the Senate on February 10, 2009
Signed into law by President Barack Obama on February 17, 2009

Wasn't this something Republicans were dead set against? And wasn't this something Obama supported before he was in the oval office?

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Rochard

Yes. Written by two Democrats. And... Signed into law by Obama in 2009.

What has Trump done for the economy? He walked into office with a great economy, increased the deficit bigly, and still can't match Obama numbers. Trump recently celebrated the GDP, which was higher under Obama. WTF?

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dyna mo

smoke screen my fucking ass.

you must be clueless as to how our government is supposed to function.

that has nothing to do with the fact the legislation was created by the legislative branch not Obama.

kane

If these are the rules, than no president should ever get credit for anything because they don't actually write laws, they just sign them.

dyna mo

again, the fucking legislation has nothing to do with the executive branch of the government and everything to do with the legislative branch.

how can you not get that.

dyna mo

you must be joking kane, it's not named the Obama act, it's named the Dodd-Frank act.

this is how our government is supposed to work. legislation comes from the legislative branch of the government. you really think eo's are how this government was setup?

holy crap.

dyna mo

richard explain how dodd-frank contributed to the booming economy.

kane

I am well aware of how things work. What I am saying is that if we play by these rules nobody can say things like: "Trump cut taxes." Trump didn't do shit but sign a paper. Congress cut taxes. Bush didn't invade Iraq, Congress did. Obama didn't make Obamacare, Congress did.

All I am pointing out is that traditionally a president gets credit for things that they sign and that happen under their administration.

The president is basically a coach on a sports team. If they win, the coach gets the credit. If they lose, the coach takes the blame even though the couch never plays a minute of the game.

dyna mo

I'm not giving trump credit for any of that and never have.

the legislative branch is responsible for legislation including legislation that impacts the economy. I don't fall for the baloney when the president signs legislation and high5s himself for signing it. that's how the system is supposed to work, the potus is NOT supposed to get in the way of legislation passing.

kane

The President plays a part in all of this. Sometimes a much bigger part than other times, but they do play a big role. In the end, they aren't just supposed to sit by and let the legislative branch do as they please. There is a reason the POTUS has veto power.

That said, I get what you are saying when it comes to who should get the credit.

ghjghj

Guns and Nazi gear ftw

dyna mo

you and I are on the same page kane. I agree that it's not a rule and that it's always...usually... better when the potus participates in creating legislation.

That said, I see very little that obama or trump directly did that impacted or influenced the economy in any significant way other than signing the legislation that was put before them.

directfiesta

he forgot again .....

kane

To be honest I have no idea just how much of a role in the bailout he played. I know the White House spearheaded a lot of the stimulus an auto bailout, but I don't know if Obama was behind that or if it was just his policy advisers running the show.

dyna mo

well, the good news was we had the money to cover it. not so now, with the tax cuts and military spending increases etc.

beerptrol

Reason, facts, and science has no place in a chumpanzee's world. So no point trying to explain to a brain dead chump cultist!
They just start useless threads like this because it makes them feel bigly because they can use libtards in the title

During the Nazis reign in Germany, Op would be one of the first gassed because of his mental illness

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Rochard

So... Democrats created the bill, Democrats got the bill passed, and a democratic President signed it into law.

It still doesn't change the truth that Obama's numbers are better than Trumps.

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slapass

He also signed lots of executive orders. But seriously, the economy was in shambles when he took over. Trump has the other problem. The economy is amazing and just needs to stay the course.

Helix

You are in luck. There is a video about this topic.

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dyna mo

None of which has jackshit to do with the topic. Also still waiting on you explaining how Dodd frank contributed to the booming economy.

astronaut x

So it was written then, but passed when Obama was in office.

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MFCT

Obama cut taxes, raised tariffs on imports to encourage businesses to buy American-made goods, and ended a lot of stifling regulations that hurt growth. Trump just tried to take credit for all that, being the sneak that he is.

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NewNick

My understanding of dodd-frank is that it helped to stabilise the banks and give protection to consumers - in turn this helped to restore investor confidence in the system.

As others have pointed out the economic upturn under Obama was in some part cyclical and to be expected with the opportunities offered by very low interests rates and low asset vales. Obama managed the situation extremely well.

However the QE instigated throughout the western economies was absolutely needed to stop the financial rot. It was probably the only throw of the dice left.

So 8 years of Obama, and before Trump has got his feet under the table he starts claiming the credit.

The only mistake Obama made was one of perception. He should have spent every waking moment telling y'all how fabulous the economy is, and that no president in history had done a better job.

Can you imagine how stoopid and narcissistic he would have sounded ?

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TheSquealer

In addition to all the many economy and industry crushing regulations he enacted by executive order... he raised taxes many times.

As we all know, nothing grows an economy faster than putting money in government coffers by creating new taxes.

Theres these economy stimulating taxes he enacted... during the slowest and worst economic recovery in the history of the nation...


And lets not forget the "stimulus package" wasn't read by anyone (1100 pages) and was passed the next morning after being drafted,... to bail out banks and get them lending again was given to banks with ZERO conditions or requirements, so they all just sat on it and weathered the storm and did nothing to help with all the bad loans.

OBAMA said manufacturing jobs weren't coming back and they are now that he's gone.
OBAMA said the economy will never see 3% GDP growth again and it is now that he's gone.
OBAMA said in response to Trumps promise of more than 3% growth "what does he have?? A magic wand?"

So lets stop pretending the community organizer, activist and 2 year absentee Senator from the murder capital of the nation is some sort of business person or banking wizard that actually understands economics.

But you know... pesky facts and all.


1. A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just sixteen days into his Administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack. The median income of smokers is just over $36,000 per year.

2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance – as defined by Obama-appointed HHS bureaucrats -- must pay an income surtax according to the higher of the following:


1 Adult

2 Adults

3+ Adults

2014

1% AGI/$95

1% AGI/$190

1% AGI/$285

2015

2% AGI/$325

2% AGI/$650

2% AGI/$975

2016 +

2.5% AGI/$695

2.5% AGI/$1390

2.5% AGI/$2085


The Congressional Budget Office recently estimated that six million American families will be liable for the tax, and as Americans for Tax Reform has pointed out, 100 percent of Americans filing a tax return (140 million filers) will be forced to submit paperwork to the IRS showing they had “qualifying” health insurance for every month of the tax year. Bill: PPACA; Page: 317-337)

3. Obamacare Employer Mandate Tax (takes effect Jan. 2014): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer). Bill: PPACA; Page: 345-346

Combined score of individual and employer mandate tax penalty: $65 billion/10 years

4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/takes effect Jan. 2013): Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income: Bill: Reconciliation Act; Page: 87-93


Capital Gains

Dividends

Other*

2011-2012

15%

15%

35%

2013+ (current law)

23.8%

43.4%

43.4%

2013+ (Obama budget)

23.8%

23.8%

43.4%


*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income. It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. The 3.8% surtax does not apply to non-resident aliens.

5. Obamacare Excise Tax on Comprehensive Health Insurance Plans (Tax hike of $32 bil/takes effect Jan. 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions. CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956

6. Obamacare Hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes effect Jan. 2013): Current law and changes:


First $200,000
($250,000 Married)
Employer/Employee

All Remaining Wages
Employer/Employee

Current Law

1.45%/1.45%
2.9% self-employed

1.45%/1.45%
2.9% self-employed

Obamacare Tax Hike

1.45%/1.45%
2.9% self-employed

1.45%/2.35%
3.8% self-employed


Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93

7. Obamacare Medicine Cabinet Tax (Tax hike of $5 bil/took effect Jan. 2011): Americans are no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959

8. Obamacare HSA Withdrawal Tax Hike (Tax hike of $1.4 bil/took effect Jan. 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959

9. Obamacare Flexible Spending Account Cap – aka “Special Needs Kids Tax” (Tax hike of $13 bil/takes effect Jan. 2013): Imposes cap on FSAs of $2500 (currently unlimited). Indexed to inflation after 2013. There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. Bill: PPACA; Page: 2,388-2,389

10. Obamacare Tax on Medical Device Manufacturers (Tax hike of $20 bil/takes effect Jan. 2013): Medical device manufacturers 409,000 people in 12,000 plants across the country. This law imposes a new 2.3 percent excise tax on total sales, even if the respective company does not earn a profit. Exempts items retailing for <$100. Bill: PPACA; Page: 1,980-1,986

11. Obamacare "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI (Tax hike of $15.2 bil/takes effect Jan. 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995

12. Obamacare Tax on Indoor Tanning Services (Tax hike of $2.7 billion/took effect July 2010): New 10 percent excise tax on Americans using indoor tanning salons. Making matters worse: According to a Treasury Inspector General for Tax Administration report, the Obama IRS didn’t bother to issue compliance guidelines until three quarterly filing deadlines had passed: “By the time [IRS] notices were issued, tanning excise tax returns had been due for three quarters." Bill: PPACA; Page: 2,397-2,399

13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Tax hike of $4.5 bil/takes effect Jan. 2013) Bill: PPACA; Page: 1,994

14. Obamacare Blue Cross/Blue Shield Tax Hike (Tax hike of $0.4 bil/took effect Jan. 1 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004

15. Obamacare Excise Tax on Charitable Hospitals (Min$/took effect immediately): $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by Obama-appointed HHS bureaucrats. Bill: PPACA; Page: 1,961-1,971

16. Obamacare Tax on Innovator Drug Companies (Tax hike of $22.2 bil/took effect Jan. 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980

17. Obamacare Tax on Health Insurers (Tax hike of $60.1 bil/takes effect Jan. 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year. Phases in gradually until 2018. Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993

18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013). Bill: PPACA; Page: 1,995-2,000

19. Obamacare Employer Reporting of Insurance on W-2 ($min/takes effect Jan. 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957

20. Obamacare “Black liquor” tax hike (Tax hike of $23.6 billion/took effect immediately). This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105

21. Obamacare Codification of the “economic substance doctrine” (Tax hike of $4.5 billion/took effect immediately). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113

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TheSquealer

From the notorious liars at ... you know, forbes
https://www.forbes.com/sites/waynecr.../#6e593ada1398

Obama's Legacy: 2016 Ends With A Record-Shattering Regulatory Rulebook

Of course hobbling business in every way imaginable is a great way to stimulate the economy during the worst recovery ever in the history of the US.

Just a crazy coincidence that Trump walked in and tore up all of his regulations and the economy takes off, i'm sure.

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TheSquealer

So... no one is ready to argue that increasing taxes and regulations and giving banks money to sit on and do nothing with... and touting "shovel ready jobs" to ram a "stimulus package through" where no money went to "shovel ready jobs" and creating more business / economy stifling regulations than almost any other President while cutting drilling back, shutting down coal and presiding over the highest gas prices we've ever seen, are all what is causing the economy to boom today?... and causing large companies to repatriate factories and 100s of BILLIONS of dollars... that makes great sense. Wonderful economic logic.

Not Trumps tax cuts. Not investor confidence. Not him shredding all the regulations Obama created by executive order?

So... it was the "stimulus package"?? Thats all you got? No one agreed at the time that it had any positive effect on the economy but THAT is what is causing the economy to boom 8-9 years later? Really? Thats your argument against Trumps economy?

You guys will have to come up with a more sensible argument and start living in reality if you think you're gonna have any chance of taking back the White House in 2020. I mean seriously, Trump is your fault. 100% your fault. Another Trump Presidency will again be 100% your fault. You guys need a new schtick besides "hate Trump"/"resist Trump" because Trump is doing everything that he said he would do and it's working well for him and the nation. Thats whats going to be driving his re-election... his record, the economy, jobs, immigration, tax cuts etc etc etc

It's looking more and more like you'll stand 0 chance in 2020 since you can't do anything by run around like hysterical little girls, making headline news out of things like how Trump drinks a bottle of water. You guys are 100% out of touch with voters.

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dyna mo

My understanding is dodd-frank crippled small business and was a negative impact on the economy, although I do not disagree with it.

https://www.heritage.org/markets-and...and-its-repeal

https://www.dailysignal.com/2017/07/...-economy-long/

https://www.atr.org/5-years-later-do...-american-jobs

tony286

Att laying off 7000 after saying with the tax cut they would create 7000. They are spending most of it on tax buy backs. God you people are soft in the head to believe his bullshit lol
https://www.theguardian.com/us-news/...rcing-continue

Then when a dem is back in, you will blame him for all the shit your boy created and deficit will be sky high. Then the gop will care about it again where now it doesnt matter.

NewNick

Crippled business ?

It was a product of its era. It would not have been necessary if the financial system had not disintegrated.

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dyna mo

I understand that it was nec. nevertheless, it's impact on the current economic boom is very debatable and at best, minimal.

bronco67

She doesn't know these things because she gets her news from "ConservativeCuntRagoftheWeek.com".

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