Proud Obama Tells British Students How He Saved The World

by:Randy DeSoto 
"That was pretty good.” *Sarcasm*
At a London town hall on Saturday, President Barack Obama took credit for saving the world economy from another Great Depression.
The Guardian reported that the president was asked by a British college student what he thought his legacy will be. “I don’t think I’ll have a good sense of my legacy until 10 years from now when I can look back with some perspective and get a sense of what worked and what didn’t,” Obama said. “There are things I’m proud of: the basic principle that in a country as wealthy as the United States, every person should have access to high quality health care that they can afford.”
Obama continued, “Saving the world economy from a Great Depression, that was pretty good. … The first time I came to London was April of 2009, and the world economy was in free-fall, in part because of the reckless behavior of the folks on Wall Street, but in part because of reckless behavior of a lot of financial institutions around the globe. 


“For us to be able to mobilize the world community, to take rapid action, to stabilize the financial markets and then in the United States to pass Wall Street reforms that make it much less likely that a crisis like that could happen again — I’m proud of that,” he said.
Arguably by the time Obama came to office in January 2009, the U.S. financial market had been stabilized thanks to the actions of the Bush administration, Congress and the Federal Reserve. The Emergency Economic Stabilization Act, passed in October 2008, helped avert a major banking crisis, which characterized the Great Depression. Additionally, the Dow Jones Industrial Average began its climb upward in February 2009 before any Obama administration policies would have taken effect.

The president has taken credit not only for saving the U.S. and world economies from depression, but for the job creation and economic growth the United States has experienced since he took office. As reported by Western Journalism, that record is not particularly impressive.

https://youtu.be/H2OTLNDtSwk



Since January 2009, the economy has added approximately 10 million jobs, which experts have noted is the weakest economic recovery since World War II. By comparison, by this point in the Reagan presidency over 13 million new jobs had been added when the country’s population was 100 million less. The economy in the early years of Reagan’s time in office was experiencing the greatest economic crisis the nation had seen since the Great Depression, with double-digit unemployment, interest rates and inflation. 
However, thanks to polices Reagan championed, the economy began to expand rapidly, with a growth rate of 34 percent over the first 25 quarters (six and a quarter years), versus 14.3 percent under Obama. 


Reagan’s policies emphasized lowering taxes to a top rate of 28 percent and cutting regulations on businesses, while Obama’s policies have emphasized increasing taxes to a top rate of 40 percent and increasing the number of government regulations at a staggering pace. The Heritage Foundation noted Obama administration has issued twice as many regulations as its predecessor. 

At the London town hall, Obama took pride in staying true to his promises as a candidate in 2008, which included growing the role of the federal government in Americans’ lives and “spread[ing] the wealth around.” “Sometimes I look back at what I said when I was running for office and what I’m saying today and they match up,” he said. “So there’s a certain core integrity to what I’ve been trying to do.” 
h/t: The Washington Times