January 14, 2015--It's Not His (Obama's) Fault

My Florida friend Henry is counting the days until the end of the Obama administration.

"Only 664 to go. Days," he said jauntily the other day. "When I checked this morning on the Obama Countdown Clock that added up to 15,959 hours or 957,393 minutes. None too soon for me."

"You're pretty serious about this," I said. "I know you haven't liked him from the beginning but now you really seem to hate him. You're a smart guy otherwise, so tell me why you do."

"He's screwed everything up. In the Middle East, in race relations (and you know I'm not a racist), and especially the economy."

"The economy?" I couldn't let him get away with that. "I know you can't stand Obamacare and what you claim it means to you as a small business owner--though as I've pointed out to you through the years it's actually good for you with your staff of less than ten. But isn't the rest of the economy in pretty good shape exactly a week short of his having been in office six years?"

"Good shape? With so many still employed, salaries of middlc-class workers not growing, and all those young people still without jobs or underemployed?"

"Much of that is true. Things are far from perfect, but what do you say about his list of accomplishments--starting with gas prices. Aren't you impressed that that gas-guzzling pickup of yours is costing you at least $1,000 a year less to gas up than it did two, three years ago? You were blaming Obama for high gas prices then so does he get some credit now that they're lower?" He didn't respond.

"And what about your favorite--the stock market? When he took office it was languishing. But yesterday the S&P 500 Index closed at 2,023. That's a 145% percent increase. Not bad, yes? And a big deal for middle-class workers who have much of their retirement savings in stock funds. Does Obama get any credit for that?" Fiddling with his coffee, Henry didn't respond.

"And unemployment? The rate last week dropped to 5.6%, the lowest since 1999, the last year of the Clinton presidency. What do you think about Obama's role in that? You didn't hesitate to blame him when it was much higher so now that it's significantly lower, what do you think?" Again he ignored me.

"Then your actual favorite--inflation. You remember how five or six years ago you were touting Peter Schiff as your economist of choice who was predicted that because of Fed and Obama fiscal policies inflation would soon be at Weimar Republic levels and you were buying gold to protect yourself from the sky falling? How's the inflation rate looking to you now at 1.3 percent? These days we're actually worried about deflation. And how's your $1,900-an-ounce gold doing? The last time I checked it was way off its panicky peak and was selling for only $1,240 an ounce. And what's Schiff peddling these days? Not anything positive about the Obama Economy I suspect." More silence.

"I could go on but these are a few highlights which could also include low interest rates, a stronger dollar, how the deficit has been cut by more than a half--from $1.4 trillion annually to $514 billion-- and how America is becoming energy self-sufficient. So I guess this means you hate Obama for other reasons. Enlighten me. I'm willing to say you're not a racist, but what is it then?" He stared at his watch and said he needed to run. He had a meeting he needed to get to.

After he left Rona and I continued the conversation. She said, "One of my favorite things besides conservatives refusing to give Obama any credit for the improved economy is their explanation about why it's better. That they can't deny--that's it's better."

"I know where you're going with this."

"First, all of a sudden the leading Republican candidates for the presidential nomination are expressing concern about inequality and the plight of poor people."

"I saw that even Mitt Romney is. The same Mitt Romney who two years ago was moaning among rich people in Boca Raton about the 47 percent of Americans who are the 'takers.'"

"And then there was new Republican senate majority whip John Cornyn on Morning Joe two days ago ignoring the question about Obama's role in improving the economy while claiming that the reason things are better is because business leaders, when they saw the Republicans were about to take control of both houses of Congress, began to hire people. He suggested it was a sort of Mitch McConnell bump."

"This is so preposterous--the economy began doing better six years ago on the first day Obama took office and now Republicans are claiming that the good news is the result of the election in November, all of two months ago. I love it."

It was by then time for us to go. "One more thing," Rona said. "Is there really an Obama Countdown Clock?"

"Indeed there is. You can look it up on the Internet. In fact, you can even buy one."

"Amazing."