Is an energised Obama's stock on the rise? (2024)

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Is an energised Obama's stock on the rise? (1)Image source, Getty Images

By Echo Chambers

Opinion and analysis from around the world

US President Barack Obama came out of the year bruised and battered. Many say he also came out smiling, however.

It was undoubtedly a difficult year for the Obama administration. The Democratic Party in Congress was routed during the November mid-term elections, giving Republicans control of both houses.

That election came after months of criticism following the difficult rollout of the Obamacare website in October 2013 and the rise of the Islamic State, a radical jihadist group. Most people expected a lame-duck, weary presidency to follow.

Since that electoral drubbing, however, things have changed. In his end of year press conference, the mainstream consensus was that the president was powerful in his condemnation of Sony's decision to pull The Interview in the face of threats by hackers possibly linked to North Korea.

That briefing came in the wake of a number of other decisive moves from the White House. In the last two months Obama announced an overhaul of the country's immigration system that extended protection to millions of illegal immigrants, signed off a law that will reduce ozone emissions by power plants and factories, and broke with 50 years of precedent by moving to normalise relations with Cuba.

This past quarter, the US economy grew at its fasted rate in 11 years - up by 5%, an adjustment from the original estimate of 3.9%.

"So how have things been going for our bored, exhausted and disengaged president?" asks Kevin Drum for Mother Jones. "He's been acting pretty enthusiastic, energised and absorbed with his job, I'd say."

Drum also notes what he sees as some of Obama's other, more quiet successes. In the past two months Western financial sanctions in Russia have played a huge part in Russia's failing economy. Despite the resurfacing of 2013 controversial remarks from MIT Prof Jonathan Gruber - an important voice in the creation of Obamacare - that cited "the stupidity of the American voter" as one reason the law passed, healthcare exchange signups are ahead of target.

But not everyone is rising to applaud. The American Thinker's Rick Moran says that the victories Drum refers to came at a great cost and were often not very effective.

For example, he writes, the Western sanctions are not what is hurting the Russian economy. Instead, the country was dipping into a recession before the measures were enacted. The main problem in Russia today is that the price of oil has gone into a free fall. And that ozone reduction? Moran says that the pricey plan will only improve air quality slightly.

Image source, European photopress agency

"I suppose you can find a pony in any manure pile if you look hard enough," he writes. "Someone should suggest to Kevin Drum that he keep digging - he's bound to find something eventually."

John Avlon writes for the Daily Beast that Mr Obama is changing his tack by going on the offensive. Instead of reacting to Republicans' policy ideas, he is forcing them to react to his.

While this might be seen as aggressive, making it more difficult to find common ground, Avlon writes that Obama is banking on the fact that it's in Republicans' self-interest to remain at the bargaining table.

"Would more kumbaya moments between parties be better for the country?" he asks. "You bet. But are they likely to occur given the current polarisation of our parties and the persistent attempt to delegitimise this president? Not so much."

Other commentators caution that these actions could also alienate Republicans and destroy any chance of the two sides finding a common ground.

This coming year will present its own set of political challenges, including the closing of Guantanamo Bay as well as a new tax and trade policy. The White House is expected to focus on economic changes that are aimed at revitalising the middle class.

Ari Fleischer, former press secretary to President George W Bush, says that Obama's seeming lack of concern about his relationship with Congress is troubling. Beginning next year, that might turn into a problem.

"If the president disregards Congress, then Congress can disregard the president," Mr Fleischer tells the Wall Street Journal.

The president's unilateral actions should not be mistaken for actual policy triumphs, says Commentary magazine's Jonathan S Tobin.

He writes that because of "Obama's ideological fixation with outreach to tyrants", the world is a more dangerous place than when he was elected. On top of that, many of his actions can be crippled by Congress.

"So while the last month has been full of presidential sound and fury, these actions only mask a deeper malaise that won't be fixed by Obama's characteristic hubris about his actions," he continues. "The failures of his first six years still hang over this presidency and are why he remains deeply unpopular."

When it comes right down to it, Dan Balz writes for the Washington Post, Obama is still in a weakened position.

The latest Washington Post-ABC News poll, which Balz notes was before the action on Cuba, placed the president at 41%, where it's been stagnant for most of the year. And those numbers are coming at a time where the president will face the most divided capital since he's taken office, Balz says.

"He may have left town feeling good, but the next two years will be anything but easy," he concludes.

(By Kierran Petersen)

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Is an energised Obama's stock on the rise? (2024)

FAQs

How much did the stock market increase during the Obama administration? ›

How Much Did the Dow Go Up During Obama? On the day that Obama took office, the Dow Jones Industrial Average (DJIA) closed at 7,949.09. 1 On Obama's last day of office, the DJIA closed at 19,827.25. 11 The DJIA grew 149% during Obama's presidency.

What was the economic growth rate under Obama? ›

Overall. Economic growth, measured as the change in real GDP, averaged 2.0% from Q2 2009 to Q4 2016. This was slower than the 2.6% average from Q1 1989 to Q4 2008. Real GDP grew nearly 3% during President Bush's first term but only 0.5% during his second.

What did Obama do for the country? ›

Obama signed many landmark bills into law during his first two years in office. The main reforms include: the Affordable Care Act, sometimes referred to as "the ACA" or "Obamacare", the Dodd–Frank Wall Street Reform and Consumer Protection Act, and the Don't Ask, Don't Tell Repeal Act of 2010.

What does Obama do now? ›

His presidential library in Chicago began construction in 2021. Since leaving office, Obama has remained very active in Democratic politics, campaigning for candidates in various American elections, such as his former vice president Joe Biden in his successful bid for president in 2020.

Which president had the highest stock market growth? ›

And the shocking leader of the bunch? President Calvin Coolidge, who took office in 1923, whose stock price performance change was a whopping 208.52%, for an average monthly return of 1.74%. That's the largest for any president since the start of the 20th century.

How is Trump's stock market performance compared to Obama? ›

Trump's stock market performance falls short of Obama's

By the numbers: The S&P 500 grew by 44.5% since Trump's inauguration through the end of October 2020. This comes up short of former President Obama's 66.1% through the comparable time period, but well above the -15.8% for former President George W. Bush.

Who was President in the 2008 recession? ›

President George W. Bush asked Congress on September 20, 2008 for the authority to spend as much as $700 billion (~$973 billion in 2023) to purchase troubled mortgage assets and contain the financial crisis.

What impact did Barack Obama make? ›

With Republicans in control of both the presidency and the Congress in 2017, however, some of Obama's most notable achievements—the Affordable Care Act, the Paris climate change agreement, and Deferred Action on Childhood Arrivals—were overturned or under attack.

When was the Great Recession? ›

Lasting from December 2007 to June 2009, this economic downturn was the longest since World War II. The Great Recession began in December 2007 and ended in June 2009, which makes it the longest recession since World War II. Beyond its duration, the Great Recession was notably severe in several respects.

What good did Obama do for the economy? ›

Made the Tax System Fairer

President Obama's new tax policies have increased the after-tax income of families in the lowest quintile of the income distribution by more than 6 percent on average – or more than $850 – thereby reducing the extent and severity of poverty for millions of working families and their children.

What does Barack Obama do all day? ›

From predawn workouts and presidential briefings to post-presidency kiteboarding and memoir writing, Obama's routine evolves yet remains grounded in family.

Who is the youngest US president? ›

Age of presidents

The youngest person to become U.S. president was Theodore Roosevelt, who, at age 42, succeeded to the office after the assassination of William McKinley.

How wealthy is Michelle Obama? ›

Her net worth, estimated to be around $70 million as of 2021 by Celebrity Net Worth, stands as a testament to her success. This figure combines her earnings from her illustrious legal career, the profound success of her memoir, 'Becoming', public speaking engagements, and various other ventures.

What are three interesting facts about Barack Obama? ›

Barack Obama served as the 44th president of the United States (2009–17) and was the first African American to hold that post. A member of the Democratic Party, Obama previously represented Illinois in the U.S. Senate from 2005 to 2008. He was honoured with the Nobel Peace Prize in 2009.

How old was Obama when he took office? ›

Age at inauguration: 47 years, 5 months

While a Republican-controlled Congress in 2014 stymied his second term, Obama's tenure still saw the creation of the Affordable Care Act – also known as Obamacare – in his first term, and the Supreme Court's federal legalization of same-sex marriage in his second.

Did the stock market go up under Trump? ›

Former President Obama topped them both, with an S&P 500 gain of 48.6% during the relevant period. The Dow Jones Industrial Average has climbed 21.9% under Biden, whereas it grew 44.6% for Trump.

How much has the stock market gone up since 2008? ›

Stock market returns since 2008

This is a return on investment of 421.41%, or 10.70% per year. This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 259.43% cumulatively, or 8.19% per year.

What was the Dow Jones in 2008? ›

Dow Jones - 10 Year Daily Chart
Dow Jones Industrial Average - Historical Annual Data
YearAverage Closing PriceYear Low
200811,244.067,552.29
200713,178.2612,050.41
200611,409.7810,667.39
66 more rows

How much has the US stock market grown over time? ›

The index has returned a historic annualized average return of around 10.26% since its 1957 inception through the end of 2023.

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