Regardless of the bad press President Obama receives from the likes of Faux News and the Wall Street Urinal, some recently released statistics tell a better story. The anti-business, Socialist, etc., President may have done something right when it comes to the nation’s business climate, afterall.
According to statistics released by the Commerce Department this week, corporate profits have gone up an astounding 62 percent from the beginning of Obama’s taking over the White House to mid-2010. That is a bigger gain at a faster rate than any comparable 18 month period since the 1920s, and eclipses those of the booming ‘50s and ‘60s, or the increases under Reagan and Clinton.
John McCain’s economic adviser during his 2008 presidential campaign, Douglas Holtz-Eakin, has publicly conceded that Obama probably does deserve some of the credit for stabilizing the chaotic financial system he inherited in 2009.
Obama economic adviser Larry Summers has pointed to the profits data to argue that Obama isn’t anti-business, as his critics charge.
“A 65 percent increase in profits over two years is not what you expect from a business-hostile set of policies,” Summers said in June, using preliminary data that was revised in this week’s Commerce Department release.