With President-elect Donald Trump’s inauguration coming up in January, President Barack Obama’s historic eight-year term in office will be coming to a close. In today’s heated political climate, Obama has received plenty of praise and criticism during his time in the White House.
Benzinga took a look back at Obama’s impact on the economy using nine of the most important economic metrics. Here’s a look at how these numbers have changed under Obama’s leadership since his inauguration on January 20, 2009.
1. Inflation
- Annual inflation rate in 2008: 0.1 percent.
- Annual inflation rate in 2016: 1.6 percent.
The inflation rate is still a bit short of the Federal Reserve’s 2.0 percent target, but it is much improved from its stagnant 2008 level.
2. Unemployment Rate
- National unemployment rate on January 20, 2009: 7.6 percent.
- National unemployment rate today: 4.6 percent.
Obama will leave office with the United States at its lowest unemployment rate since 2007.
3. Housing Prices
- U.S. existing home median sales price on January 20, 2009: $164,600.
- U.S. existing home median sales price today: $232,200.
The average home value is up 41.3 percent during Obama’s tenure.
4. National Debt
- U.S. national debt on January 20, 2009: $10.6 trillion.
- U.S. national debt today: $19.9 trillion.
One of the biggest criticisms against Obama is his federal spending, and the national debt is up 87.7 percent during his term.
5. Federal Deficit
- U.S. federal deficit in fiscal 2008: $458 billion.
- U.S. federal deficit in fiscal 2016: $504 billion.
Obama’s largest contributions to the debt came during the years immediately following the financial crisis, but his administration has reined in the spending closer to pre-crisis levels in recent years.
6. Income Tax
- Top income tax rate in 2008: 35 percent.
- Top income tax rate in 2016: 39.6 percent.
The top income tax rate is up 13.1 percent under Obama.
7. Gross Domestic Product Growth
- U.S. GDP growth rate Q4 2008: -0.92 percent.
- U.S. GDP growth rate Q3 2016: +2.81 percent.
GDP is considered by most economists to be the primary metric for measuring economic health.
8. Money Supply
- M2 in Q4 2008: $8.04 trillion.
- M2 in Q3 2016: $13.13 trillion.
Total U.S. money supply is…
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