I mention this because Daniel Gross (@grossdm) on twitter pointed out this article, which was written in March, 2009: Michael Boskin Says Barack Obama Is Moving Us Toward a European-Style Social Welfare State and Long-Run Economic Stagnation – WSJ.com. Is this true?
It’s true that the Dow Jones Industrial Average was low when that article was written, dropping to a relative low of 6,626.94. However, Obama took office in January, 2009. During the summer and fall of 2007, the DJIA was just over 14,000. It then proceeded to fall month after month, with big drops in the fourth quarter of 2008. And just who was in office in 2007 and 2008? President Bush.
What has happened since March, 2009? The DJIA has been rising consistently, with a small dropoff in July, 2010, after which it recovered and now stands at just over 14,000 as of February, 22, 2013.
There is still too much unemployment as well as other problems with the U.S. economy. But the stock market has been the beneficiary of President Obama and his form of governing.
And by the way, who is Michael Boskin? According to the article, “Mr. Boskin is a professor of economics at Stanford University and a senior fellow at the Hoover Institution. He chaired the Council of Economic Advisers under President George H.W. Bush.“
All DJIA come from here: Dow Jones Industrial Average (DJIA) History