Politics

How did the US economy do under Obama, Trump and Biden?

Published

1 year ago

October 21, 2024

In the past decade and a half, the US has done incredibly well economically compared to other countries. It added millions of jobs and quickly put the COVID pandemic behind it. Do things need to be “made great” again?

A lot of time, effort and money goes into presidential and national elections in the United States and this year is no exception.

But combing through the data since 2009 shows that no matter who was in power, the economy seemed to be equally driven by global events, demographic developments and decisions made in the White House.

The period from 2009 to 2024 covers both of Barack Obama’s two terms in the White House, plus the single presidential terms of Donald Trump and Joe Biden, which is slowly coming to an end.

Looking back at Obama, Trump and Biden

There were two major disruptors during this time for the economy. The first was the financial crisis that started before Obama took office and the COVID-19 pandemic that struck during Trump’s time in office.

The financial crisis led some to fear the collapse of the entire banking system. Soon afterward GM and Chrysler declared bankrupt to reorganize themselves and the housing market — specifically mortgages — was spinning out of control.

The COVID-19 pandemic had a more immediate impact on the US and global economies. Lockdowns, shortages due to delicate supply chains and the closure of borders caused chaos, deaths and massive job losses.

Partly through large stimulus checks, the US managed to get out of the pandemic slump fast, picking up where the economy left off, creating a strong recovery.

American GDP versus other giants

One problem comparing the impact presidents and their policies make is the lag in time it takes for them to make a difference. Investing in infrastructure or industries like chipmaking is necessary, but the benefits are way in the future. Tightening the border to Mexico may keep out some migrants, but the impact of missing workers takes time to hit supermarket prices.

Another problem is assessing the impact of presidents separately from decisions made together with policymakers in Congress or independent institutions like the Federal Reserve.

Since 1990, American gross domestic product (GDP) per capita has grown each year except 2009 and that was another knock-on effect of the financial crisis. Last year, the country’s GDP per capita was over $81,000 (€74,700).

At the same time, when it comes to the annual percentage of growth per capita, China and India have had stronger growth. Despite this higher growth rate, America’s per capita GDP is still three times higher than China’s and eight times higher than that of India.

In 2023, America’s overall GDP was an astounding $27.36 trillion, making it by far the biggest economy in the world. China came a distant second at $17.66 trillion, followed by Germany and Japan.

A lot of jobs for a lot of people

In the first few months of Obama’s time in office, unemployment went up because of the financial crisis. From April 2009 to September 2011, it was at 9% or more.

After that, it slowly crept down until it reached its lowest level since the 1960s, before a short-lived spike during the COVID-19 pandemic put many out of a job. This year it has hovered around 4%.

On another front, American workers are more productive than others thanks to innovation, spending on research and development, and the willingness of workers to change jobs or move.

Pay inequality at the bottom

Another measure that has increased is pay inequality. America is the most unequal country in the G7 group. The top 1% of Americans hold a huge proportion of the country’s wealth.

In the US, to get into the top 1% of earners requires an annual household income of around $1 million a year before taxes. In the UK it only takes around $250,000.

Company bosses’ pay was over 250 times more than their average employee, wrote Barak Obama in The Economist in October 2016.

Moreover, in 1979 “the top 1% of American families received 7% of all after-tax income. By 2007, that share had more than doubled to 17%,” he wrote. More positively the proportion of people living in extreme poverty fell.

Migration is changing America

The exact number of illegal crossings into the US is hard to measure. Legal migration on the other hand can be counted. One measure of this is the number of green cards granted and from 2009 to 2022 over 14 million people were given such status.

The foreign-born population living in America, legally or otherwise, has grown considerably over the past 50 years in size and share of the population, according to a report issued by the US Census Bureau in April.

In 1970, there were 9.6 million foreign-born residents. By 2022, there were over 46 million, or nearly 14% of the total population.

Of the overall total, nearly one-third of the country’s foreign-born came to the US in 2010 or later and half live in just four states: California, Texas, Florida and New York. More than half have become citizens.

High inflation comes to America

Since January 2009, inflation has gone on a wildride based on the Consumer Price Index.

When Obama took office, inflation was at zero, went into negative territory and eventually climbed to a high of 9.1% in June 2022. This past September, it was down to 2.4%, the lowest since February 2021.

This relatively short period of higher inflation is having a long afterlife and has led to big cost of living increases for many Americans.

Consumer prices are up, and voters are very unhappy about it. It is one of the most important issues this year and could decide the election in swing states. It is also one of the hardest things for any president to control.

Edited by: Uwe Hessler

Author: Timothy Rooks, Rodrigo Menegat Schuinski

Politics

Electoral Reform: Dino alleges senate’s plot to rig 2027 election

Published

15 hours ago

February 6, 2026

Ekwutos Blog

Former lawmaker, Dino Melaye Esq, has raised concerns over the Senate’s reported rejection of the electronic transmission of election results.

The move, according to Melaye, is a clear endorsement of election rigging and an indication of a sinister plan to rig the 2027 elections.

In a statement on Friday, the former lawmaker criticized the Senate’s decision, stating that it undermines the credibility of the electoral process.

The African Democratic Congress, ADC chieftain, also stated that the move opens the door for electoral manipulation and fraud.

He further warned that the rejection of electronic transmission of results is a step backwards for democracy in Nigeria.

Melaye called on lawmakers and citizens to stand up against “this blatant attempt to undermine the will of the people and ensure that future elections are free, fair, and transparent”.

Politics

Electoral Act: Nigerians have every reason to be mad at Senate – Ezekwesili

Published

17 hours ago

February 6, 2026

Ekwutos Blog

Former Minister of Education, Oby Ezekwesili, has said Nigerians have every reason to be mad at the Senate over the ongoing debate on e-transmission of election results.

Ezekwesili made this known on Friday when she featured in an interview on Arise Television’s ‘Morning Show’ monitored by DAILY POST.

DAILY POST reports that the Senate on Wednesday turned down a proposed change to Clause 60, Subsection 3, of the Electoral Amendment Bill that aimed to compel the electronic transmission of election results.

Reacting to the matter, Ezekwesili said, “The fundamental issue with the review of the Electoral Act is that the Senate retained the INEC 2022 Act, Section 60 Sub 5.

“This section became infamous for the loophole it provided INEC, causing Nigerians to lose trust. Since the law established that it wasn’t mandatory for INEC to transmit electoral results in real-time, there wasn’t much anyone could say.

“Citizens embraced the opportunity to reform the INEC Act, aiming to address ambiguity and discretionary opportunities for INEC. Yet, the Senate handled it with a “let sleeping dogs lie” approach. The citizens have every reason to be as outraged as they currently are.”

Politics

Electoral act: Senate’s action confirms Nigeria ‘fantastically corrupt’, ‘disgraced’ – Peter Obi

Published

17 hours ago

February 6, 2026

Ekwutos Blog

Former Labour Party presidential candidate, Peter Obi, has condemned the Senate’s refusal to make electronic transmission of election results mandatory, saying the move further exposes Nigeria as a fantastically corrupt and disgraced country.

Obi expressed his views in a statement shared on X on Friday, where he accused lawmakers of deliberately weakening Nigeria’s democratic process ahead of the 2027 general elections.

He explained that his reaction came after a brief pause to mourn victims of a deadly tragedy in Kwara State, where over 150 people reportedly lost their lives.

“Let us first pray for the souls of the innocent Nigerians lost in Kwara. That painful incident is why I delayed responding to the shameful development surrounding our electoral system,” he wrote.

Describing the Senate’s decision as intentional and dangerous, Obi said rejecting mandatory electronic transmission was not a simple oversight but a calculated attempt to block transparency.

“The Senate’s open rejection of electronic transmission of results is an unforgivable act of electoral manipulation ahead of 2027,” he said.

According to him, the action strikes at the heart of democracy and raises serious questions about the true purpose of governance in Nigeria.

“This failure to pass a clear safeguard is a direct attack on our democracy. By refusing these transparency measures, the foundation of credible elections is being destroyed. One must ask whether government exists to ensure justice and order or to deliberately create chaos for the benefit of a few.”

The former Anambra State governor linked the post-election controversies of the 2023 general elections to the failure to fully deploy electronic transmission of results, insisting that Nigerians were misled with claims of technical failures.

“

The confusion, disputes and manipulation that followed the 2023 elections were largely due to the refusal to fully implement electronic transmission,” he said.

He added that the so-called system glitch never truly existed.

Obi compared Nigeria’s electoral process with those of other African countries that have embraced technology to improve credibility, lamenting that Nigeria continues to fall behind.

“Many African nations now use electronic transmission to strengthen their democracy. Yet Nigeria, which calls itself the giant of Africa, is moving backwards and dragging the continent along.”

He criticised Nigeria’s leadership class, saying the country’s problems persist not because of a lack of ideas but because of deliberate resistance to meaningful reform.

“We keep organising conferences and writing policy papers about Nigeria’s challenges. But the truth is that the leaders and elite are the real problem. Our refusal to change is pushing the nation backwards into a primitive system of governance.”

Warning of the dangers ahead, Obi said rejecting electronic transmission creates room for confusion and disorder that only serves the interests of a small group.

He also recalled past remarks by foreign leaders who described Nigeria as corrupt, arguing that actions like this continue to justify those statements.

“When a former UK Prime Minister described Nigeria as ‘fantastically corrupt,’ we were offended. When former US President Donald Trump called us a ‘disgraced nation,’ we were angry. But our continued resistance to transparency keeps proving them right.”

Obi warned that Nigerians should not accept a repeat of the electoral irregularities witnessed in 2023.

“Let there be no mistake. The criminality seen in 2023 must not be tolerated in 2027.”

He urged citizens to be ready to defend democracy through lawful and decisive means, while also calling on the international community to closely monitor developments in Nigeria’s electoral process.

“The international community must pay attention to the groundwork being laid for future electoral manipulation, which threatens our democracy and development,” Obi stated.

He concluded by expressing hope that change is still possible if Nigerians take collective responsibility.

“A new Nigeria is possible but only if we all rise and fight for it.”