Why do people blame Obama for our economic situation, when our whole economic system is to blame?

And why do people think that the president has god- like powers over the economy? Presidents probably have the least control over the economy of any major government player. The belief that presidents deserve blame for recessions or credit for recoveries is an economic myth. A very popular myth, to be sure, but one that no mainstream economist takes seriously. When it comes to the economy, presidents are at the mercy of the business cycle. There are tools to influence the business cycle, but the President has almost no control over them. At least in economic terms, the most powerful person in the United States is the Chairman of the Federal Reserve Board.

It's clear that our economic system isn't working. The gap between the rich and the poor is bigger than it's been in decades. The richest .01% have seen their income quadruple in the last 30-40 years, while the wages of the vast majority of the population has stagnated or decreased. Stockpiles of medicine are destroyed because they can't be sold at a profit while there is sick people. Entire crops of food are burned to keep food prices artificially high so food producers can keep making a lot of profit, while there's starving people. The people who own the products of our labor squander it on wars and bank bailouts. Capitalism inevitably leads to crony Capitalism/State Capitalism/Corporatism. Since the late 1920s, government has gotten bigger. The size of government is directly proportional to the number of times the market has failed, and they have failed a lot. Right now, big government intervention is the only thing keeping the system alive, in the form of the biggest transfer of wealth ever, bailouts. If it wasn't for "big government" curbing the excesses of self interest, the markets, and making sure the public interest is served, people would have grown fed up with Capitalism decades ago, and we would have already had a worker revolution. So, do we need to throw out our system of state Capitalism/Corporatism and replace it with a new better system, or do you like things just the way they are?

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  • 9 years ago
    Favorite Answer

    Nope it's not working, but you have to be honest and ask yourself why?

    It's because both sides are guilty of picking and choosing the winners and creating the monopolies that we see today. Why are large monopolized corporations so entrenched with our politicians, including Obama? Because they get special treatment, that's why.

    End the loopholes, force Congress to end their "legalized insider trading", enforce term limits and last but not least, take the choke hold off of the small businesses and allow them to excel.

    Increasing taxes on the top 1% isn't going to do one damned thing. They'll simply find more loopholes.

    Let's make it fair and square for everyone.

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  • Anonymous
    9 years ago

    I agree with your statement, but your giving a criminal agent working for Wall St czars, named Obama a break. Obama isis bad for the United States. But your right he is not the root of the evil, he is just a part of it. All most of the DC prostitutes (politicians) are just looking out for the interests of themselves and the elite, they do not even care about the average American. Obama is a prostitute of the Democratic party and Mitt Romney is a prostitute from the Republican party. They are pretty much represent the same thing, although they claim not to be. We need a third party.

    Ron Paul is one of the few honest people in American politics. Very consistent, and very knowledgeable. I hope he wins the presidency in 2012.

    No Police state, no corporate state, no eugenics style socialist state. Just liberty and justice for all.

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  • Change is definitely needed, Capitalism was doomed to fail in the long term. And the President probably needs some of the powers that he is perceived to have but in reality doesn't. The President is actually incredibly weak when it comes to domestic affairs and is mainly there to say what he's going to TRY to persuade Congress to do (which is often unsuccessful) as all he can do is persuade. apart from that he's just a scapegoat for Congress to use when things go wrong.

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  • 9 years ago

    You can blame Obama for our economic situation in a way, because he, as the commander in chief, is the one that is keeping our soldiers in middle east, and he's too busy intervening in other countries. That costs us a lot of money. Also you can blame him for not asking the congress to end the war on drugs, because we spend 60 billion a year on it, and it's a failure. You can blame Obama for not attempting to abolish the Federal Reserve, which is not federal, nor it is a reserve. So that , you could blame him for.

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  • Anonymous
    9 years ago

    Its just how our country works, something goes wrong its the presidents fault. When things go bad people want someone to blame and usually, the head of government- Obama in this case is the man.

    People never seem to blame themselves for butchering their own finances.. I noticed.

    Anyways, shouldn't congress be the one taking the heat? After all legislation and budgeting are kind of their responsibility.

    Source(s): My opinions
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  • Anonymous
    9 years ago

    The President and the Congress have a lot of power over the economy and the laws that regulate the economy. If the Democratic Party would admit that Capitalism has failed, it could implement easily implement socialism with a working majority in both houses and the White House.

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  • 9 years ago

    He is totally to blame. Forcing his health care plan on businesses has put them in a situation where they are going to have to pay out more money to the government to take care of the lazy asses in the US that have no desire to get a job but want the government to take care of them, so we have to cover their health care too. Businesses have no incentive to continue to grow if the government is going to take away all their profits.

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  • Mike W
    Lv 7
    9 years ago

    The President alone, is not responsible, but if he wants to take credit when things go well, he has to take the blame when they go bad. The biggest problem with our economy is caused by too much government interference in the market, and too much corporate interference in government.

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  • 9 years ago

    The only answer I can think of is right wing reactionary propaganda that is poisoning the air waves.

    Anybody who thinks Obama is the cause of our economic stagnation is an idiot.

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  • Anonymous
    9 years ago

    Besides having corrupt administration Obama just doesn't have clue! He surrounds himself with "buttkissing" experts who think like him and support his stupid ideas! So nothing gets done right!

    Obama has made things worse! His stimulus money went to his supporters and did nothing to help the economy! Solyndra is just one of the scandals this skunk has forced on US taxpayers!

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