On the fifth anniversary of the banking crisis that gutted the U.S. economy and upturned the global economy in the worst economic downturn in decades, U.S. President Barack Obama is trumpeting his administration’s successes-even though economic growth remains sluggish and millions of Americans have given up looking for work.
Five years after the financial crisis and President Obama is taking credit for turning the U.S. economy around.
"We’ve cleared away the rubble from the financial crisis and we’ve begun to lay a new foundation for economic growth and prosperity."said Obama.
By his own tally, President Obama is taking credit for creating 7.5 million jobs, bringing down the U.S. unemployment rate and healing America’s housing market.
But his critics tell a different story:
"He just didn’t even propose a stimulus that was anywhere near sufficient to make up for the collapse in private demand, when the real estate bubble burst. That was really inadequate.He can take credit for not having prolonged the recession, but in terms of a robust recovery and for the people who are unemployed it’s been a very weak recovery."said Mark Weisbrot, Co-director of Center for Economic Policy Research.
Flanked by victims of the financial crash, President Obama blamed Republicans for refusing to compromise on the debt ceiling.
And he called on Congress to, quote: "pass a budget without drama."
But experts say, the President’s problems don’t just lie with the Republican Party.
"Ninety-five percent of the income gains since 2009 have gone to the top one per cent of the population// and now you are seeing the backlash, among his own base. I am not talking about the Republicans who aren’t offering any alternative whatsoever.He ignored the people who voted for him to a large degree."
The narrative from the administration - in marking the fifth anniversary since the financial crisis - is President Obama came into office, and inherited a mess-a mess his administration worked hard to clear up. But his critics say it’s not just the deadlock on Capitol Hill now holding him up, it’s a lack of support from within his own party for his economic policies.