Politics
How did the US economy do under Obama, Trump and Biden?
Published
3 months agoon
By
Ekwutos BlogIn 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
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Politics
List of proposed new states in Nigeria
Published
4 hours agoon
January 19, 2025By
Ekwutos Blog
The National Assembly is currently reviewing several bills proposing the creation of new states in Nigeria, as part of an ongoing amendment of the 1999 Constitution.
These proposals, submitted in 2024 by lawmakers and various interest groups, have either scaled the first or second readings and are awaiting further deliberation and possible approval.
Presently, Nigeria comprises 36 states unevenly distributed across the six geopolitical zones.
The South-South, South-West, North-Central, and North-East zones each have six states, the North-West has seven, while the South-East has five.
Below is a list of proposed states and their sponsors:
1. Ogoja State – To be created from Cross River State, sponsored by Godwin Offiono.
2. Orlu State – To be carved out of Imo, Abia, and Anambra states, sponsored by Ikenga Ugochinyere and 15 other lawmakers.
3. Anioma State – To be carved out of Delta State, sponsored by Senator Ned Nwoko.
4. Coastal State – To be created from Ondo State, sponsored by Jimoh Ibrahim.
5. Adada State – To be carved out of Enugu State, sponsored by Senator Okey Ezea.
6. New Oyo State – With Oyo town as the capital; the remaining part of the state will be renamed Ibadan State with Ibadan as its capital, sponsored by Senator Akeem Adeyemi and six others.
7. Etiti State – To be created from the five South-East states, sponsored by Senator Amobi Ogah and four others.
8. Ijebu State – To be carved out of Ogun State, sponsored by Senator Gbenga Daniel. This particular proposal is reportedly gaining significant traction and is expected to receive presidential approval soon.
9. Ife-Ijesa State – To be created from Osun State, sponsored by Senator Oluwole Oke.
10. Oke-Ogun State – To be created from Oyo State, sponsored by Oluwole Oke.
11. Tiga State – To be carved out of Kano State, sponsored by Senator Kawu Sumaila AbdulRahman.
Additional Proposed States
– ITAI State – From Akwa Ibom State.
– State Status for the FCT – Federal Capital Territory.
– Katagum State – From Bauchi State.
– Okura State – From Kogi East.
– Gurara State – From Kaduna South.
– Ghari State – From Kano State.
– Amana State – From Adamawa State.
– Gongola State – From Adamawa State.
– Mambilla State – From Taraba State.
– Savannah State – From Borno State.
– Okun State – From Kogi State.
– Orashi State – From Imo and Anambra states.
– Njaba State – From Imo State.
– Aba State – From Abia State.
– Torogbene and Oil River States– From Bayelsa, Delta, and Rivers states.
– Bayajida State – From parts of Katsina, Jigawa, and Zamfara states.
These proposals, if approved, could reshape Nigeria’s political and administrative landscape, addressing calls for equity and representation across the country.
Politics
Breaking News: Senator Ned Nwoko decamps to APC
Published
18 hours agoon
January 18, 2025By
Ekwutos BlogNed Nwoko, the Senator representing Delta North senatorial district is set to defect to the ruling All Progressives Congress (APC).
He was elected to the Senate on the platform of the Peoples Democratic Party (PDP) in the 2023 general election.
Mr Nwoko exclusively confirmed his decision to Premium Times through a response to an enquiry by our reporter to him about the matter.
If he defects, the APC will have all three senators in the state in its fold as the senators representing Delta Central and Delta South senatorial districts won their seats on the platform of APC in the 2023 elections.
Mr Nwoko’s relationship with Governor Sheriff Oborevwori and the governor’s godfather/predecessor, Ifeanyi Okowa has not been cordial of late.
This has to do with alleged marginalisation of Mr Nwoko and his constituency by the governor who prefers, instead to focus attention on the interests of his godfather, Mr Okowa.
Both former Governor Okowa and Mr Nwoko hail from Delta North.
Mr Okowa, a defeated PDP vice presidential candidate in the 2023 election is said to be eyeing the Delta North senatorial seat, currently occupied by Mr Nwoko in the coming 2027 election.
Politics
Ohanaeze: “You’ve Committeed Sacrilege Against Ikwere” – Rivers Group Blasts Azuta-Mbata
Published
19 hours agoon
January 18, 2025By
Ekwutos BlogThe Ogbakor Ikwerre Cultural Organisation Worldwide, the apex decision-making body of the Ikwerre ethnic nationality in Rivers State, has announced the withdrawal of all honours, recognitions, and titles previously bestowed on Senator John Azuta-Mbata, the newly elected President General of Ohanaeze Ndigbo Worldwide. The group also barred Senator Azuta-Mbata, who represented Rivers East Senatorial District from 1999 to 2007, from participating in activities in Ikwerre land, including community meetings and political representation. This decision extends to his hometown, Eneka Community in Apara Kingdom.
ALSO READ: Wike is a satanic person – Sheikh Gumi The Ikwerre leadership accused Azuta-Mbata of committing “sacrilege” against Ikwerre land by accepting the leadership of Ohanaeze Ndigbo, a socio-cultural organization representing the Igbo people.
In their view, his decision signifies a renunciation of his Ikwerre identity, rendering him “a total stranger” in the community. In a statement jointly signed by the President General of Ogbakor Ikwerre Cultural Organisation Worldwide, Eze Barr. Godspower Onuekwa, and Secretary General, Barr. Nyebuchi Philips, the group expressed strong disapproval of Azuta-Mbata’s actions: “By becoming the President-General of Ohanaeze Ndigbo, Senator John Azuta-Mbata has willingly and freely renounced his membership and identity as an Ikwerre person (Iwhuruohna). ALSO READ: INEC Presents Certificate of Return To Ikwechegh of Aba North and South Fed. Constituency “His decision to contest and emerge as the leader of Ohanaeze Ndigbo was not the collective view, will, position, or thinking of the Eneka community, Apara Kingdom, and the Ikwerre ethnic nationality.” The statement emphasized that Azuta-Mbata’s decision was personal and lacked the consent of the Ikwerre community.
As a result, Ogbakor Ikwerre announced that all titles and honours previously awarded to Azuta-Mbata by Ikwerre organizations have been revoked.
ALSO READ: Why There Is Fuel Scarcity – NNPCL Explains He is barred from attending gatherings, meetings, or representing Ikwerre in any capacity. The group also called on the international community, President Bola Ahmed Tinubu, Rivers State Governor Siminalayi Fubara, and traditional leaders to recognize that Senator Azuta-Mbata no longer represents Ikwerre interests.
The organization warned that severe sanctions await anyone who betrays or compromises their Ikwerre identity for political gain, citing the need to uphold their customs and traditions. [CONTINUE READING HERE]>>>>
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