Republicans, during the current campaign, have continuously labeled the Obama administration as “anti-business.” “The president and his people just don’t understand how the private sector works,” said Mitt Romney. “Too often, you find yourself facing a government that looks at you like you’re the bad guys.” “This is certainly the most anti-business administration since the Carter years,” added Sen. Mitch McConnell (R-KY). “I think he borders on being hostile to the private sector,” said former Gov. Mike Huckabee (R-AR).
But three simple charts show that this charge is detached from reality. First, as the New York Times noted, since Obama came into office, “the Dow Jones industrial average has gained 67.9 percent. That’s an extremely strong performance — the fifth best for an equivalent period among all American presidents since 1900″:
Next, the S&P 500, measuring the 500 largest publicly traded companies, is up 80 percent:
Finally, corporate profits have soared back beyond their pre-recession heights:
Corporations made a record $824 billion last year. The Obama administration has also cut taxes for small businesses several times, and, of course, presided over a rescue of the auto industry that was almost universally opposed by Republicans. If this is anti-business, it seems that the business world could use more of it.
But three simple charts show that this charge is detached from reality. First, as the New York Times noted, since Obama came into office, “the Dow Jones industrial average has gained 67.9 percent. That’s an extremely strong performance — the fifth best for an equivalent period among all American presidents since 1900″:
Next, the S&P 500, measuring the 500 largest publicly traded companies, is up 80 percent:
Finally, corporate profits have soared back beyond their pre-recession heights:
Corporations made a record $824 billion last year. The Obama administration has also cut taxes for small businesses several times, and, of course, presided over a rescue of the auto industry that was almost universally opposed by Republicans. If this is anti-business, it seems that the business world could use more of it.
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