How should we assess the economic success or failure of Barack Obama’s presidency?
This is a difficult question to answer. After all, the incumbent of the White House cannot determine the performance of the huge and complex US economy. Indeed, policy initiatives usually have a modest impact. But the story of Mr Obama’s presidency is a little different from the usual, since it began amid the worst financial crisis since the 1930s. If we consider the disaster he inherited and the determination of the Republicans in Congress to ensure he would fail, his record is clearly successful. This does not mean it is perfect. Nor does it mean the US confronts few economic challenges. Neither statement would be close to correct. Yet it does mean he has laid a strong foundation.
The latest Economic Report of the President analyses the Obama record. It is also the brief for the defence. But Mr Obama’s Council of Economic Advisers does first-rate analysis. This report is no exception to that rule.