There is a universal perspective that the president controls the economy. Severally, the performance of presidents is measured using the state of the economy in there reign. The outlook is only right to a certain extent. Over the years, Presidents have been given credit for the state of the economy or critiqued for the same. Realistically, the president does play a role in the economy and a significant one for that matter. However, the rise and falls of the economy are mostly as a result of factors independent of the president especially in a capitalist economy such as the United States (Thoma, 2016). Thus, there is a need to understand and clarify the powers the president has that influence the economy.
The president has two significant roles that give him or her the powers to influence the economy which are policy and oratory. An article on the impact of the president on labor markets in the Chicago Tribune analysis how presidents affect the economy through system and oratory. The president is elected based on the policies in his or her agenda. These policies when effected influence the economy (Smith, 2017). The president role on monetary policy is to elect the officials of the Federal Reserve who then derive monetary policy. A president impacts the economy on a grander scale through fiscal policy especially in times of high inflation. Ideally, the president comes up with plans which pass through Congress for approval before implementation. The systems once implemented then impact the economy and that way the president influences the economy (Thoma, 2016). For instance, Obamacare initiated by President Obama.
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The President’s oratory also influences the economy. Oratory defines the people’s confidence in the president and his presentation. When people believe in the president, it will impact investors and business which will drive the economy. When the public lacks confidence in the president, then they will be reluctant to engage in the factors that drive the economy. The president is the face of the economy hence what he eludes regarding agenda and policies as to draw confidence from the people (Smith, 2017). Therefore, the oratory power of the president has an angle on the state of the economy.
In conclusion, the powers of the president that influence the economy lie on the extent to which the president can affect policy making and his ability to create an impression. The powers of the president are partial in affecting the economy and do so by a small margin. The presidents play a role in the economy by driving the implementation of policies that will affect the factors of the economy. Otherwise, the economy is by a more substantial margin a consequence of other factors, independent of the president’s powers.
References
Smith, N. (2017). What impact does the president have on the labor market? Chicago Tribune . Retrieved on 24 January 2018 from http://www.chicagotribune.com/news/opinion/commentary/ct-perspec-labor-employment-president-role-1023-20171020-story.html.
Thoma, M. (2016). How much impact can a president have on the economy? Money Watch. Retrieved on 24 January 2018 from https://www.cbsnews.com/news/how-much-impact-can-a-president-have-on-the-economy/.
