America is Getting Used to Obama’s “New Normal”

Last week, we learned that the U.S. economy (GDP) shrank by 0.1 percent.

Two straight quarters of shrinking economic growth means we’re back in a recession — yup, ye ole “double dip.”

For the entire year of 2012, official U.S. GDP growth was only 1.5%.

Most recessions are followed by economic growth rates exceeding 4 percent. So this so-called “recovery” is moving at about one-third the pace of normal economic recoveries.  But now the economy is shrinking again.

Meanwhile, the unemployment rate ticked back up to 7.9 percent, which means that the unemployment rate is now higher than on Obama’s first day in office.

Here are some more facts that should shock you . . .

  • Since Barack Obama’s first day in office, 8.4 million Americans have left the labor force because they believe looking for work is a fruitless exercise.
  • If the unemployment rate was calculated based on the portion of the population in the work force in 2008, the unemployment rate would be 10.2 percent.
  • Under the Obama Presidency, the number of Americans on Food Stamps has risen from 32 million to 47 million.
  • The Census Bureau informs us that 146,000,000 Americans (40 percent of the population) are now “poor” or “low income.”
  • Under Obama, median household annual income has declined by $4,600.
  • On Obama’s first day in office, the price of a gallon of regular gas was $1.84. Today it’s $3.51 on average across America (an all-time high for February).
  • Electricity prices have risen faster than the rate of inflation every year of the Obama Presidency.
  • Obama promised ObamaCare would reduce health care costs. But health insurance costs have risen 29 percent since Obama’s first day in office, mostly due to costs on insurers imposed by ObamaCare.
  • Today, 77 percent of Americans live paycheck-to-paycheck.
  • In America today, 41 percent of all workers make less than $20,00 per year.
  • Obama has added $6 TRILLION to the national debt — which now stands at $16.4 TRILLION.

But the mainstream news media keeps talking about this economy as in “recovery.”

And America reelected Obama for another four years.  Apparently, most Americans are satisfied with the current state of the union.

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