Posts Tagged ‘Obama economy’
#1: Since January of 2009, the median household has lost $4,019 in income per year.
#2: Median household income has fallen every year of the Obama Administration.
#3: Our national debt recently soared past $16 TRILLION. Obama has added nearly $6 TRILLION to the national debt.
#4: Barack Obama has added more than $1 TRILLION to the national debt every year of his Presidency.
#5: The federal government is borrowing 44 cents of every dollar it spends.
#6: A gallon of regular gas cost $1.86 on average across America on President Obama’s first day in office. Today, a gallon costs $3.86 on average in America.
#7: The official unemployment rate today is 8.1% compared with 5% four years ago and 7.8% on Obama’s first day in office. The unemployment rate has been over 8% for 43 straight months.
#8: The true unemployment rate now is 11.2% if you use the size of the labor force as in stood in January 2009.
#9: If the labor participation rate was sitting at the 30 year average of 65.8 percent, the unemployment rate would actually be 11.7 percent. But people are leaving the labor market because they are too discouraged to look for work in this terrible economy, so this makes the official unemployment rate artificially low.
#10: The labor participation rate for men has fallen to 69.9 percent. This is the lowest level since the government started tracking this number in 1948.
#11: But how are we doing compared to two years ago? The percentage of working age Americans that are employed is smaller now than it was two years ago. In August 2010, 58.5 percent of working age Americans had jobs. In August 2012, 58.3 percent of working age Americans had jobs.
#12: Since Barack Obama entered the White House, the number of long-term unemployed Americans has risen from 2.7 million to 5.2 million.
#13: Today, more than half of all Americans are now at least partially financially dependent on the government.
#14: The U6 unemployment rate now stands at 14.7% when you count part-time workers who would like full-time work and when you count those who have not looked for work in four weeks or more but who want work. Many economists say this is the true unemployment rate.
#15: The percentage of working age Americans with a job has been below 59 percent for 35 months in a row.
#17: Since the Obama Administration declared the end of the recession in June of 2009, 58 percent of the jobs created have been low income jobs. (Source: National Employment Law Center)
#17: Today more than 104 million Americans are enrolled in at least one welfare program run by the federal government. We have 88 means-tested federal welfare programs.
#18: The number of Americans on food stamps has grown from 31.9 million when Barack Obama entered the White House to 46.7 million today.
#19: One quarter of all U.S. children are enrolled in the food stamp program today.
#20: Since Obama became president, the number of Americans living in poverty has risen by 6.4 million.
#21: While Obama has been president, U.S. home values have fallen by another 11 percent.
#22: More than 10 million homeowners are underwater on their mortgages.
#23: Electricity bills in the United States have risen faster than the overall rate of inflation for four years in a row. (Source: USA Today)
#24: While Obama has been President the velocity of money (one of the best measures of the economy’s overall health) has plunged to a post-World War II low.
#25: More than three times as many new homes were sold in the United States in 2005 as will be sold in 2012.
#26: The United States was once ranked #1 in the world in Gross Domestic Product (GDP) per capita. Today we have slipped to #11 — behind countries like Brunei and Norway, according to the World Fact Book published by the CIA.
#27: The United States was ranked #1 in terms of economic competitiveness when Barack Obama became President. Today, the U.S. economy has fallen to 7th place, according to a report by the World Economic Forum — behind countries like Sweden, the Netherlands, and Finland.
#28: More than 10 million U.S. households today do not have a bank account. That number has increased by one million since 2009.
#29: In 1999, 64.1 percent of all Americans were covered by employment-based health insurance. Today, only 55.1 percent are covered by employment-based health insurance.
#30: Health insurance costs have spiked up by $3,065 for the average American family since Obama took office — a 23 percent increase (Source: Kaiser Family Foundation)
#31: Health insurance costs have been spiking up even faster since ObamaCare was passed into law on March 24, 2010.
The Bottom Line . . .
The truth is Barack Obama’s so-called “recovery” is far worse than the recession that started under George W. Bush in the 3rd quarter of 2008 and that was proclaimed over by Obama in June of 2009 — before a single Obama policy had kicked in.
The “recovery” stopped in April of 2010 — two weeks after ObamaCare passed into law. See chart here >>>
Romney’s theme should NOT be “Are you better off than you were four years ago?”
That was Reagan’s line, and really doesn’t communicate the gravity of today’s economic crisis.
We’re in the midst of a full-blown economic collapse — as illustrated by Federal Reserve Chairman Ben Bernanke’s pledge today to print as much new money as needed to keep the economy afloat through Election Day.
Mitt’s theme should be: “Think things are bad now? Just imagine what America will look like if Obama is reelected and has another four years to complete his promise to ‘fundamentally transform’ America.”
Obama certainly is “fundamentally transforming” America — into Third World banana republic . . . and amazingly quickly.
REUTERS: Job growth braked sharply in May and the unemployment rate rose for the first time since June, putting pressure on the Federal Reserve to ease monetary policy further to shore up the sputtering recovery.
The Labor Department report on Friday, which showed employers added a paltry 69,000 jobs to their payrolls last month, the fewest since May last year, is also troubling news for President Barack Obama ahead of November’s elections.
The unemployment rate rose to 8.2 percent from 8.1 percent partly because people flocked into the labor market.
Economists polled by Reuters had expected nonfarm payrolls to increase 150,000 and the jobless rate to hold steady at 8.1 percent.
While unseasonably warm weather, which brought forward hiring into the winter months, has been blamed for the step back in March and April, the latest report hinted at more fundamental weakness in the economy.
FUZZY OBAMA MATH: Real Unemployment Rate is 11% by 2007 standard. Economy is getting worse, not better.
PETER FERRARA-FORBES: When Barack Obama entered office in January, 2009, the labor force participation rate was 65.7%, meaning nearly two-thirds of working age Americans were working or looking for work.
When the recession supposedly officially ended in June, 2009, the labor force participation rate was still 65.7%.
In the latest, much celebrated, unemployment report, the labor force participation rate had plummeted to 63.7%, the most rapid decline in U.S. history. That means that under President Obama nearly 5 million Americans have fled the workforce in hopeless despair.
The trick is that when those 5 million are not counted as in the work force, they are not counted as unemployed either. They may desperately need and want jobs. They may be in poverty, as many undoubtedly are, with America suffering today more people in poverty than in the entire half century the Census Bureau has been counting poverty. But they are not even counted in that 8.3% unemployment rate that Obama and his media cheerleaders were so tirelessly celebrating last week.
If they were counted, the unemployment rate today would be a far more realistic 11%, better reflecting the suffering in the real economy under Obamanomics.
Just last month, while the Bureau of Labor Statistics reported finding 243,000 new jobs, they also reported in the same release that an additional 1.2 million workers had dropped out of the work force altogether, giving up hope under Obama. If labor force participation had remained the same in January, 2012 just as it was the month before in December, 2011, the unemployment rate would have risen to 8.7% in January rather than supposedly declining to 8.3% as reported.
Some additional facts highlight how misleading the reported unemployment rate, and the political rhetoric around it, can be. One year ago, 99 million Americans were unemployed or otherwise not working, and the unemployment rate was 9.1%. Today, while the reported unemployment rate is 8.3%, over 100 million Americans are unemployed or otherwise not working.
In January, 2009, 11.6 million Americans were unemployed, with 23% of those unemployed for more than 6 months. By January, 2012, 12.8 million were unemployed, with 43% of those out of work more than 6 months.
At the official end of the recession in June, 2009, America was 12.6 million jobs short of full employment. By January, 2012, we were 15.2 million jobs short, falling behind by another 244,000 in that month alone.
ZERO HEDGE: What do the NAR, Consumer Confidence and CBO forecasts have in common? If you said, “they are all completely worthless” you are absolutely correct. Alas, the market needs to “trade” off numbers, which is why the just released CBO numbers apparently are important… And the fact that the CBO predicted negative $2.5 trillion in net debt by 2011 back in 2011 is largely ignored. Anyway, here are some of the highlights.
- 2012 Deficit: $1.1 trillion; 2013 Deficit: $0.6 – yes, we are cackling like mad too…
- Unemployment to remain above 8% in 2012 and 2013; will be around 7% by end of 2015; to drop to 5.25% by end of 2022.
- This forecast is utterly idiotic and is completely unattainable unless the US workforce drops to all time lows and the US economy generates 300,000 jobs a month for 10 years
- Needless to say, CBO assumes the best of all worlds in this meaningless forecast
- But here is the kicker: “Had that portion of the decline in the labor force participation rate since 2007 that is attributable to neither the aging of the baby boomers nor the downturn in the business cycle (on the basis of the experience in previous downturns) not occurred, the unemployment rate in the fourth quarter of 2011 would have been about 1¼ percentage points higher than the actual rate of 8.7 percent” translation: CBO just admitted that the BLS numbers are bogus and real unemployment is 10%.
INVESTORS BUSINESS DAILY: If the Republican primaries are any indication, one big debate in the upcoming election will be whether President Obama is pushing the country toward a European-style welfare culture.
Mitt Romney, for example, argues that “over the past three years, Barack Obama has been replacing our merit-based society with an entitlement society.”
Newt Gingrich has taken to calling Obama “the best food-stamp president in American history.”
Obama, in contrast, says the government must play an increasing role — what he likes to call “shared responsibility” — to ensure a society that is fairer.
So Obama is succeeding . . . at wrecking capitalism and wrecking America — Saul Alinsky Style
BUSINESS INSIDER: 1.7%. That’s the final, pathetic growth number for 2011.
From the just-released GDP report:
Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.0 percent in 2010.
The increase in real GDP in 2011 primarily reflected positive contributions from personal consumption expenditures (PCE), exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
Not exactly a barnburner.
BEN SAYS: Most respected economic forecasting models are now projecting 1.5 to 2 percent economic growth for 2012. Obama wants us to think this is the “New Normal.” Compare this performance to Reagan’s. After the Reagan tax cuts were passed in 1981, the U.S. economy grew 4.3 percent a year on average. The entire U.S. economy expanded by one-third during the Reagan era — which is the equivalent of adding the entire West German economy to the U.S. economy. Of course, liberals denounced the Reagan Era as the “Decade of Greed.”
The average yearly growth under Clinton was 3.55%. That’s good, but is nearly a full point behind Reagan. Also, Clinton was just a lucky beneficiary of Reaganomics. He kept the momentum going because Newt and the GOP Congress after 1994 forced Clinton to rein in spending, pass a capital gains tax cut, and enact Welfare reform. Clinton was a liberal, but not crazy Left the way Obama is. Clinton at least was not actively and consciously trying to destroy the capitalist system the way Obama is. Clinton was smart enough to keep the good times rolling. We also had sane monetary policies from the Fed.
WEEKLY STANDARD: Now that you have read the results of the various economic forecasting models that have served so many so badly in recent years—they are predicting the U.S. economy will grow in 2012 at an annual rate of between 1.5 percent and 2 percent—let me offer an alternative way of looking at things. It is called ‘pick your if.’
If you believe that the recent decision of the European Central Bank to make unlimited cash available to eurozone banks for the next three years, and that the meeting next week of German chancellor Angela Merkel and French president Nicholas Sarkozy will solve the problems created by excessive debt of some eurozone countries, you will heave a sigh of relief. You will then not have to worry whether the inevitable Greek default will be the first step towards a Lehman Brothers moment, with liquidity drying up, bank credit shrinking, and a deep recession settling over Europe, hurting American banks and exporters.
It’s so sad that America (once the envy of the world) is being reduced to an impoverished Third World country under Obama.
ASSOCIATED PRESS: Squeezed by rising living costs, a record number of Americans — nearly 1 in 2 — have fallen into poverty or are scraping by on earnings that classify them as low income.
The latest census data depict a middle class that’s shrinking as unemployment stays high and the government’s safety net frays. The new numbers follow years of stagnating wages for the middle class that have hurt millions of workers and families.
“Safety net programs such as food stamps and tax credits kept poverty from rising even higher in 2010, but for many low-income families with work-related and medical expenses, they are considered too ‘rich’ to qualify,” said Sheldon Danziger, a University of Michigan public policy professor who specializes in poverty.
“The reality is that prospects for the poor and the near poor are dismal,” he said. “If Congress and the states make further cuts, we can expect the number of poor and low-income families to rise for the next several years.”
Congressional Republicans and Democrats are sparring over legislation that would renew a Social Security payroll tax cut, part of a year-end political showdown over economic priorities that could also trim unemployment benefits, freeze federal pay and reduce entitlement spending.
CNBC: The U.S. jobs market remained stuck in neutral during October, with the economy creating just 80,000 new jobs as the stubbornly high unemployment rate nudged lower.
Amid few expectations that the employment picture has improved, government numbers Friday confirmed the obvious: The unemployment rate is stuck at 9.0 percent where it likely will be for many months to come.
The report comes just days after the Federal Reserve delivered its own body blow, saying the unemployment rate will go no lower than 8.5 percent to 8.7 percent by the end of 2012 and will remain in the 6.8 percent to 7.7 percent through 2014.
WALL STREET JOURNAL: Nearly 15% of the U.S. population relied on food stamps in August, as the number of recipients hit 45.8 million.
Food stamp rolls have risen 8.1% in the past year, the Department of Agriculture reported, though the pace of growth has slowed from the depths of the recession.
The number of recipients in the food stamp program, formally known as the Supplemental Nutrition Assistance Program (SNAP), may continue to rise in coming months as families continue to struggle with high unemployment and September’s data will likely include disaster assistance tied to the destruction and flooding caused by Hurricane Irene.