Niall Ferguson on Why Barack Obama Needs to Go - Newsweek and The Daily Beast "In his inaugural address, Obama promised not only to create new jobs, but to lay a new foundation for growth. He promised to build the roads and bridges, the electric grids, and digital lines that feed our commerce and bind us together. He promised to restore science to its rightful place and wield technologys wonders to raise health cares quality and lower its cost. And he promised to transform our schools and colleges and universities to meet the demands of a new age. Unfortunately the presidents scorecard on every single one of those bold pledges is pitiful." "Unemployment was supposed to be 6 percent by now. It has averaged 8.2 percent this year so far. Meanwhile real median annual household income has dropped more than 5 percent since June 2009. Nearly 110 million individuals received a welfare benefit in 2011, mostly Medicaid or food stamps." "Welcome to Obamas America: nearly half the population is not represented on a taxable returnalmost exactly the same proportion that lives in a household where at least one member receives some type of government benefit. We are becoming the 5050 nationhalf of us paying the taxes, the other half receiving the benefits."