- Oct 20, 2013
- 55,599
- 17,637
- 2,250
That is about all you could could call it. I would hate to have seen McCain or Romney become president, both of whom I despise, but it's undeniable but obama has made a complete mess of the economy, almost as bad as he's been on national security. (and that's pretty bad)
On the wealth gap,according to a report from the Pew Research Center, in 2014 upper income households had almost seven times the wealth of middle class households. That is the largest gap between these respective groups in the three decades the Fed has collected such data. Yes, it's even higher than the "Evil 80s" under Reagan.
Recall President Obama's campaign exchange with Joe the Plumber when he stated, "And I think that when you spread the wealth around, it's good for everybody."
Yet, lower and middle class Americans, groups with which Democrats so often claim allegiance, have fallen further down the economic ladder under President Obama. Consider this staggering comparison: In 2007, the average household income in America was $55,627. In 2014, that figure had slipped to $53,880 -- Americans earned less on average than they did seven years prior. So, what has happened is that the average American family has been earning less than it did when the great Recession began. All the while, over that same period prices of practically everything else we buy rose.
According to government data, in 2007 the lowest quintile of earners in America made up 3.4% of total earnings. That means the lowest 20% of earners in America only collected 3.4% of the total earnings pie in 2007.
In 2013 (the latest available data), that figure had dropped to 3.2%. Bear with me on the math, because it is damning evidence of Obama's Utopian economic failure. That reduction from 3.4% to 3.2% of total earnings means these folks have seen a 6.25% reduction in the slice of their total earnings pie over that period.
What about the highest earning quintile? Over that same period, their slice of the pie actually swelled from 49.7% in 2007 to 51.0% in 2013.
The New York Times, cited a National Employment Law Project study in an April article in which it was noted that a million jobs in middle-income industries were lost during the Great Recession. The article added that those million workers then often found themselves either unemployed or flipping burgers at a minimum wage job.
And the scorecard for Blacks ? (who so overwhelmingly support him and Hillary Clinton) >>> Some Obama supporters will defend him by saying that the Black unemployment rate has dropped from 12.7% when he took office to 11.1% as of November 2014, the latest reported month. At first glance, that might appear impressive. However, the reason that figure has dropped is because so many Blacks have actually dropped out of the labor force.
In January 2009, there were 10,312,000 Blacks not in the labor force. As of November 2014, the latest available data, that figure had swelled to 11,923,000. That represents more than a 15% increase in Black Americans who have exited the workforce
Look at SNAP (commonly known as "food stamps." The program, has grew from $54.8 billion in 2009 to $69.4 billion in 2014. In January 2015, the number of beneficiaries receiving food stamps topped 46 million for 38 straight months, with 14.6 percent of the population and 19.7 percent of all households receiving food stamps. This represents an increase of 1516.96 % over the 2.9 million Americans participating in the food stamp program in 1969. Not good Barrack.
The federal debt is projected to nearly double under President Obama, with the Federal Reserve Bank of St. Louis chart showing it has increased from $11.1 trillion in the first quarter 2009 to $18.9 trillion in the fourth quarter 2015.
Despite Obama’s promises that the implementation of Obamacare would lower health-care costs, the Federal Reserve Bank of St. Louis chart shows the Consumer Price Index, CPI, for medical care services has continued a straight-line increase since the passage of the Affordable Care Act. The CPI for medical care services has increased from 149.952 in January 2009 to 186.961 in February 2016.
The labor-force participation rate has fallen consistently under the Obama administration as an increasing percentage of those out of work and looking for work simply give up and quit looking. The labor-force participation rate has dropped from 65.7 percent in January 2009 to 62.9 percent in February 2016. Beware of false reports of drops in the unemployment rate, as reported by Obama's Bureau of Labor Statistics. These have become virtually meaningless, with the Obamans having adopted a policy of making unemployment percentages look artificially low by increasing the number of workers considered no longer in the work force.
Actually, these workers ARE a part of the workforce, in that they WANT a job, but have stopped looking because of a repetitive inability to get hired (no thanks to Obama's immigration-friendly policies)
John Williams, an economist known for arguing the government reports manipulate “shadow statistics” of economic data for political purposes. Williams writes in his subscription newsletter on ShadowStats.com. ““The broad economic outlook has not changed, despite the heavily-distorted numbers that continue to be published by the BLS,”The unemployment rates have not dropped from peak levels due to a surge in hiring; instead, they generally have dropped because of discouraged workers being eliminated from headline labor-force accounting.”
The federal debt is projected to nearly double under President Obama, with the Federal Reserve Bank of St. Louis chart showing it has increased from $11.1 trillion in the first quarter 2009 to $18.9 trillion in the fourth quarter 2015. At the end of the George W. Bush presidency in January 2009, the federal debt stood at $10.6 trillion. It is projected to exceed $20 trillion by the end of Obama’s presidency in January 2017.
While Quantitative Easing, the Federal Reserve policy of printing money to buy U.S. Treasury Department-issued government debt, known among economists as QE, began under President George W. Bush, it took off under President Obama. The Federal Reserve Bank of St. Louis chart shows the adjusted monetary base of the United States rose from $1.772 trillion on Jan. 14, 2009, to $3.996 trillion as of March 16, 2016.
Real median household income in the United States has declined from a height of $57,357 in 2007 under President George W. Bush to $53,657 in 2014 under President Obama. The calculation takes into consideration the “Obama economic recovery,” in that real median household income in the United States by 2013 rose to $54,426 in 2013, from a low of $52,605 in 2012, only to fall back again in 2014.
Home ownership under Obamanomics has continued a straight-line decline that began with the collapse of the substandard real estate market during George W. Bush’s second term in office. The home-ownership rate has declined from 67.4 percent in 2009 to 63.7 in the second quarter 2015. On July 28, 2015, the Wall Street Journal reported that the rate of home ownership in the second quarter 2015 hit a 48-year low, reflecting the reality that fewer middle class Americans can afford to buy a home. Under Obama, an increasing number of Americans are living in rented homes, with the American dream of owning a home no longer an economic reality.
On the wealth gap,according to a report from the Pew Research Center, in 2014 upper income households had almost seven times the wealth of middle class households. That is the largest gap between these respective groups in the three decades the Fed has collected such data. Yes, it's even higher than the "Evil 80s" under Reagan.
Recall President Obama's campaign exchange with Joe the Plumber when he stated, "And I think that when you spread the wealth around, it's good for everybody."
Yet, lower and middle class Americans, groups with which Democrats so often claim allegiance, have fallen further down the economic ladder under President Obama. Consider this staggering comparison: In 2007, the average household income in America was $55,627. In 2014, that figure had slipped to $53,880 -- Americans earned less on average than they did seven years prior. So, what has happened is that the average American family has been earning less than it did when the great Recession began. All the while, over that same period prices of practically everything else we buy rose.
According to government data, in 2007 the lowest quintile of earners in America made up 3.4% of total earnings. That means the lowest 20% of earners in America only collected 3.4% of the total earnings pie in 2007.
In 2013 (the latest available data), that figure had dropped to 3.2%. Bear with me on the math, because it is damning evidence of Obama's Utopian economic failure. That reduction from 3.4% to 3.2% of total earnings means these folks have seen a 6.25% reduction in the slice of their total earnings pie over that period.
What about the highest earning quintile? Over that same period, their slice of the pie actually swelled from 49.7% in 2007 to 51.0% in 2013.
The New York Times, cited a National Employment Law Project study in an April article in which it was noted that a million jobs in middle-income industries were lost during the Great Recession. The article added that those million workers then often found themselves either unemployed or flipping burgers at a minimum wage job.
And the scorecard for Blacks ? (who so overwhelmingly support him and Hillary Clinton) >>> Some Obama supporters will defend him by saying that the Black unemployment rate has dropped from 12.7% when he took office to 11.1% as of November 2014, the latest reported month. At first glance, that might appear impressive. However, the reason that figure has dropped is because so many Blacks have actually dropped out of the labor force.
In January 2009, there were 10,312,000 Blacks not in the labor force. As of November 2014, the latest available data, that figure had swelled to 11,923,000. That represents more than a 15% increase in Black Americans who have exited the workforce
Look at SNAP (commonly known as "food stamps." The program, has grew from $54.8 billion in 2009 to $69.4 billion in 2014. In January 2015, the number of beneficiaries receiving food stamps topped 46 million for 38 straight months, with 14.6 percent of the population and 19.7 percent of all households receiving food stamps. This represents an increase of 1516.96 % over the 2.9 million Americans participating in the food stamp program in 1969. Not good Barrack.
The federal debt is projected to nearly double under President Obama, with the Federal Reserve Bank of St. Louis chart showing it has increased from $11.1 trillion in the first quarter 2009 to $18.9 trillion in the fourth quarter 2015.
Despite Obama’s promises that the implementation of Obamacare would lower health-care costs, the Federal Reserve Bank of St. Louis chart shows the Consumer Price Index, CPI, for medical care services has continued a straight-line increase since the passage of the Affordable Care Act. The CPI for medical care services has increased from 149.952 in January 2009 to 186.961 in February 2016.
The labor-force participation rate has fallen consistently under the Obama administration as an increasing percentage of those out of work and looking for work simply give up and quit looking. The labor-force participation rate has dropped from 65.7 percent in January 2009 to 62.9 percent in February 2016. Beware of false reports of drops in the unemployment rate, as reported by Obama's Bureau of Labor Statistics. These have become virtually meaningless, with the Obamans having adopted a policy of making unemployment percentages look artificially low by increasing the number of workers considered no longer in the work force.
Actually, these workers ARE a part of the workforce, in that they WANT a job, but have stopped looking because of a repetitive inability to get hired (no thanks to Obama's immigration-friendly policies)
John Williams, an economist known for arguing the government reports manipulate “shadow statistics” of economic data for political purposes. Williams writes in his subscription newsletter on ShadowStats.com. ““The broad economic outlook has not changed, despite the heavily-distorted numbers that continue to be published by the BLS,”The unemployment rates have not dropped from peak levels due to a surge in hiring; instead, they generally have dropped because of discouraged workers being eliminated from headline labor-force accounting.”
The federal debt is projected to nearly double under President Obama, with the Federal Reserve Bank of St. Louis chart showing it has increased from $11.1 trillion in the first quarter 2009 to $18.9 trillion in the fourth quarter 2015. At the end of the George W. Bush presidency in January 2009, the federal debt stood at $10.6 trillion. It is projected to exceed $20 trillion by the end of Obama’s presidency in January 2017.
While Quantitative Easing, the Federal Reserve policy of printing money to buy U.S. Treasury Department-issued government debt, known among economists as QE, began under President George W. Bush, it took off under President Obama. The Federal Reserve Bank of St. Louis chart shows the adjusted monetary base of the United States rose from $1.772 trillion on Jan. 14, 2009, to $3.996 trillion as of March 16, 2016.
Real median household income in the United States has declined from a height of $57,357 in 2007 under President George W. Bush to $53,657 in 2014 under President Obama. The calculation takes into consideration the “Obama economic recovery,” in that real median household income in the United States by 2013 rose to $54,426 in 2013, from a low of $52,605 in 2012, only to fall back again in 2014.
Home ownership under Obamanomics has continued a straight-line decline that began with the collapse of the substandard real estate market during George W. Bush’s second term in office. The home-ownership rate has declined from 67.4 percent in 2009 to 63.7 in the second quarter 2015. On July 28, 2015, the Wall Street Journal reported that the rate of home ownership in the second quarter 2015 hit a 48-year low, reflecting the reality that fewer middle class Americans can afford to buy a home. Under Obama, an increasing number of Americans are living in rented homes, with the American dream of owning a home no longer an economic reality.
