American Elephants


The Obama Economy By the Numbers by The Elephant's Child

President Obama is on the road again, talking about the middle class, and how the economy is recovering and how he wants every young person to go to college, and he wants to boost everyone into the middle class because — “Americans are gritty, resilient and work hard.” And they forge on against “forces that have conspired against the middle class for decades.”

Does anyone pay attention anymore? His voice has seemed to grow more hectoring; he lectures; it’s as if he is irritated that we are not cheering as much as we used to.

“This week,” he said, “I put forward common sense proposals for how we can create more jobs in manufacturing, in wind, solar and natural gas and by rebuilding America’s infrastructure.” He’s been saying the same thing for five years, and it still doesn’t work. His job approval ratings on the economy have dropped to 35 percent.

It’s about the Obama economy; Here it is by the numbers from Michael Snyder at The Economic Collapse blog.

#1 When Barack Obama entered the White House, 60.6 percent of working age Americans had a job.  Today, only 58.7 percent of working age Americans have a job.
#2 Since Obama has been president, seven out of every eight jobs that have been “created” in the U.S. economy have been part-time jobs.
#3 The number of full-time workers in the United States is still nearly 6 million below the old record that was set back in 2007.
#4 It is hard to believe, but an astounding 53 percent of all American workers now make less than $30,000 a year.
#540 percent of all workers in the United States actually make less than what a full-time minimum wage worker made back in 1968.
#6 When the Obama era began, the average duration of unemployment in this country was 19.8 weeks.  Today, it is 36.6 weeks.
#7 During the first four years of Obama, the number of Americans “not in the labor force” soared by an astounding 8,332,000.  That far exceeds any previous four year total.
#8 According to the U.S. Census Bureau, the middle class is taking home a smaller share of the overall income pie than has ever been recorded before.
#9 When Obama was elected, the homeownership rate in the United States was 67.5 percent.  Today, it is 65.0 percent.  That is the lowest that it has been in 18 years.
#10 When Obama entered the White House, the mortgage delinquency rate was 7.85 percent.  Today, it is 9.72 percent.
#11 In 2008, the U.S. trade deficit with China was 268 billion dollars.  Last year, it was 315 billion dollars.
#12 When Obama first became president, 12.5 million Americans had manufacturing jobs.  Today, only 11.9 million Americans have manufacturing jobs.
#13 Median household income in America has fallen for four consecutive years.  Overall, it has declined by over $4000 during that time span.
#14 The poverty rate has shot up to 16.1 percent.  That is actually higher than when the War on Poverty began in 1965.
#15 During Obama’s first term, the number of Americans on food stamps increased by an average of about 11,000 per day.
#16 When Barack Obama entered the White House, there were about 32 million Americans on food stamps.  Today, there are more than 47 million Americans on food stamps.
#17 At this point, more than a million public school students in the United States are homeless.  This is the first time that has ever happened in our history.  That number has risen by 57 percent since the 2006-2007 school year.
#18 When Barack Obama took office, the average price of a gallon of regular gasoline was $1.85.  Today, it is $3.53.
#19 Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.
#20 Health insurance costs have risen by 29 percent since Barack Obama became president, and Obamacare is going to make things far worse.
#21 The United States has fallen in the global economic competitiveness rankings compiled by the World Economic Forum for four years in a row.
#22 According to economist Tim Kane, the following is how the number of startup jobs per 1000 Americans breaks down by presidential administration
Bush Sr.: 11.3   Clinton: 11.2    Bush Jr.: 10.8    Obama: 7.8
#23 In 2008, that total amount of student loan debt in this country was 440 billion dollars.  At this point, it has shot up to about a trillion dollars.
#24 According to one recent survey, 76 percent of all Americans are living paycheck to paycheck.
#25 During Obama’s first term, the number of Americans collecting federal disability insurance rose by more than 18 percent.
#26 The total amount of money that the federal government gives directly to the American people has grown by 32 percent since Barack Obama became president.
#27 According to the Survey of Income and Program Participation conducted by the U.S. Census, well over 100 million Americans are enrolled in at least one welfare program run by the federal government.
#28 As I wrote about the other day, American households are now receiving more money directly from the federal government than they are paying to the government in taxes.
#29 Under Barack Obama, the velocity of money (a very important indicator of economic health) has plunged to a post-World War II low.
#30 At the end of 2008, the Federal Reserve held $475.9 billion worth of U.S. Treasury bonds.  Today, Fed holdings of U.S. Treasury bonds have skyrocketed past the 2 trillion dollar mark.
#31 When Barack Obama was first elected, the U.S. debt to GDP ratio was under 70 percent.  Today, it is up to 101 percent.
#32 During Obama’s first term, the federal government accumulated more new debt than it did under the first 42 U.S presidents combined.
#33 When you break it down, the amount of new debt accumulated by the U.S. government during Obama’s first term comes to approximately$50,521 for every single household in the United States.  Are you able to pay your share?
President Obama has run $1 Trillion deficits for each of the four years of his first term.

2 Comments so far
Leave a comment

Dude! Another home run! Keep serving up the goods! This stuff is SO GOOD! Hey, do you have any sources you might share with me on where to find already-existing waste and fraud of the ObamaCare nightmare? Looking to share with friends and those on the dance, at a grass roots level, to turn the tide of the ACA ObamaCare “evangelists”…

Thanks for this,

Scott

Comment by Scott Rutledge

There is a search function in the left-hand margin, just over Bob Hope’s head. Enter ObamaCare and you will get lots of past pieces from the archives. All the major think-tanks have done major research on ObamaCare: heritage.org; aei.org; ncpa.org — all will have a search function, but probably health care will be listed prominently on their page.

Comment by The Elephant's Child




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