August 22, 2013

Accident-Prone President: 33 Shocking Facts Which Show How Badly The Economy Has Tanked Since Obama Became President


Some horrifying but useful points as explained by Michael Snyder @ Economic Collapse Tracker

But if you do want to focus on "the change" that has taken place since Barack Obama entered the White House, there is no way in the world that you can claim that things have actually gotten better during that time frame. The cold, hard reality of the matter is that the U.S. economy has been steadily declining for over a decade, and this decline has continued while Obama has been living at 1600 Pennsylvania Avenue.

It is getting very tiring listening to Obama supporters try to claim that Obama has improved the economy. That is a false claim that is not even remotely close to reality. The following are 33 shocking facts which show how badly the U.S. economy has tanked since Obama became president...

#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.

#5 40 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?

Posted by gerardvanderleun at August 22, 2013 11:43 AM
Bookmark and Share



"It is impossible to speak in such a way that you cannot be misunderstood." -- Karl Popper N.B.: Comments are moderated and may not appear immediately. Comments that exceed the obscenity or stupidity limits will be either edited or expunged.

Now, to be fair, not all of that is Obama's fault. Much of it he honestly did inherit: the economy was crashing when he took office, and that's no Democrat invention. However, instead of taking wise steps to address this, he took absolutely foolish ones, then even more foolishly believed they'd fix everything and went on as if nothing more needed to be done. Indeed he and the Democrat-controlled congress went on as if things were doing quite well and they could spend like crazy.

And that IS his fault.

Posted by: Christopher Taylor at August 22, 2013 11:58 AM

Mr. Vanderluen, you are racist for pointing all this out and someone from the government or Oprah Winfrey's production staff will be around to see you about it.

Every President "inherits" problems from his predecessor (well, except maybe George Washington), because that is the nature of government and human existence. Mr. Obama has "not let this crisis go to waste" in his goal to gather more power to the Federal Government, which was and is his primary objective. In that, above all other things, he has been very successful.

Mission accomplished!

Posted by: David at August 23, 2013 7:49 AM

But,but,but, this can't be true! He is the Great Leader, The King, The savior. How can it be!

Posted by: Al Cornelison at August 23, 2013 8:38 AM

@Christopher Taylor: Sorry, but you are incorrect. The economy was tanked by the collapse of the housing bubble. This was started under Carter, and disastrously expanded by Clinton. Bill Clinton used the power of the White House to pressure banks to extend loans to people that were poor credit risks. When banks protested, they were threatened with being cut off from the Federal Reserve system. Anyone who can add could see this was going to distort the housing market, and destabilize the economy. No less a paper than the New York Times warned this was a terrible idea.

Over they intervening years, the Republicans in Congress tried on more than 300 occasions to get the Federal Home Loan giants Fannie Mae and Freddie Mac audited to see if they were sustainable. They were deadlocked at EVERY turn by the likes of Barney Frank who derided Republicans for fear mongering and of course, racism. The rest is current events. No Sir, this was INDEED a Democrat created disaster.

Posted by: Larry Anderson at August 23, 2013 9:56 AM

I can't disagree with the bulk of your history, but I would add that while the Republicans firmly controlled two branches of the federal government and were begged (more than a dozen times) by President Bush to do something about it, they did nothing so I don't think you can exclusively blame Democrats. They are responsible for the bulk of the problem, but not all of it.

Posted by: Christopher Taylor at August 23, 2013 10:06 AM

Democrats did this... Republicans did that...

Truth is, we allowed this happen to ourselves...

Posted by: elgeneralisimo at August 23, 2013 8:48 PM

From the archives of a world famous blogger:

Posted by: chasmatic at August 24, 2013 6:06 AM

In the end, in a Democracy, we as the voters have no one else to blame but ourselves, I agree.

Posted by: Christopher Taylor at August 24, 2013 7:27 AM

I don't mind paying my debt. I just don't want to pay everybody elses.

Posted by: glenn at August 24, 2013 8:01 AM