The Obama economy still is a miserable failure
It was just one of those typical Obama-low-information-voter knee-jerk comments, but when I saw this response to a claim that the Obama economy was ‘degraded’, it floored me:
“The economy under Bush was a whole lot worse” [than under Obama]
Rationalizing, excusing or making false statements like “It was worse under Bush” (when it wasn’t) does an injustice to those suffering under the Obama economy. So I had to respond, and feel it’s worth sharing as a ‘clip-n-save’ summary of how-awful-it-really-is-under-Obama.
Let’s Look at Jobs
Under President George W. Bush, unemployment rate ranged from 3.8 percent to 6.3 percent, except during his last five months, where the unemployment to go from 6.5 to 7.3 in Dec 2008, and then, the month Obama took office, it jumped to 7.8% in Jan 2009. NOTE THE NUMBER: 7.3%
Obama’s unemployment rate has ranged from 7.4 percent to 10 percent, with the average unemployment rate being over 8.6%. Compare that with the average official unemployment rate under Bush: 5.2%. For almost 5 years under Obama, unemployment stayed above 7.8% and above 8% for most of his first term – HIGHER FOR ALMOST 5 YEARS THAN THE WORST UNEMPLOYMENT UNDER BUSH. Even now, current 7.4% unemployment rate is STILL WORSE THAT AT ANY TIME FROM 2000 to 2008. The unemployment rate for Obama’s entire 5-year tenure has now been higher each and every month than the worst month of unemplyoment under Bush from Jan 2001 to Dec 2008.
And that is the official rate. Look behind that unemployment rate – at workforce participation (lower under Obama than its been in 50 years), poverty rates (higher under Obama to worst levels in decades), U-6 unemployment (higher under Obama than at any time in 20 years), the shift to part-time work (greater under Obama), and more long-term unemployed. When you combine that with other economic metrics, like GDP growth, and notice that under Obama we have had the lowest GDP growth of any 5 year period in the last 50 years, we have one obvious conclusion: The Obama economy is the worst economy in the US in our generation, perhaps worst since WWII.
Long-term unemployed chart:
Labor Participation Rate Hits 34-Year Low
Teen employment hits record lows, suggesting lost generation
If this was Buzzfeed and not Redstate, this below would be a Listicle that said:
Twenty facts that show the Obama economy still is a miserable failure
#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 home-ownership 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.
So if any koolaid drinking Obama supporter gives you the lip about how much worse Bush was, don’t take their guff. Push back with the facts.