33 Shocking Facts Which Show How Badly The Economy Has Tanked Under Obama

Read ‘em and weep….

Submitted by Michael Snyder of The Economic Collapse blog,

Barack Obama has been running around the country taking credit for an "economic recovery", but the truth is that things have not gotten better under Obama.  Compared to when he first took office, a smaller percentage of the working age population is employed, the quality of our jobs has declined substantially and the middle class has been absolutely shredded.  If we are really in the middle of an "economic recovery", why is the homeownership rate the lowest that it has been in 18 years?  Why has the number of Americans on food stamps increased by nearly 50 percent while Obama has been in the White House?  Why has the national debt gotten more than 6 trillion dollars larger during the Obama era?  Obama should not be "taking credit" for anything when it comes to the economy.  In fact, he should be deeply apologizing to the American people.

And of course Obama is being delusional if he thinks that he is actually "running the economy".  The Federal Reserve has far more power over the U.S. economy and the U.S. financial system than he does.  But the mainstream media loves to fixate on the presidency, so presidents always get far too much credit or far too much blame for economic conditions.

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?

 

 

http://www.zerohedge.com/news/2013-08-21/33-shocking-facts-which-show-how-badly-economy-has-tanked-under-obama

 

Sorry, Ladies, It's True

“It is not really surprising that this welfare state should breed a politics not of “justice” or “fairness” but of “compassion,” which contemporary liberalism has elevated into the most important civic virtue. Women tend to be more sentimental, more risk-averse and less competitive than men—yes, it’s Mars vs. Venus—and therefore are less inclined to be appreciative of free-market economics, in which there are losers as well as winners. College-educated women—the kind who attend Democratic conventions—are also more “permissive” and less “judgmental” on such issues as homosexuality, capital punishment, even pornography.”              - Irving Kristol, “The Feminization of the Democrats,” The Wall Street Journal (September 9, 1996): p. A16 

“Citing marriage as ‘a very important financial divider,’ the American Enterprise Institute's Doug Besharov suggests more married women did not vote for Dole because of a widespread sense of societal insecurity: ‘It is not that they distrust their husband, but they have seen divorce all around them and know they could be next.’ The Polling Company's Kellyanne Fitzpatrick is categorical: ‘Women see government as their insurance.’ (Perhaps significantly, of the 24 million individuals working in government and in semi-governmental non-profit jobs, 14 million—58 percent—are women.)”  -The Richmond Times Dispatch, December 5, 1996 

“Federal Government expenditures remained remarkably constant until the 1920’s. In fact, as has been widely noted by public choice scholars, World War I was the first war after which per capita government expenditures did not return back to their pre-war levels and by the end of the 1920’s the growth trend that we are so familiar with today had begun. To explain this timing, some point to the effect that the seemingly successful economy wide regulations during the war had on people’s beliefs about the role of government (Higgs, 1987). 

We propose that giving women the right to vote changed the size of government. We examine several indicators of the size and scope of government, from state government expenditures and revenues to voting index scores for Federal House and Senate members from 1870 to 1940.” 

“How Dramatically Did Women’s Suffrage Change the Size and Scope of Government?” – Scientific Research Paper by John R. Lott Jr. and Larry Kenny, September 1998 

(Click on this link to download a copy of the 75 page research paper: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=160530)

Linus Gets It

 

 

"Take Your Medicine!"

“Vinson, of San Jose, will pay $1,800 more a year for an individual policy, while Waschura, of Portola Valley, will cough up almost $10,000 more for insurance for his family of four.” 

http://www.mercurynews.com/nation-world/ci_24248486/obamacares-winners-and-losers-bay-area

 

Why We Hate The Government

“Even though isolated barricades with "closed" signs remained on the National Mall on Tuesday, the setup for the immigration reform rally said otherwise. A giant stage with lights and an "Immigration Reform Now" banner was set up in the center of the mall, along with three large portable screens. On one side of the mall, more than 100 porta potties were set up for protesters who will attend the rally today.”

http://washingtonexaminer.com/signs-say-national-mall-closed-but-immigration-reform-rally-is-a-go/article/2536957

 

The Problem with Government Programs

The exact cost to build Healthcare.gov, according to U.S. government records, appears to have been $634,320,919, which we paid to a company you probably never heard of: CGI Federal.  The company originally won the contract back in 2011, but at that time, the cost was expected to run “up to” $93.7 million – still a chunk of change, but nothing near where it ended up. 

And you’re wondering why federal government spending is out of control? 

Any private company that had these kinds of cost overruns would be driven out of business for any number of reasons. The client would refuse to pay the cost overruns, the stock would tank, private investors would pull their funding, no potential client with half a brain would ever hire them in the future, and there would be no money to pay the employees.  

With the federal government, however, they just keep throwing OUR money at the failed project until it fails spectacularly.  But this time we’re not just talking about wasted money. This is a MANDATORY federal government program that fines every single American if they don’t go to the website and sign up…and the damn thing doesn’t work. 

Now what, you dimwits?

Thought for the Day

We are always hearing about how Social Security is going to run out of money.

How come we never hear about Welfare running out of money?