We’ve known for a while that the “recovery” has been the most anemic post recession era in modern U. S. history.
Michael Snyder of The Economic Collapse blog has some numbers on the achievements of the Obama Administration with regards to economic performance cross posted to Zero Hedge. They make for interesting reading.
33 Shocking Facts Which Show How Badly The Economy Has Tanked Under Obama
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…
And here they are, the 33 disastrous economic facts which are the achievements and legacy of the Obama Administration:
Note that this does not differentiate between full and part time employment. The overall employment rate has fallen by 1.9% during Obama’s tenure.
That’s 87.5% of all new jobs which are less than full employment. The impacts of this less than full employment will show up further down the list.
Part time employment is self evidently better than non employment, but it cannot fuel a robust and expanding economy.
One of the fruits of the record achievement in creating part time jobs.
Another of the fruits of “growth” and “job creation” centering on part time employment. As social progress goes, that is best described as regression.
That’s nearly nine months between losing one job and finding another, with an 88% chance that the new position will be less than full time.
It used to be that one of the specific goals of the Federal Reserve was fostering full employment. Not, it would seem, in this Administration.
A smaller capital share for the middle class in turn means a shrinking tax base for a government already making a drunken sailor look like a genius of financial rectitude in comparison.
the gains of nearly two decades wiped out in a mere five years.
Statements that the foreclosure crises is over may be more than a little overstated. Nor should the stability of the banks and real estate markets be presumed to be out of danger.
The remaining 23 reasons 0bamanomics suck.
This despite a period of deflation and huge economic turmoil in China.
That’s 600,000 manufacturing jobs vanished into the maw of the Obama non-recovery.
Contracting household income translates to less disposable income, and thus less economic activity as a whole.
Is it finally time to admit that the War on Poverty declared by Lyndon Banes Johnson (D) has finally gone down to defeat under Barrack Hussein Obama (D). Is it time to bring the troops home, and leave the blighted remains of Democrat strongholds to implode and return to wilderness…
President Food Stamp.
Dependents are so much easier to control..
#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.
But, this being a Democratic Administration, those homeless students are invisible to the LSM, and will remain so, until the next Republican Administration is sworn in.
The Obama Administration is particularly culpable on this front, as oil production on lands controlled by the Federal Government has plumeted due to policies restricting leasing of those lands. The only reason the cost of gasoline is not even higher is the explosion of extraction on state and private properties made possible by fracking and private investment.
One of the reasons the official measures of inflation remain low, even as the buying power of the middle class shrinks.
This is also a large contributor to items 2 and 3 above.
See also regulatory uncertainty and thus impediments to business expansion.
Bush Sr.: 11.3
Bush Jr.: 10.8
The only true growth under Obama has been in local, state, and Federal employment of regulators.
The next credit bubble swells towards an inevitable and messy burst.
And those living paycheck to paycheck are not making capital investments.
Thus taking that many more potentially productive persons from the market.
Again, dependents are much easier to control.
#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.
Dependency as government policy.
And if they vote to continue to receive ever increasing largess?
When one has less disposable income, one tends to be less impulsive in spending, and thus eschew smaller (and less cost effective) vendors who would in turn spend part of their income locally.
Monetization of debt. The dollar is on very shaky ground indeed.
An unsustainable rate of spending.
This from a former candidate who questioned the loyalty of those who proposed to increase debt a tiny fraction of the debt he subsequently ran up
#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?
How long will those who work and earn continue to pay for that which benefits them not at all?
Hat Tip Google+