Obama Administration Economic Achievements, by the numbers

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:

#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.

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.

#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.

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.

#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.

Part time employment is self evidently better than non employment, but it cannot fuel a robust and expanding economy.

#4 It is hard to believe, but an astounding 53 percent of all American workers now make less than $30,000 a year.

One of the fruits of the record achievement in creating part time jobs.

#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.

Another of the fruits of “growth” and “job creation” centering on part time employment.  As social progress goes, that is best described as regression.

#6 When the Obama era began, the average duration of unemployment in this country was 19.8 weeks.  Today, it is 36.6 weeks.

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.

#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.

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.

#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.

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.

#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.

the gains of nearly two decades wiped out in a mere five years.

#10 When Obama entered the White House, the mortgage delinquency rate was 7.85 percent.  Today, it is 9.72 percent.

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.

#11 In 2008, the U.S. trade deficit with China was 268 billion dollars.  Last year, it was 315 billion dollars.

This despite a period of deflation and huge economic turmoil in China.

#12 When Obama first became president, 12.5 million Americans had manufacturing jobs.  Today, only 11.9 million Americans have manufacturing jobs.

That’s 600,000 manufacturing jobs vanished into the maw of the Obama non-recovery.

#13 Median household income in America has fallen for four consecutive years.  Overall, it has declined by over $4,000 during that time span.

Contracting household income translates to less disposable income, and thus less economic activity as a whole.

#14 The poverty rate has shot up to 16.1 percent.  That is actually higher than when the War on Poverty began in 1965.

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…

#15 During Obama’s first term, the number of Americans on food stamps increased by an average of about 11,000 per day.

President Food Stamp.

#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.

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.

#18 When Barack Obama took office, the average price of a gallon of regular gasoline was $1.85.  Today, it is $3.53.

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.

#19 Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.

One of the reasons the official measures of inflation remain low, even as the buying power of the middle class shrinks.

#20 Health insurance costs have risen by 29 percent since Barack Obama became president, and Obamacare is going to make things far worse.

This is also a large contributor to items 2 and 3 above.

#21 The United States has fallen in the global economic competitiveness rankings compiled by the World Economic Forum for four years in a row.

See also regulatory uncertainty and thus impediments to business expansion.

#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

The only true growth under Obama has been in local, state, and Federal employment of regulators.

#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.

The next credit bubble swells towards an inevitable and messy burst.

#24 According to one recent survey, 76 percent of all Americans are living paycheck to paycheck.

And those living paycheck to paycheck are not making capital investments.

#25 During Obama’s first term, the number of Americans collecting federal disability insurance rose by more than 18 percent.

Thus taking that many more potentially productive persons from the market.

#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.

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.

#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.

And if they vote to continue to receive ever increasing largess?

#29 Under Barack Obama, the velocity of money (a very important indicator of economic health) has plunged to a post-World War II low.

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.

#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.

Monetization of debt.  The dollar is on very shaky ground indeed.

#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.

An unsustainable rate of spending.

#32 During Obama’s first term, the federal government accumulated more new debt than it did under the first 42 U.S presidents combined.

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+

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  • jim_m

    The obama game plan has always been to monetize the debt, all $17T of it. If that throws millions of people into poverty (and to their way of thinking, government dependency) so much the better.

    Remember also that the dems believe that millions of people on unemployment is the best thing they can do or the economy and therefore the nation.

  • MichaelLaprarie

    Thanks Rodney. I’ve got more thoughts on this subject that will be posted shortly.

    Another interesting thing – if you look at the FRED chart of M2 money velocity, you’ll notice that the post “recovery” velocity starts to tank right around the time that Obamacare was passed by Congress. That time frame also corresponds with a significant leveling-off of corporate hiring, which you can see here: http://www.heritage.org/research/reports/2011/07/economic-recovery-stalled-after-obamacare-passed

  • stan25

    The piggy bank has been broken and all of the savings (if there was any to begin with) are oall gone. Yet, all governments are spending way more than they are taking in. In the private sector, the entity would be filing for bankruptcy.

  • I’ve always said it’s going to be a lot simpler when the money runs out.

    Not better.

    • jim_m

      Yeah, simple. obama can have his DHS pals start a race war to distract us.

      • There’s some people who love to smash things apart that they couldn’t build on their own. Like vandals, tearing apart a building to steal copper pipes. Like a toddler, laughing when something expensive and fragile shatters when they throw it on the floor. They don’t think about the cost or work of replacing what they break – they just enjoy the sound and the way things fly apart, or the few bucks they can make selling the copper scrap..

        I’m starting to think that same sort of mentality got elected in 2008. Smash what they don’t like, and expect something to magically appear to take its place, at no cost. (Well, no cost to THEM – we pay though the ass.) Someone will always rebuild – and they can loot it again then.

  • Commander_Chico

    #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.

    #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.

    These are all features of your globalized labor market. Aren’t you the ones who are always arguing in favor of it?

    Markets will find equilibrium. US wages will continue to shrink as Bangladeshis willing to work for $1 a day do more and more.

    Plus, machines can do most repetitive things now. There really aren’t any good jobs for anyone of below average intelligence anymore. Just those sucky part-time service jobs. Unless they’re lucky enough to find a full-time government service job, like school custodian, your averagely-smart or below average guy is out of luck. Even the government service jobs are going to privatization. Replace one head-of-household American male with a living wage and benefits with two illegal immigrants working for less and no benefits working for a government contractor.

    All countries are going to end up walking a fine line between letting people who are surplus labor die on the street and subsidizing their breeding – to the extent that “countries” matter at all in the globalized, corporatized world.

    • jim_m

      #2 Part time jobs are being created because obamacare encourages employers to hire part time employees who will not qualify for health care benefits. Another Chico lie and excuse for his Dear Leader.

      #’s 4 and 5 are factors of #2. Once again we see Chico apologizing and excusing obama’s failures and trying to pass the blame on just about anywhere else except for where it really belongs: On obama and those who cover for him (that means you Commissar Chico)

      We have been through this many times before. What Chico is asking for is a closed market and command economy to preserve union wages. What is not possible is to accomplish that with anything resembling freedom, which is exactly what Chico advocates. (note how he declares that the only good jobs are government jobs)

      Wages are declining because obamacare dictates part time jobs and you can get equal quality labor overseas for less expense even when you factor in the cost of transportation. But as developing parts of the world get developed their wages and standard of living are increasing and they will price themselves out of the market. We have already seen low end manufacturing go from Japan to Taiwan to China and now Malaysia and elsewhere.

      We are already seeing manufacturing jobs come back to the US in certain sectors. This is why Chico is desperate to blame free markets for the problem and have the labor market protected. He wants to put in his government controlled economy before it becomes obvious that it isn’t necessary. He wants to guarantee the fascist unions their monopoly on labor so they can fund his dem masters far into the future. Nothing like oppressing the worker in order to fund your ideological agenda.

      • jim_m

        And lastly, Chico’s final idiotic and ignorant paragraph presumes that economies are Zero sum games where there is only ever a fixed amount of jobs or money. This is a false ideology promoted by socialists and communists who cannot comprehend the idea of growth that has made the world what it is today in a capitalist economy. People do not need to starve or be permanently on government aid.

        We can grow an economy if we are allowed to. But ideologues like Commissar Chico would prefer to keep the world and all the people in it in permanent poverty, that way they can perpetually offer unworkable solutions and pretend to be doing something to make people’s lives better when they are really just trying to keep them all poor.

      • Heh. No one willing to upding our soi disant cognoscenti under their own name/account.

        • jim_m

          Bruce must be taking Sunday of to worship obama. As soon as he gets back he will upvote all of Chico’s comments.

          • Ponder, if you dare, the image of Bruce as the ramora to chicka’s bottom feeder.

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  • Par4Course

    The most depressing fact is that, despite the economic disaster his Presidency has been, Obama was reelected by a 3.8% margin, capturing 51% of the total, with Mitt Romney getting fewer votes than John McCain did in 2008. This is likely the result of the increase in those dependent on government for their survival, who voted for the man most likely to keep those benefits flowing – exactly the result that Obama and his minions have been aiming for.

    • jim_m

      This is what you get when you get the GOP “I’ve been waiting around for 4 years and I’m next in line” candidate. It’s also what you get when you have the GOP chasing after the MSM for approval and they refuse to attack obama on the issues because they know they will be accused of being racist. Finally, at least there is a glimmer of hope as the beltway idiots running the GOP have realized that they cannot let NBC and CNN moderate debates when they are little more than PR outlets for the dems. Whether they actually stick to that decision is another matter. My guess is that they will not.

      • Retired military

        Dole and McCain were definitely “it’s my turn now. ”
        Romney was the republican elite saying “we need to be more moderate” Where as the dems said “We need to go as far left as possible ” Look who won.

      • Par4Course

        While there may be “beltway idiots running the GOP,” both McCain and Romney won their nominations by prevailing in the primaries. The Dems can win by running a candidate who is clearly incompetent and an economic disaster for the country, but the Republicans can only “get out the base” by running the second coming of Ronald Reagan. There are three groups to blame: (1) those who are living off the government and don’t want their sustenance cut off, (2) those who aren’t paying attention, a/k/a “low information voters,” and (3) conservatives who prefer 4 years of bitching to voting for someone who is not ideologically ideal. This combo is likely to make Hillary our next POTUS.

        • jim_m

          Many primaries are open meaning that moderate candidates get crossover from the dems, dems who will never vote GOP in the general election.

          But I agree that there are too many low information voters out there and too many idiots that are happy to see the current situation continue so they can keep complaining (here’s a hint for those fools: there will always be something to complain about so vote already!)

    • fustian24

      It was a huge disappointment to me that Obama won re-election. This was mostly still about the triumph of democrat control over the low-information voter.

      But Romney got plenty enough of the undecided voters of the middle that he needed to win.

      He failed to get out his base. I suspect this was a combination of things. One we now know is that Obama was using the IRS and possibly the NSA to quell Republican voices.

      But don’t discount the fact that Romney was Mormon. There were various religious voices preaching against him and I know of more than one person that wouldn’t vote for Romney because of his Mormonism.

      Finally Romney was unable to argue persuasively against Obamacare as the author of Romneycare. This was always a weakness. He’d have had to abandon his signature achievement as Governor.

      I hoped he was going to do it during one of the debates. It would have been dramatic and might have been effective. He could have said something like: You know what? We tried in Massachusetts and it just didn’t work. This is the beauty of the federal system where individual states can try experiments like this. But we need to face facts, It just didn’t work.

      Would have been dramatic. No idea whether it would help or hurt. Would have had to be done late since the press would have savaged him over it.

  • 914

    It is Racist to analyze this presidency using facts..

    • Only in the eyes of the projecting racists of the left.

    • Only in the eyes of the projecting racists of the left.

    • jim_m

      It’s racist to even think in any questioning way about this president or his policies. One cannot question Dear Leader’s transcendent genius and his god-like caring for all humanity unless you are evil to your very core.

      • 914

        Yes! That was my point.

  • Paul Hooson

    Compared to the economic rebounds witnessed during both the Reagan and Clinton Administrations, this marks yet another administration with devastating economic results for many Americans, rating right up there with the economic failures witnesses during the Carter Administration and both Bush Administrations. This economic climate is a poor one for many businesses as well that deal in retail goods, but the market for many businesses that deal in food, drink or entertainment remain strong.

    Recent increases in interest rates are beginning to depress home sales again, with July sales markedly lower than June sales. Some analysts warn of falling stock values as well in the coming months.

    This does open up an opportunity for candidates for president in 2016 to lay out a economic vision and roadmap to make American strong again. But, I think most Americans would like to see good economic results right now, not tomorrow.

    I do blame some things such as out tax policies which tax business investment. Our tax system needs to be radically reformed to remove and taxes that hurt business investment or job creation. If a business invests in new inventory now, it’s taxed as business income, and then taxed the second time when products and goods are actually sold. This discourages investment and job growth among many traditional retailers who operate with business models with more normal profit margins. For example, a large retailer like a JC Penneys will show a profit of just two buttons on a shirt in good years, but lose the sleeves and pockets in a bad year. – A tax system that cuts retail profits that slim needs to be reformed to enlarge profits and encourage investment and job growth, partially because it only encourages retailers to look towards cheap imports to enlarge profits and hurts American jobs for higher priced products where the profit margin may be much tighter.

    • jim_m

      Sorry, this admin stands with the Hoover admin in its destruction of wealth. No others, not Carter and his malaise, nor either Bush (and to be fair Bush 43 had external circumstance that made things far worse) comes even close to the disaster that obama is. We will be struggling for generations to repair the damage he has wrought. We will be fortunate indeed, if our great grandchildren have the wealth this nation experienced in the 80’s and 90’s.

      • Retired military

        And if we survive and rebuild the damage of Obama then the dems will elect someone just as bad 20-30 years from now and we have to start all over again.

      • Paul Hooson

        Beyond what blame can be laid at the feet of this administration for a lack of economic vision, we also have others to blame. There’s the least productive Congress in the history of the nation that spend time writing new tax laws to spur investment and growth, but isn’t. Further, there’s a real lack of a work ethic among many Americans. – There’s many city employees such as zoning inspectors or traffic control officers who can check into work in the morning, then actually go home for much of the day, while claiming to be out in the field working and other forms of abuse, collecting income from not working many hours during the day.

        Most Americans want to earn money. But, a lot don’t want to work to earn that money. That’s a national illness that drags on our nation.

        Today, on Wizbang Pop, I wrote a feature about an author who wrote a book detailing how he made $11.10 an hour average by panhandling as well about $80 a day average in free food or food offers, which is far beyond the minimum wages of most workers. He proved that by not working, just holding up a sign asking for money, he could live far better than many with a job. Plus, he cut set his own hours, and work as little as he wants each day.

        • 914

          Barack has an economic vision alright. A totalitarian dictatorship with him as the DICK

          • Paul Hooson

            An administration is just one part of a nation’s ability to produce wealth. There needs to be private incentive as well as a work ethic on the part of the people as well. – Congress holds the power to write tax laws that could encourage more growth if they would put in the effort, but like many people, they want a salary for no work.

          • jim_m

            No, an administration today is little more than a parasite on the nation’s wealth. It may have been different in the past but no more.

        • warnertoddhuston

          “Least productive Congress in history…” To me that is GOOD. We WANT those idiots doing as little as possible. But we also need a president that does the same thing! Shutting down 3/4 of our federal government could be NOTHING but good for this nation.

          • Paul Hooson

            I don’t want members of Congress to run for president in 2016, and then talk about the all tax reforms they are proposing, when they could be an asset to their country right now by reforming taxes to spur the economy right now. – I’m very probusiness, and it certainly bothers me when politicians only seem to have some good ideas during election years. – And I certainly am supportive of your views that government could be slimmer, cost much less, and still produce a workable and functioning government.

          • That’s been a standard democratic tactic for years, Paul. Promise all sorts of reform, and forget the promises after the election.

            Republicans, for all their faults, will at least TRY to ensure the system more or less works…

          • Paul Hooson

            I do have to agree with Warner Todd Huston’s dismal assessment of Congress in some areas. Take for example the Federal Trade Commission. Members of Congress have changed the mission of this consumer watchdog to usually doing nothing to protect some consumer that has had their life savings stolen by a scammer, because of members of Congress wanting this consumer protection organization to be toothless. But, on the other hand, because of members of Congress, this organization encourages and accepts complaints about media violence, which is actually a FCC function, although I think that it would hard for anyone to prove that an episode of LAW & ORDER ever harmed anyone. – Members of Congress have done an incredible job gutting actual consumer protection on one hand, and also giving this consumer organization a goofy mission to act as a TV watchdog.

          • Bring on the legislative body dedicated to repealing laws and regulations.

        • Jwb10001

          “least productive congress” let’s review the first few years when Obama had a productive congress, what did we get? A $700B boondoggle, Obamacare the single biggest drain on the economy and Dodd Frank meaningless regulations helping strangle the economy. Yes by all means let’s not have a non productive congress…. jeez.

          • But they meant well – and everyone knows that good intentions and the right attitudes are MUCH more important than those nasty old results!

          • Jwb10001

            Yep I had good intentions for dinner tonight …. tasty!

          • Yeah, but you’re hungry an hour later!

          • Jwb10001

            Sounds just a little bit racist to me, got something against the poor Asian community?

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  • Retired military

    I think Obama was an inspiration for this article

    1. Public criticism.
    Pointing out a worker’s mistake in front of others rarely yields a good response. Though some managers think public reproach keeps everyone else from making the same mistake—it usually just makes everyone feel bad.

    2. Failing to provide praise.
    If employees feel like their hard work goes unnoticed, they’ll start to wonder why they’re working so hard in the first place. Be sure to offer praise, both privately and publicly. Even small things, like a thank-you card or a “good job” email work. (See also: How to Thank Employees When You Can’t Afford a Bonus.)

    3. Not following up.
    Have you ever solicited ideas, asked what employees think about a policy, or asked your team to draft a proposal? If so, be sure to relay the results, even if the ideas or proposals don’t go anywhere. Asking employees for input without acknowledging it shows a lack of respect.

    4. Give unachievable goals or deadlines.
    Once employees realize they won’t be able to get something done, they’ll think, “What’s the point? I’m going to fail.” Provide goals and deadlines that are challenging, but not impossible.

    5. Not explaining your actions or sharing company data.
    Just because you hold the cards doesn’t mean you should hide them. Explaining the big management decisions will help employees understand your perspective—and they’ll respect you for it. Likewise, sharing key company data such as revenue and profits validates staff contributions.

    6. Implied threats.
    If an employee is producing sub-par work, it’s OK to let them know your expectations. But it’s not OK to threaten their job—especially if you’re threatening the entire team in a public setting. A “do this or else” attitude often has the opposite effect when it comes to motivation.

    7. Not honoring creative thinking and problem solving.
    When employees take initiative to improve something—a company process or an individual task, for instance—don’t blow it off. Instead, take a good, hard look at their suggestion. Don’t ignore it, or you risk losing that employee’s creativity in the future.

    8. Micromanagement
    Perhaps the worst demotivator is micromanaging. Employees need to feel trusted and valued to succeed—and micromanaging communicates the opposite.

  • Lawrence Westlake

    Sadly, however, the most surreal irony is that since none of the aforementioned items have anything whatsoever to do with abortion, vaccines, evolution vs. creationism, euthanasia, gay marriage, or like fare, not only will they not resonate with a substantial percentage of the erstwhile right side of the spectrum they won’t even register. Let’s not be naive: The lunatic right bears a lot of blame for this fiasco. How many (millions) of middle of the road Americans decided not to bother voting in Nov. 2012 because they were turned off by the slash and burn screamfests that emanate from the talk radio/internet demographics?

    • Fewer than those who refused to vote for a RINO.

      [P.S.] Note also that the last time the Rpublicans ran a bona fide Conservative for President, he won.