Research Briefing

This Thanksgiving, Americans Don’t Have A Reason To Be Thankful For Obamanomics

AFTER THREE YEARS OF OBAMANOMICS, AMERICANS ENTER THE HOLIDAY SEASON STRUGGLING BECAUSE OF OBAMA’S FAILURES 

Nearly 14 Million Americans Are Out Of Work

Since President Obama Took Office, The Nation Has Lost 2.1 Million Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 9.0 Percent. (Bureau Of Labor Statistics, Accessed 11/4/11)

• Since President Obama’s $825 Billion Stimulus Bill Passed, The Nation Has Lost 1.3 Million Jobs And The Unemployment Rate Has Increased From 8.2 Percent To 9.0 Percent. (Bureau Of Labor Statistics, Accessed 11/4/11)

The Real Unemployment Rate, Including Those Working Part-Time For Economic Reasons Is 16.2 Percent. (Bureau Of Labor Statistics, Accessed 11/4/11)

• There Are 8.9 Million Workers Employed Part-Time For Economic Reasons. (Bureau Of Labor Statistics, Accessed 11/4/11)
• The Number Of Workers Marginally Attached To The Labor Force Increased By 44,000 To 2.6 Million. (Bureau Of Labor Statistics, Accessed 11/4/11)
• There Are Now 25.3 Million Workers Either Unemployed, Working Part-Time For Economic Reasons, Or Marginally-Attached To The Labor Force. (Bureau Of Labor Statistics, Accessed 11/4/11)

“Long-Term Unemployment Continues To Cut Across Nearly Every Industry And Occupation.” (“A Year Or More: The High Cost Of Long-Term Unemployment,” The Pew Charitable Trusts, 11/11)

31.8 Percent Of The 14 Million Unemployed Americans Have Been Jobless For A Year Or More. “In the third quarter of 2011 (the three month period from July to September), approximately 31.8 percent of the nearly 14 million Americans who were unemployed had been jobless for a year or more, according to the U.S. Department of Labor’s Bureau of Labor Statistics data.” (“A Year Or More: The High Cost Of Long-Term Unemployment,” The Pew Charitable Trusts, 11/11)

• “That Percentage Translates Into More Than 4.4 Million People, Nearly The Population Of Louisiana.” (“A Year Or More: The High Cost Of Long-Term Unemployment,” The Pew Charitable Trusts, 11/11)

Obama Has Saddled Each American With Over $14,000 In New Debt

The National Debt Is Now Over $15.0 Trillion Dollars. (US Department Of The Treasury, TreasuryDirect, Accessed 11/16/11)

Since President Obama Took Office, The National Debt Has Risen $4.4 Trillion, An Increase Of Over 41 Percent. (US Department Of The Treasury, TreasuryDirect, Accessed 11/16/11)

• Under Obama’s Watch, Each Citizen’s Share Of The National Debt Has Risen $14,273.02 To A Total Of $48,692.55.  (US Department Of The Treasury, TreasuryDirect, Accessed 11/16/11)

Politifact: “Obama Is The Undisputed Debt King Of The Last Five Presidents.” (“Nancy Pelosi Post Questionable Chart On Debt Accumulation By Barack Obama, Predecessors,” Politifact, 5/19/11)

The Washington Post: “[Obama’s] Record On The Growth Of National Debt Is The Worst Of Recent Presidents.” “But the fact remains that under basic economic measures, not phony ones, his record on the growth of the national debt is the worst of recent presidents.” (Glenn Kessler, “A Bogus Chart On Obama And The Debt Gets A New Lease On Life,” The Washington Post's "The Fact Checker", 9/29/11)

A Record Number Of Americans Now Live In Poverty

Since President Obama Took Office, 6.3 Million Americans Have Fallen Into Poverty. (Press Release, “Income, Poverty And Health Insurance Coverage In The United States: 2010,” U.S. Census Bureau, 9/13/11)

• In 2010, The Number Of Americans Living In Poverty (46.2 Million) Reached The Highest Level On Record. (Press Release, “Income, Poverty And Health Insurance Coverage In The United States: 2010,” U.S. Census Bureau, 9/13/11)

 “About 20.5 Million Americans, Or 6.7 Percent Of The U.S. Population, Make Up The Poorest Poor, Defined As Those At 50 Percent Or Less Of The Official Poverty Level.” “About 20.5 million Americans, or 6.7 percent of the U.S. population, make up the poorest poor, defined as those at 50 percent or less of the official poverty level. Those living in deep poverty represent nearly half of the 46.2 million people scraping by below the poverty line. In 2010, the poorest poor meant an income of $5,570 or less for an individual and $11,157 for a family of four.” (Hope Yen and Laura Wides-Munoz, “Poorest Poor In US Hits New Record: 1 In 15 People,” The Associated Press, 11/3/11)

Median Income Is At Its Lowest Level Since 1997. “The report also indicated that median household income, adjusted for inflation, was lower last year than any year since in 1997.” (Reid J. Epstein, “Poverty Rate Highest In 18 Years,” Politico, 9/13/11)

“Inflation-Adjusted Median Household Income In The U.S. Fell 2.3% In 2010 From A Year Ago, To $49,445.” (Don Lee, “Record 46.2 Million Americans Live In Poverty, Census Bureau Says,” Los Angeles Times, 9/13/11)

• “Taken Together, The Data All Point To The Severe And Widespread Financial Strains Of A Nation In The Throes Of An Economic Crisis.” (Don Lee, “Record 46.2 Million Americans Live In Poverty, Census Bureau Says,” Los Angeles Times, 9/13/11)

A Record Number Of Americans Depend On Food Stamps

There Are 13.8 Million More Americans On Food Stamps Than Since Obama Took Office, An Increase Of 43.3 Percent. (Supplemental Nutrition Program, Department Of Agriculture, 10/31/11)

 “The Number Of Americans Receiving Food Stamps Reached A Record 45.8 Million In August, The Government Said.” “The number of Americans receiving food stamps reached a record 45.8 million in August, the government said. The figure was 1.1 percent higher than the previous month and 8.1 percent more than a year earlier, the U.S. Department of Agriculture said today in a report on its website.” (Alan Bjerga, “U.S. Food-Stamp Use Reaches Record 45.8 Million, USDA Says,” Bloomberg, 11/2/11)

• The Number Of Americans On Food Stamps Is 8.1 Percent Higher Than One Year Ago. “The figure was 1.1 percent higher than the previous month and 8.1 percent more than a year earlier, the U.S. Department of Agriculture said today in a report on its website” (Alan Bjerga, “U.S. Food-Stamp Use Reaches Record 45.8 Million, USDA Says,” Bloomberg, 11/2/11)

American Youth Have Little To Look Forward To

“The U.S. Labor Market Is In A Malaise, But Young Adults Are In Crisis.” (Joe Light and Lauren Weber, “Generation Jobless: For Those Under 24, A Portrait In Crisis,” The Wall Street Journal, 11/7/11)

• Teens And Adults Under 24 Have A 16.7 Percent Unemployment Rate. “Though workers of all ages face economic headwinds, teens and adults under the age of 24, especially those with little or no college education, are faring the worst, economists say. The 16.7% unemployment rate among Americans in that group is more than twice the rate for workers 25 and older.” (Joe Light and Lauren Weber, “Generation Jobless: For Those Under 24, A Portrait In Crisis,” The Wall Street Journal, 11/7/11)

• “The Unemployment Rate Has Been Above 16% For 32 Months – And Counting.”  “The current slump has been longer and deeper: The unemployment rate has been above 16% for 32 months—and counting. For 29 of those months, the rate has been above 17%, reaching a record 19.5% in April of last year.” (Joe Light and Lauren Weber, “Generation Jobless: For Those Under 24, A Portrait In Crisis,” The Wall Street Journal, 11/7/11)

“Overall Joblessness Is Between Two And Three Times Higher For 20-Somethings Than It Is For Older Workers.” “Every category of working -- such as the official unemployment rate and the labor participation rate -- shows up worst for the youngest generation. Overall joblessness is between two and three times higher for 20-somethings than it is for older workers.” (Derek Thompson, “No Country For Young Men (Or Young Women),” The Atlantic, 11/8/11)

The Failure Of The Economy To Provide Work For The Nation’s Youth Calls Into Question One Of The Most Basic Tenets Of The American Dream. “One of the most basic tenets of the American Dream is being called into question by recent economic data. Can each new generation do better than the one before it? So far, today's young people aren't off to an encouraging start.” (Annalyn Censky, “Older Americans Are 47 Times Richer Than Young,” CNN Money, 11/7/11)