What Has Obamanomics Done For You Lately?

1.        26 Months Straight Of High Unemployment Above 8 Percent 

2.        Nearly 1 In 7 Americans Are Living Below The Poverty Line

3.        Over 43 Million Americans Are On Food Stamps

4.        One-Third Of Income In America Comes From Welfare

5.        Record Number Of Home Foreclosures 

6.        Housing Starts And Building Permits Are Lagging

7.        High Gas Prices

8.        Not Better Off Than You Were Two Years Ago

9.        Higher Food Prices At The Supermarket And Restaurant

10.  Higher Health Insurance Premiums

1.    26 Months Of High Unemployment Above 8 Percent

Under Obama’s Presidency, The Unemployment Rate Has Remained Above 8 Percent For 26 Straight Months. (Bureau Of Labor Statistics Website, www.bls.gov, Accessed 4/1/11)

2.    Nearly 1 In 7 Americans Are Living Below The Poverty Line

The Number Of Americans Living In Poverty Is At Its Highest Level Since 1994. “The bureau's annual snapshot of American living standards also found that the fraction of Americans living in poverty rose sharply to 14.3% from 13.2% in 2008—the highest since 1994. Some 43.6 million Americans were living below the official poverty threshold, but the measure doesn't fully capture the panoply of government antipoverty measures.”  (Conor Dougherty And Sara Murray, “Lost Decade For Family Income, The Wall Street Journal, 9/17/10)

• 3.8 Million More People Fell Into Poverty In 2009. “While the Census Bureau's report Thursday on the economic conditions of U.S. households found that 3.8 million more people lived in poverty last year than in 2008, the agency and advocates for the poor say millions of others were sustained with the help of government programs.”  (Corey Dade, “Poverty Rise Stirs Debate Over Aid Programs,” NPR, 9/16/10)

3.    Over 43 Million Americans Are On Food Stamps

43.6 Million People Are On Food Stamps, Totaling More Than 14 Percent Of The Population.  “Nearly a year and a half into the economic recovery, some 43.6 million Americans continued to rely on food stamps in November.  More than 14% of the population drew food stamps in November to purchase groceries as high unemployment and muted wage growth crimped budgets. The number of recipients was up 0.9% from October, according to the new report by the U.S. Department of Agriculture. Compared to a year ago, the number of people receiving food stamps was up 14.2%.”  (Sara Murray, “Some 43 Million Use Food Stamps,” The Wall Street Journal’s “Real Time Economics,” Blog, 2/2/11)

4.    One-Third Of Income In America Comes From Welfare

More Than One-Third Of Total Wages And Salaries Come From Government Welfare Programs. “Government payouts—including Social Security, Medicare and unemployment insurance—make up more than a third of total wages and salaries of the U.S. population, a record figure that will only increase if action isn’t taken before the majority of Baby Boomers enter retirement. … [S]ocial welfare benefits make up 35 percent of wages and salaries this year, up from 21 percent in 2000 and 10 percent in 1960, according to TrimTabs Investment Research using Bureau of Economic Analysis data.” (John Malloy, “Welfare State: Handouts Make Up One-Third of U.S. Wages,” CNBC, 3/8/11)

5.    Record Number Of Home Foreclosures

Since President Obama Took Office, Over 6.1 Million Properties Have Received Foreclosure Filings. (Press Release, “Foreclosure Activity Increases 1 Percent In January, RealtyTrac, 2/8/11; Press Release, “Foreclosures Frozen In February,” RealtyTrac, 3/9/11; Press Release, “Record 2.9 Million U.S. Properties Receive Foreclosure Filings In 2010 Despite 30-Month Low In December,” RealtyTrac, 1/12/11;  Daren Blomquist, “A Record 2.8 Million Properties Receive Foreclosure Notices In 2009, RealtyTrac, Accessed 3/15/11)

“An Astonishing One Out Of Every Two Americans Knows Someone Who Is Being Foreclosed Upon Or Facing The Threat Of Foreclosure.” (Steve Liesman, “Economic Fears Spike As Gas, Food Prices Rise: Survey,” CNBC, 3/18/11)

In 2010, Foreclosure Filings Increased 2 Percent, With Over 3.8 Million Foreclosure Filings Reported For The Year. “RealtyTrac the leading online marketplace for foreclosure properties, today released its Year-End  2010 U.S. Foreclosure Market Report, which shows a total of 3,825,637  foreclosure filings — default notices, scheduled auctions and bank  repossessions — were reported on a record 2,871,891 U.S. properties in  2010, an increase of nearly 2 percent from 2009 and an increase of 23 percent  from 2008.” (Press Release, “Record 2.9 Million U.S. Properties Receive Foreclosure Filings In 2010 Despite 30-Month Low In December,” RealtyTrac, 1/12/11)

 “One In 45 U.S. Households Received A Foreclosure Filing Last Year, Or A Record High Of 2.9 Million Homes. That's Up 1.67 Percent From 2009.” (Janna Herron, “Banks Repossess 1 Million Homes In 2010,” The Associated Press, 1/13/11)

“The Bleakest Year In Foreclosure Crisis Has Only Just Begun.” (Janna Herron, “Banks Repossess 1 Million Homes In 2010,” The Associated Press, 1/13/11)

RealtyTrac VP Rick Sharga Says “2011 Is Going To Be The Peak” Of The Foreclosure Crisis With 1.2 Million Homes Predicted To Be Repossessed. “Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages and more will miss payments as they struggle with job losses and loans worth more than their home's value, industry analysts forecast. ‘2011 is going to be the peak,’ said Rick Sharga, a senior vice president at foreclosure tracker RealtyTrac Inc. The firm predicts 1.2 million homes will be repossessed this year by lenders.” (Janna Herron, “Banks Repossess 1 Million Homes In 2010,” The Associated Press, 1/13/11)

• “Sharga Said He Expects Prices To Dip Another 5 Percent Nationally Before Finally Bottoming Out.” (Janna Herron, “Banks Repossess 1 Million Homes In 2010,” The Associated Press, 1/13/11)
  
  
• “Foreclosures Are Expected To Remain Elevated Through The Year As Homeowners Contend With Stubbornly High Unemployment, Tougher Credit Standards For Refinancing And Falling Home Values.” (Janna Herron, “Banks Repossess 1 Million Homes In 2010,” The Associated Press, 1/13/11)

6.    Housing Starts And Building Permits Are Lagging

“Housing Starts See Biggest Drop Since 1984.” (Pedro Nicolaci da Costa, “Housing Starts See Biggest Drop Since 1984,” Reuters, 3/16/11)

Housing Starts Posted Biggest Decline In 27 Years While Building Permits Dropped To Lowest Level On Record. “Housing starts posted their biggest decline in 27 years in February while building permits dropped to their lowest level on record, suggesting the beleaguered real estate sector has yet to rebound from its deepest slump in modern history.” (Pedro Nicolaci da Costa, “Housing Starts See Biggest Drop Since 1984,” Reuters, 3/16/11)

Americans Are Once Again Expecting Housing Prices To Fall. “After a brief blip upwards in December, expectations for housing price declines resumed in the latest survey, with Americans looking for a 1.2 percent mean decline, compared with the 0.3 percent increase they expected in the December survey. It’s the biggest drop in the mean in the survey’s history.”  (Steve Liesman, “Economic Fears Spike As Gas, Food Prices Rise: Survey,” CNBC, 3/18/11)

“Sales Of New Homes Plunged In February To The Slowest Pace On Records Dating Back Nearly Half A Century, A Dismal Sign For An Already-Weak Housing Market.” (Derek Kravitz, “New-Home Sales Plunged In February To Record Low,” The Associated Press, 3/23/11)

7.    High Gas Prices

Gasoline Prices Have Doubled Since Obama Took Office. “Feeling pain at the pump? Gas prices have doubled since Mr. Obama took office. According to the GasBuddy gasoline price tracking web site, the price of a gallon of regular gas was around $1.79 when Mr. Obama took office. Today the national average is $3.58.” (James S. Robbins, “Gasoline Up 100% Under Obama,” The Washington Times’ “Water Cooler” Blog, 3/30/11)

The Average American Household Will Spend $700 More On Gasoline In 2011, Increasing Motor Fuel Expenses By 28 Percent. “The average U.S. household will spend about $700 more for gasoline in 2011 than it spent last year, bringing total motor fuel expenses up 28 percent to $3,235, based on an annual pump price of $3.61 a gallon, the department's Energy Information Administration said.”(Tom Doggett, “Gasoline Cost To Jump $700 For Average Household,” Reuters, 3/9/11)

“‘Gas Prices Are Rising, And The Stock Market Has Stumbled,’ [Moody’s Analytic Senior Economist Ryan Sweet] Says. ‘We Could Potentially See Consumers Take A Step Back And Slow Spending.’” (Larry Copeland, “Rising Gas Prices Could Stall U.S. Recovery,” USA Today, 3/8/11)

The Energy Information Administration Predicts Drivers Will Pay $3.71 A Gallon During The Summer, A 98 Cent Increase From Last Year. “The EIA said it expects drivers will pay an average $3.71 a gallon during the summer peak driving season from June through August, about 98 cents more than last year.” (Tom Doggett, “Gasoline Cost To Jump $700 For Average Household,” Reuters, 3/9/11)

8.    Not Better Off Than You Were Two Years Ago

49 Percent Of Americans Say They Are Worse Off Now Than They Were Two Years Ago. “Are you better off or worse off than you were two years ago? Better Off: 39. Worse Off: 49. Not Sure: 12.” (Bloomberg News National Poll: 1,001 A, MoE: 3.1 %, 3/4-7/11)

With Higher Food And Gas Prices, Americans Are Deeply Pessimistic About Future Economic Growth.” “Deep pessimism about future economic growth is weighing on Americans as they hunker down from the effects of higher gas and food prices and fear that those prices could remain elevated for years, a poll from CNBC has found.” (Steve Liesman, “Economic Fears Spike As Gas, Food Prices Rise: Survey,” CNBC, 3/18/11)

• There Was A 15 Point “Spike” In The Percentage Of Americans Believing The Economy Will Get Worse In The Next Year. “The survey of 800 Americans, from across the nation, income groups and ages, finds the percentage of Americans who believe the economy will get worse in the next year spiking to 37 percent, a 15 point gain from December. It’s now just five points below the all-time high in the series of 43 percent in June 2008, which came in the midst of a surge in gasoline prices.” (Steve Liesman, “Economic Fears Spike As Gas, Food Prices Rise: Survey,” CNBC, 3/18/11)

9.    High Food Prices At The Supermarket And Restaurant

“Higher Food Prices May Be Here To Stay.” (Howard Schneider, “Higher Food Prices May Be Here To Stay,” The Washington Post, 3/14/11)

“Inflationary Tide” In Food Prices Rippling Through America’s Supermarkets And Restaurants. “An inflationary tide is beginning to ripple through America's supermarkets and restaurants, threatening to end the tamest year of food pricing in nearly two decades.” (Julie Jargon and Ilan Brat, “Food Sellers Grit Teeth, Raise Prices,” The Wall Street Journal, 11/4/10)

“Food Prices Soared 3.9 Percent Last Month, The Biggest Gain Since November 1974.” (“Wholesale Prices Up 1.6 pct. On Steep Rise In Food,” The Associated Press, 3/16/11)

“The Index For Finished Consumer Foods Surged 3.9 Percent In February, The Largest Increase Since A 4.2-Percent Climb In November 1974.” (“Producer Price Index News Release,” bls.gov, 3/16/11)

“Americans See Inflation As Widespread.” “Americans see inflation as widespread and are cutting back on non-essentials to make ends meet. On average, respondents see prices rising 6.6 percent over the next 12 months, up from 3 percent in December and the second highest median gain in the survey’s four-year history.” (Steve Liesman, “Economic Fears Spike As Gas, Food Prices Rise: Survey,” CNBC, 3/18/11)

10. Higher Health Insurance Premiums

Health Insurers Will Need To Increase Premiums Between 1% And 9% As A Result Of ObamaCare.  “Health insurers say they plan to raise premiums for some Americans as a direct result of the health overhaul in coming weeks, complicating Democrats' efforts to trumpet their signature achievement before the midterm elections. Aetna Inc., some BlueCross BlueShield plans and other smaller carriers have asked for premium increases of between 1% and 9% to pay for extra benefits required under the law, according to filings with state regulators.” (Janet Adamy, "Health Insurers Plan Hikes," The Wall Street Journal, 9/7/10)

Premiums For Families Will Increase By $2,100 As A Result Of ObamaCare. “Average premiums per policy in the nongroup market in 2016 would be roughly $5,800 for single policies and $15,200 for family policies under the proposal, compared with roughly $5,500 for single policies and $13,100 for family policies under current law.”  (Douglas W. Elmendorf, CBO Director, Letter To Senator Evan Bayh, 11/30/09)

Premiums Plus Out-Of-Pocket Costs Are Expected To Increase By 12.4 Percent In 2011.  “In 2011, the combined average of premium and out-of-pocket costs for health care coverage for an employee is projected to climb to $4,386, according to an annual study by Hewitt Associates to be released this week. That's a 12.4 percent increase, or $486, over this year.” (Bruce Jaspen, “Higher Health Care Bills Ahead,” Chicago Tribune, 9/26/10)