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Clinton Running On A Legacy Of Failure

- June 1, 2016

Hillary Clinton Is Running On Four More Years Of Obamanomics, Which Has Left Americans Suffering In The Worst Economy In A Generation

TOP TAKEAWAYS

  • Today, President Obama will give a speech in Indiana "seeking credit" for his economic policies, which he and his aides believe he is not sufficiently praised for.
  • One candidate who agrees with Obama is Hillary Clinton, who has said he doesn't "get the credit he deserves" for his handling of the economy.
  • But the fact is that under the Clinton-Obama economy, America has suffered anemic economic growth, stagnating and declining wages, and increased poverty.
  • While Obama and Clinton may try to spin their failed economic record, polls have shown the American people do not buy that the economy has recovered.
  • The most recent GDP and jobs reports have both shown that the economy continues to struggle and "uneven growth" has become the norm.
  • With higher deductibles and premiums and hundreds of billions in new taxes, Obamacare has only made it harder for Americans to make ends meet in a poor economy.
  • The real economic legacy of Obama's policies will be an eroding middle class, leaving Americans with fewer, lower paying jobs and making the dream of homeownership that much harder.

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Today, Obama Travels To Elkhart, Indiana To Give A Speech "Seeking Credit" For His Economic Policies In An Attempt To Bolster His Legacy. "Seven years ago, newly elected President Barack Obama came to a blighted stretch of northern Indiana and predicted a tough but certain recovery - if the country embraced his approach to re-juicing the economy. He returns Wednesday seeking credit for having lifted the U.S. out of the doldrums with policies Democrats are now rallying behind as they work to elect his replacement. In Elkhart, a town of about 50,000 not far from South Bend, Obama will encounter a community whose experience during his presidency has mirrored the country's broader economic revival: uneven and bumpy, with both winners and losers." (Josh Lederman, "Animated By 2016 Race, Obama To Take Victory Lap In Indiana," The Associated Press, 6/1/16)

  • "Obama And His Aides Have Long Signaled Frustration" That He Is Not Given "Credit Where Due" For His Economic Decision-Making. "Obama and his aides have long signaled frustration that as the economy has improved, the public's perception of his decision-making hasn't tracked the same trajectory. The White House sees his opponents' begrudging refusal to give credit where due as a symptom of their decision early on to reflexively oppose all of his ideas." (Josh Lederman, "Animated By 2016 Race, Obama To Take Victory Lap In Indiana," The Associated Press, 6/1/16)

The One Candidate That Has Embraced Obama's Handling Of The Economy Is Hillary Clinton

In October 2015, Clinton Gave The Obama Administration An "A" For Its Overall Performance, Including The Clinton-Obama Economy. QUESTIONER: "As for President Obama himself, what letter grade would you give his administration?" CLINTON: "I'd give him an 'A.' I don't think he gets the credit he deserves for saving our economy from falling into a great depression, for saving the auto industry which represents millions of jobs up and down the supply chain, for beginning the crackdown on Wall Street abuses with Dodd-Frank, for getting the Affordable Care Act passed, for really being as responsive as he could possibly be given the obstructionism that he faced with the Republicans in Congress." (Hillary Clinton, Remarks In An Interview With The Boston Globe, Keene, NH, 10/17/15)

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Clinton Has Proudly Stated That Obama Doesn't "Get The Credit He Deserves" For The State Of The U.S. Economy. CLINTON: "And, getting the economy to work better, getting our government to be more effective and productive in producing results, building on the progress that President Obama made it -- remember, he inherited the worst financial crisis since the Great Recession, and then he had to make sure it didn't fall into a depression. I don't think he gets the credit he deserves for making sure that did not happen. We are going to make that case. We are going to make that case throughout the country. I hope, effectively. I'm counting on that." (Hillary Clinton, Remarks At Townhall, Portsmouth, NH, 12/29/15)

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Clinton Continues To Maintain That President Obama's Performance Is Evidence That The "Economy Does Better" With A "Democrat In The White House." CLINTON: "But it is true, our economy does better when we have a Democrat in the White House, and that is true in Alabama, just like its true anywhere. We are going to make that case, do the very best we can to kind of get people to recognize that we are all in this together." (Hillary Clinton, Remarks At Townhall, Portsmouth, NH, 12/29/15)

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THE MAJORITY OF AMERICANS AND ECONOMISTS DO NOT SHARE CLINTON'S UPBEAT VIEW OF OBAMA'S ECONOMY

Under Clinton-Obama Policies, American's Attitudes About The Economy Continue To Worsen

66 Percent Of Americans Think The Country Is On The Wrong Track According To A May Rasmussen Poll. (Rasmussen, 2500 LV, 2% MoE, 5/22-26/16)

58 Percent Of Americans Believe The U.S. Economy Is "Getting Worse" According To A May Gallup Poll. (Gallup, 3,549 RS, 1% MoE, 5/9-15/16)

In April, An AP-GfK Poll Found That 54 Percent Of Americans Would Characterize The Current State Of The U.S. Economy As "Poor." "The survey showed people were slightly more likely to describe the economy as good and slightly more optimistic about their own financial situations than they were in February. Still, 54 percent characterize the economy as poor." (Kathleen Hennessey and Emily Swanson, "AP-GFK Poll: Obama's Approval Rises With Improving Economy," The Associated Press, 4/11/16)

52 Percent Of Americans Disapprove Of The Way Obama Is Handling The U.S. Economy. (American Research Group, 1,100 RS, 2.6% MoE, 5/17-20/16)

The Hill Headline: "Poll: Economy Is Most Serious Problem Facing America" (Mark Hensch, "Poll: Economy Is Most Serious Problem Facing America," The Hill, 3/10/16)

THE MOST RECENT JOBS AND GDP REPORTS SHOW MORE "SIGNS OF WEAKNESS" FOR THE U.S. ECONOMY

In Obama's Eighth Year In Office, The U.S. Economy Has "Settled Into The Slow Lane"

The U.S. Economy Grew At Just 0.8 Percent During The 1st Quarter Of 2016. (Bureau Of Economic Analysis, 6/1/16)

The Weak Economic Growth In The First Quarter Of This Year Is "The Second Lackluster Quarter In A Row." "The gross domestic product, the broadest measure of economic output, grew at an annual rate of 0.8 percent in the first quarter, the Commerce Department said Friday. That's slightly better than the initial estimate of 0.5 percent but is still the weakest pace in a year. It was the second lackluster quarter in a row, following a modest 1.4 percent gain in the fourth quarter." (Martin Crutsinger, "US Economy Showing Signs Of Life After Slow Start To Year," The Associated Press, 5/27/16)

The Weak Growth Shown By The Economy Is Falling Short Of Workers Would Expect To See In The Seventh Year Of A Recovery. "But the overall gains are still likely to fall short of what many experts - not to mention ordinary workers - would hope to see as the recovery nears the end of its seventh year." (Nelson, D. Schwartz, "U.S. Economy Better Than Thought, But Still Weak," The New York Times, 5/27/16)

This Was Just The Latest Weak Report In The "Slowest" Economic Recovery Since World War II, With Average Annual Growth Of Only 2.1 Percent. "The U.S. economic expansion will celebrate its seventh birthday next month, making it the fourth longest recovery since World War II. But it has also been the slowest, averaging modest annual growth of 2.1 percent." (Martin Crutsinger, "US Economy Showing Signs Of Life After Slow Start To Year," The Associated Press, 5/27/16)

The Most Recent "Disappointing" Jobs Report Reflects "A Softer Economy"

Los Angeles Times Headline: "U.S. Job Growth Disappoints At 160,000 In April, Adding To Concerns About The Economy" (Jim Puzzanghera, "U.S. Job Growth Disappoints At 160,000 In April, Adding To Concerns About The Economy," Los Angeles Times, 5/6/16)

"Reflecting A Softer Economy," Aprils Job Figures Expose The Slowest Pace Of Hiring In Seven Months. "Pace of hiring falls to 7-month low, reflecting softer economy. Companies scaled back hiring in April, adding just 160,000 new jobs, in a sign the U.S. economy still hasn't recovered from an early-year chill." (Jeffry Bartash, "U.S. Jobs Growth Slows Down In April," MarketWatch, 5/6/16)

More "Signs Of Weakness" For The U.S. Economy After A Dismal April Jobs Report. "The U.S. economy added the fewest number of jobs in seven months in April and Americans dropped out of the labor force in droves, signs of weakness that cast doubts on whether the Federal Reserve will raise interest rates before the end of the year." (Lucia Mutikani, "U.S. Employment Gains Hit Seven-Month Low, Labor Force Shrinks," Reuters, 5/6/16)

DESPITE CLINTON'S SPIN, OBAMA IS ON TRACK TO BE ONE OF THE WORST PRESIDENTS EVER FOR U.S. ECONOMIC GROWTH

Obama Is On Track To "Be The Only U.S. President In History That Did Not Deliver A Single Year Of 3.0% + Economic Growth." "Right now, the nation is probably already in a recession. The BEA's first estimate of 4Q2015 RGDP growth was only 0.69%, and there is mounting evidence that this will later be revised downward. However, making the wildly optimistic assumption that 2016 RGDP growth will come in at the CBO's current forecast (2.67%), Obama will be the only U.S. president in history that did not deliver a single year of 3.0%+ economic growth." (Louis Woodhill, "Barack Obama's Sad Record On Economic Growth," RealClear Markets, 2/1/16)

Obama Could Leave Office With An Average Economic Growth In The Bottom Four Of All Presidents. "This would place his presidency fourth from the bottom of the list of 39*, above only those of Herbert Hoover (-5.65%), Andrew Johnson (-0.70%) and Theodore Roosevelt (1.41%)." (Louis Woodhill, "Barack Obama's Sad Record On Economic Growth," RealClear Markets, 2/1/16)

  • Obama May Leave Office Having Only Produced An Average Of 1.55% Economic Growth. "Again, assuming 2.67% RGDP growth for 2016, Obama will leave office having produced an average of 1.55% growth. This would place his presidency fourth from the bottom of the list of 39*, above only those of Herbert Hoover (-5.65%), Andrew Johnson (-0.70%) and Theodore Roosevelt (1.41%)." (Louis Woodhill, "Barack Obama's Sad Record On Economic Growth," RealClear Markets, 2/1/16)

Since The End Of The Recession, The Economy Has Advanced At A 2.2 Percent Annual Rate, Which Is "More Than A Half-Percentage Point Worse Than The Next-Weakest Expansion Of The Past 70 Years." "Since the recession ended in June 2009, the economy has advanced at a 2.2% annual pace through the end of last year. That's more than a half-percentage point worse than the next-weakest expansion of the past 70 years, the one from 2001 through 2007. While there have been highs and lows in individual quarters, overall the economy has failed to break out of its roughly 2% pattern for six years." (Eric Morath, "The Worst Expansion Since World War II Was Even Weaker," The Wall Street Journal , 7/30/15)

Because Of Obama's Failure To Generate Economic Growth, 93 Percent Of U.S. Counties Have Failed To Recover From The Recession

The National Association Of Counties Found That Under The Clinton-Obama Economy, 93 Percent Of Counties In The United States "Have Failed To Fully Recover" From The Recession. "More than six years after the economic expansion began, 93% of counties in the U.S. have failed to fully recover from the blow they suffered during the recession. Nationwide, 214 counties, or 7% of 3,069, had recovered last year to prerecession levels on four indicators: total employment, the unemployment rate, size of the economy and home values, a study from the National Association of Counties released Tuesday found." (Eric Morath, "Six Years Later, 93% Of U.S. Counties Haven't Recovered From Recession, Study Finds," The Wall Street Journal , 1/12/16)

On Obama's Watch, The National Debt Has Increased By 80 Percent

Under The Obama Administration, The Debt Has Increased By A Total Of $8.6 Trillion, From $10.627 Trillion In 2009 To $ 19.226 Trillion As Of May 27, 2016. ("Daily History Of The Debt," U.S. Department Of Treasury, Accessed 6/1/16)

Bill Clinton Has Attacked The "Pretty Picture" Obama Has Painted On The Economy

In March, Bill Clinton Trashed Obama's "Beautiful Picture" Of Economy, Saying "Millions Of Americans Can't Look At That Picture And Find Themselves And Their Families In it To Save Their Lives ." BILL CLINTON: "Why is there so much intensity and anger and confusion and anxiety? Because that beautiful picture of the future the President painted? Millions of Americans can't look at that picture and find themselves and their families in it to saves their lives." (Former President Bill Clinton, Remarks At A Campaign Event, St. Louis, MO, 3/8/16)

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Bill Clinton: Most "Can't Find" Themselves In Obama's "Pretty Picture" Of The Economy. BILL CLINTON: "So, you got a lot of people that say, 'oh that's a really pretty picture Mr. President and I know you're telling the truth, and he is, but right now I can't find myself in it.' Hillary is running for president so that every single person in this country can find themselves in that picture for the future." (Former President Bill Clinton, Remarks At A Campaign Event, St. Louis, MO, 3/8/16)

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UNDER OBAMA'S "A" ECONOMY, AS AMERICANS HAVE WATCHED THEIR INCOMES FALL MORE AND MORE ARE SEING OPPORTUNITIES EVAPORATE

"Substantially Less Money" Is The New American Reality Under The Clinton-Obama Regime

Middle-Income American Families "Make Substantially Less Money" In Inflation Adjusted Terms Than Years Ago And "There Is No Evidence That Is Reversing." "A middle-income American family, in other words, makes substantially less money in inflation-adjusted terms than it did 15 years ago. And there is no evidence that is reversing." (Neil Irwin, "Why Americans Still Think The Economy Is Terrible," The New York Times, 9/16/15)

During The Obama Administration, Median Household Income Has Fallen $1,656, From $55,313 In 2008 To $53,657 In 2014. (U.S. Census Bureau, Accessed 6/1/16)

American Household Incomes "Lost Ground" In 2014, In A Sign The U.S. Economic Expansion "Has Not Led To Gains For Many Americans" Since The End Of The 2007-2009 Recession. "American household incomes lost ground last year and the poverty rate ticked up, the U.S. Census Bureau said on Wednesday, in a sign the U.S. economic expansion has not led to gains for many Americans five years after the 2007-2009 recession." (Susan Heavey, "U.S. Household Incomes Slip, Poverty Rate Up Slightly In 2014," Reuters, 9/16/15)

  • The Median Household Income In The U.S. Fell $805, Or 1.5 Percent, From $54,462 In 2013 To $53,657 In 2014. (U.S. Census Bureau, Accessed 6/1/16)

The Median Individual Income In The U.S. Has Decreased $161 Under Obama, From $36,463 In 2008 To $36,302 In 2014. (U.S. Census Bureau, Accessed 6/1/16)

Wages And Salaries Have Stagnated Under Obama

Last Year, Workers' Salaries And Benefits Rose Just 2 Percent. "The Labor Department says the employment cost index, which tracks wages and benefits, rose 0.6 percent in the October-December quarter. That's the same as the previous three months. In the past year, salaries and benefits have risen just 2 percent, again marking the same annual pace as the previous two quarters. That's below the roughly 3.5 percent rate consistent with a healthy economy." ("Americans'' Wage Gains Remain Muted In 2015," The Associated Press, 1/29/16)

  • Wage Inflation Has Been "Stuck At" 2 Percent Throughout The Entire "Recovery." "It's not anymore, though. Wage inflation is stuck at the same 2 percent it's been the whole recovery, well below the 3.5 to 4 percent it would be in a normal economy-the implication being that this is not one." (Matt O' Brien, "Excited About An Upcoming Raise? Don't Be." The Washington Post, 8/4/15)
  • In A "Normal Economy" Wage Inflation Would Be Around 3.5 To 4 Percent. "Wage inflation is stuck at the same 2 percent it's been the whole recovery, well below the 3.5 to 4 percent it would be in a normal economy-the implication being that this is not one." (Matt O' Brien, "Excited About An Upcoming Raise? Don't Be."The Washington Post, 8/4/15)

Wages Have "Continued A Long Stagnation," Which Shows Why "So Many Americans Feel That They Have Not Experienced A Major Improvement In Their Economic Prospects." "Meanwhile, wages continued a long stagnation, with the median household income remaining at $53,657, effectively the same, after adjusting for inflation, as the year before, showing why so many Americans feel that they have not experienced a major improvement in their economic prospects." (Amy Goldstein, Jeff Guo and Lazaro Gamio, "Number Of Americans Without Health Insurance Falls As Income And Poverty Rate Stay Level," The Washington Post , 9/16/15)

Obama's Labor Force Participation Rate Has Been At Low Levels Not Seen Since The Carter Administration

In April, The Labor Force Participation Rate Was 62.8 Percent, A Level Last Seen In March 1978. (Bureau Of Labor Statistics, Accessed 6/1/16)

The Most Recent Jobs Report Showed Americans Dropping "Out Of The Labor Force In Droves ." "The U.S. economy added the fewest number of jobs in seven months in April and Americans dropped out of the labor force in droves, signs of weakness that cast doubts on whether the Federal Reserve will raise interest rates before the end of the year." (Lucia Mutikani, "U.S. Employment Gains Hit Seven-Month Low, Labor Force Shrinks," Reuters, 5/6/16)

The Current Economic Cycle "Seems To Have Broken" With The Theory That A Lower Unemployment Rate Results In Higher Wages. "Unemployment peaked at 10% in October 2010, its worst level in a quarter century. Now it's 5.1%. Many experts said once unemployment fell to 5.5% -- as it did in February -- wages would pick up within months. But the current economic cycle seems to have broken with that theory, even though some economists and the Fed don't want to acknowledge it." (Heather Long, "Will We Ever Get Higher Wages?" CNN, 9/21/15)

Obama's Economy Has Led To The Loss Of Hundreds Of Thousands Of U.S. Manufacturing Jobs

Since Obama Took Office, The Nation Has Lost 264,000 Manufacturing Jobs. (Bureau Of Labor Statistics, Accessed 5/6/16)

WITH INCOMES AND OPPORTUNIES DOWN, AMERICANS HAVE FALLEN INTO POVERTY

As Incomes Remain Depressed And Many Americans Remain Out Of Work, The Number Of Americans In Poverty Has Increased

About 46.7 Million Americans Were Living In Poverty In 2014. "Around 14.8% of Americans, or 46.7 million individuals, were living in poverty last year, unchanged from 2013." (Nick Timiraos, "U.S. Income Edged Lower In 2014," The Wall Street Journal, 9/16/15)

  • Under Obama, The Number Of Americans In Poverty Has Increased By More Than 6.8 Million To 46.7 Million, Up From 39.8 Million In 2008. (U.S. Census Bureau, Accessed 6/1/16)

The Poverty Rate Has Increased By 1.6 Percentage Points Under Obama, From 13.2 Percent In 2008 To 14.8 Percent In 2014. (U.S. Census Bureau, Accessed 6/1/16)

The Number Of Americans On Food Stamps Has Increased By Nearly 40 Percent

The Number Of Americans On Food Stamps During Obama's Time In Office Has Increased By More Than 12.4 Million. ("Supplemental Nutrition Assistance Program," U.S. Department Of Agriculture Food And Nutrition Service, Accessed 6/1/16)

UNDER OBAMA'S "A" ECONOMY AND SECRETARY CLINTON, THE U.S. TRADE DEFICIT HAS EXPANDED

During Clinton's Four Years As Secretary Of State, The Global U.S. Trade Deficit Increased By $227 Billion, Or Over 45 Percent. ("Trade In Goods With World, Seasonally Adjusted," U.S. Census Bureau, Accessed 6/1/16)

  • In 2012, The Global U.S. Trade Deficit Was $730 Billion, Up From$503 Billion In 2009. ("Trade In Goods With World, Seasonally Adjusted," U.S. Census Bureau, Accessed 6/1/16)

During Clinton's Four Years As Secretary Of State, Year-On-Year Trade Deficits With China Increased By $89 Billion, Or Over 39 Percent. ("Trade In Goods With China," U.S. Census Bureau, Accessed 6/1/16)

  • In 2012, The U.S. Trade Deficit With China Was $315 Billion, Up From $226 Billion In 2009. ("Trade In Goods With China," U.S. Census Bureau, Accessed 6/1/16)

OBAMACARE IS ONLY MAKING IT HARDER FOR ALREADY STRUGGLING FAMILIES TO MAKE ENDS MEET

Under Obamacare, Health Care Premiums And Deductibles Are On The Rise For Millions Of Americans

Since Obama Was Elected In 2008, Annual Health Care Premiums For Families Have Increased Almost $5,000, Or 38 Percent, From $12,680 To $17,545. ("2015 Employer Health Benefits Survey," Kaiser Family Foundation, 9/23/15)

The Kaiser Family Foundation Reported That The Average Annual Health Insurance Premium For Families In 2015 Was $17,545. ("2015 Employer Health Benefits Survey," Kaiser Family Foundation, 9/23/15)

  • This Is A 4 Percent Increase From The 2014 Average Annual Premium For Families. "The key findings from the survey, conducted from January through June 2015, include a modest increase (4%) in the average premiums for both single and family coverage in the past year. The average annual single coverage premium is $6,251 and the average family coverage premium is $17,545." ("2015 Employer Health Benefits Survey," Kaiser Family Foundation, 9/23/15)
  • "During The Same Period, Workers' Wages Increased 1.9% And Inflation Declined By 0.2%." ("2015 Employer Health Benefits Survey," Kaiser Family Foundation, 9/23/15)

The Associated Press Headline: "Significant Premium Hikes Expected Under Obama Health Law" For 2017. (Ricardo Alonso-Zaldivar and Tom Murphy, "Significant Premium Hikes Expected Under Obama Health Law," The Associated Press , 4/28/16)

According To A Review By The New York Times, "In Many States, More Than Half The Plans Offered For Sale" On The ObamaCare Exchange "Have A Deductible Of $3,000 Or More." " In many states, more than half the plans offered for sale through HealthCare.gov, the federal online marketplace, have a deductible of $3,000 or more, a New York Times review has found. Those deductibles are causing concern among Democrats - and some Republican detractors of the health law, who once pushed high-deductible health plans in the belief that consumers would be more cost-conscious if they had more of a financial stake or skin in the game." (Robert Pear, "Many Say High Deductibles Make Their Health Law Insurance All But Useless," The New York Times , 11/14/15)

  • Many Families Are Foregoing Needed Medical Care Due To High Deductibles. "Nearly 30 percent of people insured through the federal marketplace who had deductibles higher than $1,500 went without needed medical care in 2014 because they could not afford it, according to Families USA, a health care consumer group based in Washington. That includes diagnostic tests, treatments, and follow-up care as well as prescription drugs." (Tracy Jan, "Critics Say High Deductibles Make Insurance 'Unaffordable,'" The Boston Globe , 11/16/15)

Obamacare Has Raised Taxes By Hundreds Of Billions And Will Lead To Millions Of Job Losses

ObamaCare Contains $859.7 Billion In Job-Killing Taxes On Small Businesses, Investments And Innovation. ("Estimated Revenue Effects Of A Proposal To Repeal Certain Tax Provisions Contained In The 'Affordable Care Act,'" Joint Committee On Taxation, 6/15/12; "Federal Subsidies For Health Insurance Coverage For People Under Age 65: 2016 To 2026," Congressional Budget Office, 3/24/16)

ObamaCare Contains $317.7 Billion In New Income Taxes Over 10 Years. ("Estimated Revenue Effects Of A Proposal To Repeal Certain Tax Provisions Contained In The 'Affordable Care Act,'" Joint Committee On Taxation, 6/15/12)

Over The Next 10 Years, ObamaCare Will Cause The Loss Of Over 2 Million Full Time Jobs Worth Of Hours According To The Congressional Budget Office. "The projected reduction in the labor supply would occur in several ways. Some people would choose to work fewer hours; others would leave the labor force entirely or remain unemployed for longer than they otherwise would. CBO did not split its estimate of the overall reduction into the reduction in the number of hours worked and the reduction in labor force participation, because in formulating its estimate, the agency generally relied on labor supply elasticities (which measure the change in the labor supply resulting from a change in tax rates) that combined those two decisions. CBO did, however, translate the reduction in the labor supply into an effect on full-time-equivalent employment. The labor force is projected to be about 2 million full-time-equivalent workers smaller in 2025 than it would have been otherwise." ("How CBO Estimates The Effects Of The Affordable Care Act On The Labor Market," Congressional Budget Office Report , December 2015)

Many Businesses Have Held Back On Hiring Or Reduced Hours For Workers Due To ObamaCare's Employer Mandate. "A number of businesses, including Regal Entertainment and SeaWorld, have reduced hours for part-time workers to fewer than 30 a week - the law's definition of full time - to avoid having to offer them health insurance. Other companies say they are holding back on hiring to avoid the insurance requirement. Seasonal employees and low-wage workers, such as adjunct professors and cafeteria staffers, have been hit especially hard." (Sandhya Somanhekhar, "As Health-Care Law's Employer Mandate Nears, Firms Cut Worker Hours, Struggle With Logistics," The Washington Post , 6/23/14)

  • Most Of Those Getting Their Hours Cut Are The "Most Vulnerable: Low-Wage, Part-Time Workers Who Likely Have Few Other Options." "Taken together, the evidence suggests that the health law has likely led a few hundred thousand workers to see their hours cut or capped. That's small in the context of an economy with 150 million workers. But it isn't a minor issue for those workers. Most of them are among the economy's most vulnerable: low-wage, part-time workers who likely have few other options." (Ben Casselman, "Yes, Some Companies Are Cutting Hours In Response To 'Obamacare,' FiveThirtyEight, 1/13/15)

ObamaCare's Employer Mandate Will Cost Businesses $167 Billion From 2016 To 2025 According To The Congressional Budget Office. ("Budgetary And Economic Effects Of Repealing The Affordable Care Act," Congressional Budget Office, 6/19/15)

THE RESULT OF OBAMA'S "A" ECONOMY IS A DISSAPEARING MIDDLE-CLASS

The U.S. Middle-Class "Has Shrunk To The Point Where It No Longer Constitutes The Majority Of The Adult Population." "The nation's middle class, long a pillar of the U.S. economy and foundation of the American dream, has shrunk to the point where it no longer constitutes the majority of the adult population, according to a new major study." (Don Lee, "Middle-Class Families, Pillar Of The American Dream, Are No Longer In The Majority, Study Finds," Los Angeles Times, 12/9/15)

Middle-Class Jobs, That "Provided A Stable Living For Those With Less Education," Have "Been Replaced With Low-Wage Work." "But middle-skilled jobs, which once provided a stable living for those with less education, have been replaced with low-wage work. Occupations at the growing bottom earn less than $32,000 on average. Only one-third have health insurance and only one-quarter have retirement benefits." (Josh Zumbrun, "Post Recession Job Growth Coming In High-Wage Positions,"The Wall Street Journal, 8/17/15)

The Number Of Americans That Identify Themselves As Middle-Class Continues To Shrink

A Gallup Survey Found That Only 51 Percent Of U.S. Adults Identify As Middle-Class, Down From 63 Percent Of Those Polled In 2008. "A Gallup survey this spring showed that just 51% of U.S. adults considered themselves middle or upper middle class, with 48% saying they are part of the lower or working class. As recently as 2008, 63% of those polled by Gallup said they were middle class." (Don Lee, "Middle-Class Families, Pillar Of The American Dream, Are No Longer In The Majority, Study Finds," Los Angeles Times, 12/9/15)

The "Slow Recovery" Of The Clinton-Obama Economy Has "Shaken" The Tradition That Americans Have Of Self-Identifying As Middle-Class. "Most Americans have traditionally identified themselves as middle class, even those at the top and bottom, reflecting a kind of cultural heritage tied to the American dream of self-reliance. But the Great Recession and subsequent slow recovery have shaken that image." (Don Lee, "Middle-Class Families, Pillar Of The American Dream, Are No Longer In The Majority, Study Finds," Los Angeles Times, 12/9/15)

Underemployed Americans Are Forced To Dedicate More Of Their Incomes To Rent, Making Middle-Class Home Ownership Increasingly Out Of Reach

As U.S. Renters Dedicate More Of Their Incomes To Rent, The Housing Sector Is "Struggling To Produce Profitable Housing That Is Affordable To Lower- And Moderate-Income Families." "The situation could have significant policy implications. Renters who are severely cost-burdened-meaning they pay more than 50% of their incomes in rent-often require federal subsidies to find an affordable place to live. The private sector is struggling to produce profitable housing that is affordable to lower- and moderate-income families, while many federal housing subsidies have been cut in recent years." (Laura Kusisto, "Renters Will Continue To Struggle For The Next Decade, Harvard Study Sayas," The Wall Street Journal , 9/21/15)

Since Obama Took Office, The U.S. Homeownership Rate Has Dropped From 67.3 Percent To 63.8 Percent. (U.S. Census Bureau, Accessed 2/2/16)

  • During The 2nd Quarter Of 2015, The U.S. Homeownership Rate Hit A 48-Year Low Dropping To 63.4 Percent. "The homeownership rate hit a 48-year low, according to estimates published Tuesday by the Commerce Department, declining to 63.4% in the second quarter from 64.7% in the year-earlier period." (Jeffrey Sparshott, "Rising Rents Outpace Wages In Wide Swaths Of The U.S.," The Wall Street Journal, 7/28/15)

Millennials Are "Expected To Grow And Continue To Rent In Larger Numbers Than Prior Generations" Since Many "Were Unemployed Or Underemployed During The Early Years Of Their Careers." "Millennials-the population currently in their mid-20s and early 30s-are also expected to grow and continue to rent in larger numbers than prior generations. Many of those young adults entered the job market during and after the recession, meaning many were unemployed or underemployed for crucial early years of their careers, and are more likely to struggle to afford housing, the report says." (Laura Kusisto, "Renters Will Continue To Struggle For The Next Decade, Harvard Study Sayas," The Wall Street Journal , 9/21/15)


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