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Clinton's Economic Amnesia

- June 22, 2016

Presumptive Democrat Nominee Forgets Her Party Has Been In The White House For Eight Years

TOP TAKEAWAYS

  • Today, Clinton complained about the state of the U.S. economy, ignoring the obvious fact that she has praised the economic policies of the Democrat in the White House for the last eight years.
  • Clinton has given Obama an "A" for his economy, even though the Obama economic record is a losing argument.
  • Today, Clinton bemoaned that too many Americans were continuing to struggle in the economy, even though slow growth, a weak jobs market, and rising debt are all a result of Obama's policies.
  • Clinton said that we need to raise incomes, even though income and wages have stagnated over the last eight years on Obama's watch.
  • Clinton cited the need to increase African-American employment, but African-Americans have struggled disproportionately under Obama, with lower incomes, higher poverty, and lower rates of homeownership.
  • Clinton railed against the Trans-Pacific Partnership (TPP) trade deal, but she took "a leading part in drafting" the agreement and publicly expressed support for the deal at least 45 times as Obama's Secretary of State.

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On The Campaign Trail, Clinton Is "Embracing [Obama] And His Legacy With Fervor," Moving "To Portray Herself As An Heir To Obama's Policies." "Hillary Clinton has distanced herself from President Barack Obama on a number of high-profile issues since starting her bid for the White House. Now, under pressure from left-leaning challenger Bernie Sanders, she is embracing him and his legacy with fervor. That strategy could pose problems for Clinton in the long run as Republicans look for fodder to portray her as representing Obama's third term should she win the Democratic nomination. As she faces an unexpected challenge from Sanders in the early voting states, Clinton's move to portray herself as an heir to Obama's policies is aimed at courting young voters and progressives who are part of the president's political base." (Jeff Mason and Steve Holland, "Clinton's Embrace Of Obama Holds Risks For General Election Matchup," Reuters, 1/18/16)

But When It Comes To The Obama Economy, Clinton Has Handled Questions "With The Care Of A Politician Who Can See Downsides To Fully Embracing Obama."  "Yet Clinton has handled questions about the Obama economy with the care of a politician who can see downsides to fully embracing Obama." (Jordan Fabian, "Clinton's Third-Term Dilemma," The Hill, 6/11/16)

"Public Opinion On The Obama Economic Record Is Decidedly Mixed." "Yet public opinion on the Obama economic record is decidedly mixed. Sixty-five percent of Americans think the country is on the wrong track, according to the Real Clear Politics average, while 27 percent say the country is on the right track." (Jordan Fabian, "Clinton's Third-Term Dilemma," The Hill, 6/11/16)

  • The Obama Economy Will Prove To Be "The Most Vexing Issue" Of The Campaign For Clinton. "Of all the issues, the economy will prove the most vexing for the 2016 candidates, and especially so for Clinton." (Heidi M. Przybyla, "A Third Term Democrat? Hillary Clinton Battles History," USA Today , 11/15/15)
  • New York Post Headline: "The Lousy Obama Economy Is Killing Hillary Clinton's Hopes" (Charles Gasparino, Op-Ed, "The Lousy Obama Economy Is Killing Hillary Clinton's Hopes," The New York Post, 6/5/16)

Clinton Can't Escape Embracing Obama's Economic Policies, Saying He Deserves An "A" For His Handling Of The Economy And Doesn't "Get The Credit He Deserves"

In October 2015, Clinton Gave The Obama Administration An "A" For Its Overall Performance, Including The Clinton-Obama Economy. 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)

Click To Watch

CLINTON TODAY: TOO MANY AMERICANS ARE STRUGGLING IN THE OBAMA ECONOMY

Clinton Said Too Many Americans Are Still Struggling In Today's Economy. CLINTON: "We're asking families to rely on an old system of support in a new economic reality. No wonder so many are struggling." (Hillary Clinton, Remarks At A Campaign Event, Raleigh, NC, 06/22/16)

Click To Watch

But These Are The Results Of Obama's Economic Policies Over The Last Eight Years That She's Graded An "A"

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

May's Jobs Report Was "The Weakest Performance Since September 2010," With Only 38,000 Jobs Added. "Nonfarm payrolls rose by a seasonally adjusted 38,000 in May, the weakest performance since September 2010, the Labor Department said Friday." (Harriet Tory and Jeffrey Sparshott, "U.S. Added Only 38,000 Jobs in May," The Wall Street Journal, 6/3/16)

The Labor Department Reported An Unemployment Rate Of 4.7% For The Month Of May, But Including Those Under Employed And Not Actively Looking For Work, The More Accurate Number Is 9.7%. "The Labor Department also reported Friday that the headline unemployment fell to 4.7 percent. That rate does not include those who did not actively look for employment during the month or the underemployed who were working part-time for economic reasons. A more encompassing rate that includes those groups held steady at 9.7 percent." (Jeff Cox, "US Created 38,000 Jobs In May Vs. 162,000 Expected," CNBC, 06/03/16)

Federal Reserve Chair Janet Yellen Said That The Unemployment Rate Only Fell In May Because "Fewer People Reported That They Were Actively Seeking Work." YELLEN: "In April and May, however, the average pace of job gains slowed to only 80,000 per month or about 100,000 per month after adjustment for the effects of a strike. The unemployment rate fell to 4.7 percent in May, but that decline mainly occurred because fewer people reported that they were actively seeking work. A broader measure of labor market slack that includes workers marginally attached to the workforce and those working part-time who would prefer full-time work was unchanged in May and remains above its level prior to the recession." (Janet Yellen, Committee On Banking, Housing, And Urban Affairs, U.S. Senate, Testimony, 6/21/16)

Click To Watch

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)

Under The Obama Administration, The Debt Has Increased By 80 Percent Or A Total Of $8.6 Trillion, From $10.627 Trillion In 2009 To $ 19.257 Trillion As Of June 20, 2016. ("Daily History Of The Debt," U.S. Department Of Treasury, Accessed 6/22/16)

  • The Washington Times Headline: "$20 Trillion Man: National Debt Nearly Doubles During Obama Presidency" (Dave Boyer, "$20 Trillion Man: National Debt Nearly Doubles During Obama Presidency," The Washington Times, 11/1/15)

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 Percent Under Obama, From 13.2 Percent In 2008 To 14.8 Percent In 2014. (U.S. Census Bureau, Accessed 6/1/16)

Since Obama Took Office, The U.S. Homeownership Rate Has Dropped From 67.3 Percent To 63.5 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)

CLINTON TODAY: WE NEED TO RAISE SLUGGISH INCOMES IN OBAMA ECONOMY

Clinton Said That "We Have To Raise Incomes" So That Americans Can Spend Money And Grow The Economy. CLINTON: "If we want higher growth, we have to raise incomes so people have more disposable dollars to be able to spend instead of holding back out of fear of what will happen." (Hillary Clinton, Remarks At A Campaign Event, Raleigh, NC, 06/22/16)

Click To Watch

Sluggish Incomes Are The Results Of Obama's Economic Policies Over The Last Eight Years That She's Graded An "A"

Middle-Income American Families "Make Substantially Less Money" In Inflation Adjusted Terms In Recent Years 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)
  • 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)

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)

  • 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)

CLINTON TODAY: AFRICAN AMERICANS UNEMPLOYMENT IS TWO TIMES THAT OF WHITES IN THE OBAMA ECONOMY

Clinton Cited The Fact That The Unemployment Rate "Now Among Black Americans Is Twice As High As Among Whites." CLINTON: "We need to reverse the long term neglect that has dried up jobs and opportunity in communities of color and in poor communities. It's not by accident that the unemployment rate now among black Americans is twice as high as among whites." (Hillary Clinton, Remarks At A Campaign Event, Raleigh, NC, 06/22/16)

Click To Watch

African Americans Have Struggled Under Obama's Economic Policies Over The Last Eight Years Clinton's Graded An "A"

Just Yesterday, Federal Reserve Chair Yellen Called It "Troubling" That African-Americans Have Not Recovered From The Recession, Citing The Lack Of Income Growth And Continuing High Unemployment For African-Americans Since The Recession. YELLEN: "It is troubling that unemployment rates for these minority groups remain higher than for the nation overall, and that the annual income of the median African American household is still well below the median income of other U.S. households." (Janet Yellen, Committee On Banking, Housing, And Urban Affairs, U.S. Senate, Testimony, 6/21/16)

Click To Watch

As Of May 2016, The Unemployment Rate For African Americans Is 8.2 Percent, Three And A Half Percent Higher Than The National Average. ( Bureau Of Labor Statistics , Accessed 6/22/16)

The Median Income For African American Households Has Declined By $2,228 Since 2008. (U.S. Census Bureau, Accessed 5/18/16)

  • In 2008, Median African American (Black Alone) Household Income Was $37,626, And In 2014 It Was $35,398. (U.S. Census Bureau, Accessed 5/18/16)

An Economic Policy Institute Analysis Found That The Unemployment Rate Of Young Black College Graduates, 21-24, Is At 9.4 Percent, Nearly 5 Points Higher Than Their White Counterparts. "The unemployment rates of young black and Hispanic college graduates remain much more elevated than those of whites. In fact, the highest young white college graduate unemployment rate reached in the recession (9.0 percent) is still lower than that of young black college graduates today (9.4 percent)." (Teresa Kroeger, Tanyell Cooke, and Elise Gould, "The Class Of 2016," Economic Policy Institute, 4/21/16)

  • A "Record High" 36 Percent Of Young African-Americans Aged 18 To 34 Are Living In Their Parents' Homes. "Among racial and ethnic groups, record-high shares of black and Hispanic young adults (36% for each group) lived in the home of their parent(s) in 2014." (Richard Fry, "For First Time In Modern Era, Living With Parents Edges Out Other Living Arrangements For 18-To 34-Year-Olds," Pew Research , 5/24/16)
  • "For Black Young Adults, Living With Mom And/Or Dad Is Now The Most Common Arrangement." "For black young adults, living with mom and/or dad is now the most common arrangement, as only 17% were living with a spouse or romantic partner in 2014." (Richard Fry, "For First Time In Modern Era, Living With Parents Edges Out Other Living Arrangements For 18-To 34-Year-Olds," Pew Research , 5/24/16)

The Black Poverty Rate Has Increased By 1.5 Percentage Points Under Obama, From 24.7 In 2008 To 26.2 Percent In 2014. (U.S. Census Bureau, Accessed 5/18/16)

  • The Number Of African Americans In Poverty Has Increased By 1,376,000 During Obama's Presidency. (U.S. Census Bureau, Accessed 5/18/16)
  • According To A Pew Analysis Of Census Data, The Poverty Rate For The Nation's African American Children Has Been Steady Even As Other Demographic Groups Have Improved. "The share of American children living in poverty has declined slightly since 2010 as the nation's economy has improved. But the poverty rate has changed little for black children, the group most likely to be living in poverty, according to a new Pew Research Center analysis of Census Bureau data." (Eileen Patten and Jens Manuel Krogstad, "Black Child Poverty Rate Holds Steady, Even As Other Groups See Declines," Pew Research, 7/14/15)
  • "Black Children Were Almost Four Times As Likely As White Or Asian Children To Be Living In Poverty In 2013." "Among black children, however, the rate held steady at about 38%. Black children were almost four times as likely as white or Asian children to be living in poverty in 2013, and significantly more likely than Hispanic children." (Eileen Patten and Jens Manuel Krogstad, "Black Child Poverty Rate Holds Steady, Even As Other Groups See Declines," Pew Research, 7/14/15)

Since Obama Took Office, The U.S. Homeownership Rate For African Americans Has Dropped Nearly Five Percent, From 46.1 Percent In The First Quarter Of 2009 To 41.5 Percent In The First Quarter Of 2016. (U.S. Census Bureau, Accessed 2/2/16)

CLINTON TODAY: WE NEED TO OPPOSE TPP

Clinton Said She Would Reject "Bad Trade Deals…Including The Trans-Pacific Partnership." CLINTON: "We'll say no to bad trade deals and unfair trade practices including the Trans-Pacific Partnership, which does not meet my high bar for creating good paying jobs." (Hillary Clinton, Remarks At A Campaign Event, Raleigh, NC, 06/22/16)

Click To Watch

But Clinton Strongly Backed TPP Over The Last Eight Years, Calling It The "Gold Standard" Of Trade Agreements

As Secretary Of State, Clinton Took "A Leading Part In Drafting The Trans-Pacific Partnership" (TPP) Trade Deal With Pacific Nations. "She's pressed the case for U.S. business in Cambodia, Singapore, Vietnam, Indonesia, and other countries in China's shadow. She's also taken a leading part in drafting the Trans-Pacific Partnership, a free trade pact that would give U.S. companies a leg up on their Chinese competitors." (Elizabeth Dwoskin and Indira Laksmanan, "How Hillary Clinton Created A U.S. Business-Promotion Machine," Bloomberg, 1/10/13)

As Secretary, Clinton Had "Expressed Support" For The Trans-Pacific Partnership In "At Least 45 Public Speeches." "The TPP negotiations are a part of the Obama administration's so-called pivot to Asia. Early in his presidency, Obama outlined a plan to put more energy and focus into the Asian Pacific, especially in terms of economic development. While serving as Obama's secretary of state, Clinton expressed support for the Trans-Pacific Partnership in at least 45 public speeches, according to a roundup of quotes by CNN." (Jake Tapper, "45 Times Secretary Clinton Pushed The Trade Bill She Now Opposes," CNN , 6/15/15)

  • In 2012, Clinton Said The "TPP Sets The Gold Standard In Trade Agreements" And Includes "Strong Protections For Workers And The Environment." CLINTON: "So it's fair to say that our economies are entwined, and we need to keep upping our game both bilaterally and with partners across the region through agreements like the Trans-Pacific Partnership or TPP. Australia is a critical partner. This TPP sets the gold standard in trade agreements to open free, transparent, fair trade, the kind of environment that has the rule of law and a level playing field. And when negotiated, this agreement will cover 40 percent of the world's total trade and build in strong protections for workers and the environment." (Hillary Clinton, Remarks At Techport Australia, Adelaide, South Australia, 11/15/12)

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