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Obamanomics 101 Gets An ‘F’

- June 1, 2016

For 8 Years Obama Failed To Help Middle Class Americans

TODAY, OBAMA CLAIMED THE COUNTRY WAS BETTER OFF "BY ALMOST EVERY ECONOMIC MEASURE" UNDER HIS PRESIDENCY

At A Speech In Elkhart, Indiana Obama Claimed That The U.S. Economy Was Better Off Under His Presidency "By Almost Every Economic Measure." OBAMA: "And we can see the results not just here in Elkhart, but across the nation. By almost every economic measure, America is better off than when I came here at the beginning of my presidency. That's the truth. That's true." (President Barack Obama, Remarks At A Speech On The Economy, Elkhart, Indiana, 6/1/16)

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IN REALITY, BY ANY NUMBER OF MEASURES THE AMERICAN ECONOMY IS WORSE OFF THAN WHEN OBAMA TOOK OFFICE

American Incomes Are Falling

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)

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)

For The First Time In Four Decades, Middle Class Households Are No Longer The Majority. "After more than four decades of serving as the nation's economic majority, the American middle class is now matched in number by those in the economic tiers above and below it. In early 2015, 120.8 million adults were in middle-income households, compared with 121.3 million in lower- and upper-income households combined, a demographic shift that could signal a tipping point, according to a new Pew Research Center analysis of government data." ("The American Middle Class Is Losing Ground," Pew Research Center, 12/9/15)

Wage Growth Is Stagnating

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)

The Number Of Americans Living In Poverty Has Increased By Nearly 7 Million During Obama's Time In Office

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)

  • 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)

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)

The Labor Force Participation Rate Is At Its Lowest Level 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 U.S. Has Lost Hundreds Of Thousands Of Manufacturing Jobs

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

The U.S. Homeownership Rate Has Dropped By Nearly Four Percent

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)

The Average Family's Health Care Premiums Have Increased By Nearly 40 Percent

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)

93 Percent Of Counties In The United States "Have Failed To Fully Recover" Under Obama's Watch

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)

The National Debt Has Increased By 80 Percent

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 $ 19.226 Trillion As Of May 27, 2016. ("Daily History Of The Debt," U.S. Department Of Treasury, Accessed 6/1/16)

The Economic Recovery Has Been The Slowest Since World War II

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)

WHILE OBAMA CAN'T SEE HOW BAD THE ECONOMY IS, BILL CLINTON CAN

At A March Campaign Rally, Bill Clinton Slammed Obama's Time In Office, Saying "We've Finally Come To The Point Where We Can Put The Awful Legacy Of The Last Eight Years Behind Us." BILL CLINTON: "I literally from the time I met her 45 years ago until we talked yesterday, she is the best change maker I have ever known. She always finds a way to make something good happen, to make people feel empowered, to buy people into the process, to make democracy work the way the framers intended for it to work. Now if you don't believe we can all grow together again, if you don't believe we're ever going to grow again, if you believe it's more important to re-litigate the past, there may be many reasons that you don't want to support her. But if you believe we can all rise together, if you believe we've finally come to the point where we can put the awful legacy of the last eight years behind us and the seven years before that where we were practicing trickle-down economics with no regulation in Washington, which is what caused the crash, then you should vote for her. Because she's the only person who basically has good ideas, will tell you how she's going to pay for them, can be commander-in-chief, and is a proven change maker with republicans and democrats and independents alike." (Bill Clinton, Remarks, Spokane, WA, 3/21/16)

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