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The U.S. Economy Is In Its “Slowest Stretch Since The End Of World War Two”

- October 11, 2015

The Current Pace Of U.S. Economic Growth Is The "Slowest Stretch Since The End Of World War Two." "The U.S. expanded at a 2.2% rate through the first nine months of the year, and the economy is projected to grow at a similar pace in the fourth quarter that ends on Dec. 31. If so, the economy will have failed to reach 3% growth for the 10th straight year, marking the slowest stretch since the end of World War Two." (Jeffry Bartash, "U.S. Economy Set To Grow Less Than 3% For The 10th Straight Year," MarketWatch , 12/22/15)

The U.S. Economy Grew Just 1.1. Percent In The First Quarter Of This Year

U.S. GDP Grew Just 1.1 Percent During The 1st Quarter Of 2016. (Bureau Of Economic Analysis, 7/26/16)

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)

Nearly 93 Percent Of U.S. Counties Have "Failed To Fully Recover" From The Recession

More Than 6 Years Since The U.S. Economic Recession 93 Percent Of Counties In The U.S. "Have Failed To Fully Recover." "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," T he Wall Street Journal , 1/12/16)

As Recently As 2014, 27 States Did Not Have A Single County That Had "Fully Recovered." "As was the case in 2014, when just 65 counties had fully recovered, most of those that bounced back are in states benefiting from the energy boom. Last year, 72 of the recovered counties were in Texas, the most of any state. Nebraska followed with 22. Minnesota, Kentucky, North Dakota, Montana and Kansas each had at least 10 fully recovered counties. Meanwhile, in 27 states, not a single county had fully recovered." (Eric Morath, "Six Years Later, 93% Of U.S. Counties Haven't Recovered From Recession, Study Finds," T he Wall Street Journal , 1/12/16)

A "Large Swath" Of Counties In The Middle Of The Country "Suffered Economic Contractions Last Year." "But a large swath of counties in Texas, Illinois and other states in the middle of the country suffered economic contractions last year." (Eric Morath, "Six Years Later, 93% Of U.S. Counties Haven't Recovered From Recession, Study Finds," T he Wall Street Journal , 1/12/16)

Labor Force Participation Remains Low As Wages Fail To Grow

The U.S. Currently Has The "Lowest Labor Force Participation Rate In A Generation ." "The unemployment rate has been declining steadily, but that has come in significant part due to the lowest labor force participation rate in a generation." (Jeff Cox, US Created 142K Jobs Vs 203K Expected," CNBC, 10/2/15)

  • The Current Labor Force Participation Rate Of 62.7 Percent Is At A Level Last Seen In February 1978. (Bureau Of Labor Statistics, Accessed 7/26/16)

Real Wages For "Most U.S. Workers" Have Be "Relatively Stagnant" Since The 1970s. "The details show that real wages for most U.S. workers have been relatively stagnant since the 1970s, while those for the top 1 percent have increased 156 percent, and those for the top 0.1 percent have increased 362 percent, according to a report by the Economic Policy Institute." (Alvin Powell, "The Costs Of Inequality: When A Fair Shake Isn't," Harvard Gazette, 2/1/16)

The Employment Cost Index For Wages And Salaries Rose 2.1 Percent In 2015. (Bureau Of Labor Statistics, Accessed 2/4/16)

  • 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)

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

According To A May 2016 Rasmussen Poll, 66 Percent Of Americans Think The Country Is On The Wrong Track. (Rasmussen, 2500 LV, 2% MoE, 5/22-26/16)

According To A May 2016 Gallup Poll, 58 Percent Of Americans Believe The U.S. Economy Is “Getting Worse.”(Gallup, 3,549 RS, 1% MoE, 5/9-15/16)

In April 2016, 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)

A May 2016 Poll From American Research Group Found 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 Gallup Survey U.S. Economic Confidence Rating Is Currently -16. (“Gallup Daily: U.S. Economic Confidence Index,” Gallup, Accessed 7/26/16) 

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)

A Majority Of Americans Still Feel The U.S. Economy Remains In Recession. “Other polls have found that a majority of Americans even think the economy remains in recession, even though the Great Recession officially ended in June 2009.” (Christopher S. Rugaber, “AP Survey: Voter Anexity At Odds With Economists’ Optimism,” Associated Press, 3/1/16)

Despite A Bleak Economic Reality, Clinton Argues Obama Doesn't Get Enough Credit On The Economy And Rates His Performance An "A"

In An Interview With The Boston Globe, Clinton Gave The Obama Administration An "A" For Its Overall Performance, Including The Clinton-Obama Economy. HILLARY 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 Interview With The Boston Globe, 10/17/15)

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, New Hampshire, 12/29/15)

Clinton 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, New Hampshire, 12/29/15)

However, Clinton's Advisers Are "Well Aware" That Clinton Cannot Base Her Campaign On "Good Feelings About The Obama Economy." "Clinton's advisers are well aware that they will not be able to base their campaign on good feelings about the Obama economy. Instead, they plan to highlight the president's achievements - an unemployment rate of 5.3% and a modest recovery from the worst financial crisis since the Great Depression - while offering a package of policies aimed at addressing voters' fears about the nation's current direction." (Ben White, "So-So Economy Dogs Hillary Clinton's Campaign," Politico , 7/30/15)


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