Obama Economic Record
The economy is in full rebound for sure
- How about a job? About 15 million Americans of working age have no job and are looking for work.
- Every fifth man in America is out of a job.
- Fewer Jobs. There are 5.5 million fewer jobs right now than there were when Obama was inaugurated.
- Employment Levels. Employment has been below the pre-recession peak for over 50 consecutive months.
- U3 Unemployment Stats. This is the 8.2% figure quoted by Obama for last month. This counts only people who have applied for a job in the previous four weeks.
- U6 Unemployment Stats. This figure counts the number of people who have applied for jobs in the previous 6 weeks. It also includes people who are working in part-time jobs who want to work full time. The U6 unemployment rate is now around 15%
- College Graduates In 2007 90% of all college graduates found a job. Today that figure is 56%.
- Nearly 87 million Americans are NOT in the labor force.
- Dropping Out. Since Obama was sworn in about 3 million people have dropped out of the jobs market. These people are no longer even bothering to look for a job. If they were still in the market – still hopeful – the unemployment rate would be about 10.8%.
- Economic Growth after Great Depression. In 1934, 35 and 36 our economy growed at 11%, 9% and 13%. Economic growth in 2010 was 3%. In 2011 it was 1.7%. This year we’re running between 2 and 3%.
- Ethnic Jobless Rates. For young workers 20 to 24 the unemployment rate is 13%. For Hispanic teenagers it’s 30.5%. For black teenagers it’s 37.9%.
- Private Sector Hiring. Through June of 2011 private sector hiring was 10 times slower after the passage of ObamaCare than it was in the 16 months prior to ObamaCare.
- New Businesses. We need 1 million new businesses every year to sustain growth. We’re running about 400,000 right now.
- Layoffs and Hiring. In the first months of 2012 layoffs have risen 18% from a year ago. Hiring plans have dropped 82%.
- Per Capita Income. In May of 2008 per capital income in the U.S. was at $37,752. It’s now at $37,606. Adjust this for inflation and you have $36,641 in 2008 dropping to $32,600 now. This is the first time since the 1930s that inflation-adjusted incomes have decreased in America.
- Welfare Over $1 trillion spent on government entitlement programs in the last two years.
- Welfare Increase A 5,500% jump in means tested welfare since 1970.
- Welfare percentage Over ½ of households in America have someone receiving entitlement checks.
- Food Stamps Under Obama food stamp use has increased by 41%.
- Every 7th person you pass on the sidewalk is on food stamps.
- EBT Cards The increase in the use of EBT cards is 135%.