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The Obama Economy: Are We Having Fun Yet?


January 27, 2013

This week two of my liberal acquaintances admitted that they were shocked and disgusted by the confiscation of their income through the increased tax rates that hit on January 1st.  Gloating would not be dignified. “I told you so” would be snarky. But their genuine disappointment and concern created the perfect atmosphere for a discussion about our rights to life and property. The following table is an in-depth reality check for my liberal friends whose hopes that Hussein would bring universal peace, unicorns, and ‘kumbaya’ have been dashed.

The Obama economy

 

President Obama’s
First Inauguration

President Obama’s
Second Inauguration

Change

Long-Term Unemployed1

2..7 Million

4..8 Million

+78%

   Workforce Dropouts2

50.1 Million

54.6 Million

+10%

Food Stamp Recipients3

22.8 Million

46.6 Million

+104%

Price of Gas4

$1.85

$3.30

+78%

“High Unemployment” States5

22

39

+77%

Misery Index6

7..83

9..46

+21%

“Typical” Monthly Family Food Cost7

$974

$1,023

+5%

Median Value of Single-Family Home8

$196,600

$186,100

-5%

Rate of Mortgage Delinquencies9

6..65%

10.77%

+62%

U..S. National Debt10

$10.6 Trillion

$16.4 Trillion

+55%

 

1 “Long-term unemployed” means for over 26 weeks; data for January 2009 and December 2012. 
2 “Workforce Dropouts” are working age individuals aged 16-64 not in the labor force, not seasonally adjusted; data for December 2008 and December 2012. 
3 “Food Stamp Recipients” means average annual participation in the Supplemental Nutrition Assistance Program (SNAP), formerly called food stamps; data for Fiscal Years 2008 and 2012.
4 Average retail price per gallon, in real dollars, January 2009 week 3 and January 2013 week 2. 
5 “High unemployment” means having a 3-month average unemployment rate of 6% or higher.  From the Bureau of Labor Statistics’ “Extended Benefits Trigger Notice” for January 18, 2009 and January 13, 2013.
6 The “Misery Index” equals unemployment plus inflation.
7 According to the U.S. Department of Agriculture, these values represent monthly “moderate” cost per family of four for January 2009 and November 2012, in real dollars.
8 U.S. median sales price of existing single-family homes for metropolitan areas for 2008 and 2012 Q3. 
9 Residential mortgage delinquencies (real estate loans) for 2008 Q4 and 2012 Q3. 
10 Values for January 21, 2009 and January 16, 2013.




  1. Scoticus

    This is a good list that clearly shows the distruction — and when we keep hearing how things are getting better. Baloney. Sorry to all you homeowners who want to sell but the fact that a house costs less is good for those of us who want to try and buy for the first time. That is my dream to own my own place. Hopefully Obama can give me that opportunity. Lol.

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