Economy: After his embarrassing failure on the foreign policy front, President Obama decided to tout his success managing the U.S. economy — just as the historically weak recovery shows fresh signs of weakening further.
In a speech marking the fifth anniversary of the Lehman Bros. collapse, Obama ticked off a laundry list of alleged accomplishments since taking office: I stopped another Great Depression, saved the auto industry, put people to work, etc.
“We cleared away the rubble from the financial crisis,” he said, “and we’ve begun to lay a new foundation for economic growth and prosperity.”
Unfortunately, it’s a foundation built on quicksand.
Just last week we learned that retail sales have softened, consumer sentiment hit a five-month low, job growth in August was still tepid and the number of job losers posted its biggest jump since 2010.
All are signs the economy isn’t going to live up to expectations in the final months of the year.
This comes after 50 months of sluggish growth that has left 4.3 million out of work long-term, helped drive 10 million out of the job market, pushed the labor participation rate to 35-year lows, boosted food stamp rolls by 14 million and pushed nearly 3 million into poverty.
Just 13 states have employment rates above their pre-recession peaks (all but four of them, by the way, voted against Obama in 2008).
Thanks to Obama’s sluggish growth, real median household income remains 4.4% below where it was when his “recovery” started.
The day Obama gave his remarks, the AP reported that the unemployment rate among low-income families is at Great Depression levels of 21%, but among upper-income households it’s 3.2%. That, AP’s analysis found, is the widest gap on record.
AP also found that middle-income workers are increasingly ending up with lower-wage jobs, forcing lower-skilled workers out of the job market.
Meanwhile, a survey out of the University of Chicago finds that a record 8.4% of Americans consider themselves “lower class.”
Here’s another way to look at it: Had Obama’s recovery merely been average, there would be 7.4 million more people gainfully employed today, and the economy would be $1.3 trillion bigger.
Even the left is noticing that, despite Obama’s endless blather about building prosperity from the ground up, his recovery has had the opposite effect — concentrating whatever gains there have been at the top.
The Huffington Post called it “the most uneven recovery in at least several decades” — which would include the Reagan, Clinton and Bush recoveries.
Among the evidence presented: Workers in the bottom 20% have seen their real average hourly wages decline steadily under Obama, compared with gains at the very top. And while 60% of the jobs lost in the recession paid mid-wages, only 22% of the jobs gained in Obama’s recovery did so.
Incredibly, amid all this, Obama claims to see “progress across the board.” Then again, Obama thinks his foreign policy adventures have been a success, too. (IBD)
“Are some of these folks really so beholden to one extreme wing of their party that they’re willing to tank the entire economy just because they can’t get their way on this issue?” Obama said in a speech at the White House. “Are they really willing to hurt people just to score political points?” (Townhall)
WELL, we know HE IS. He’s been doing it for 5 years now! 🙂
Obama conceded the problems. “As any middle class family will tell you or anybody who’s striving to get in the middle class, we are not yet where we need to be,” he said.
And never will be, with Progressives in charge because they depend on making people poor and dependent on them and making rich people less rich and demonic to keep them them there.
“After all the progress that we’ve made over these last four and a half years, the idea of reversing that progress because of an unwillingness to compromise or because of some ideological agenda is the height of irresponsibility,” Obama said.
Which is why he won’t compromise on anything that has been done or will be done. But he’s not ideologically rigid… 🙂
After all, it’s “Congress” (Read: Republicans) Fault!
He’s not partisan. 🙂