Monday, February 20, 2012

Obama's Economic Report Card

Recently, the Obama Fan Club, also known as the mainstream media, proudly proclaimed that the Obama stimulus worked and that we have turned the corner. According to them, the unemployment rate is down and Obama has turned around the economy he inherited from Bush. Naturally, it’s always Bush’s fault.
However, a review of the latest statistics from the BLS reveal how off the above claims are.
In February 2009 the unemployment rate was 8.3%. The current unemployment rate is the same 8.3% despite spending $825 billion (the latest BLS figures) on stimulus that did not stimulate. What’s even more telling is what has happened to the number of long-term unemployed workers – those who have not been able to find any work in 27 months or more. The latest BLS figures for the long-term unemployed are that they now stand at 5.5 million, an increase of 83%.
Some other interesting statistics showing what has happened since Obama took office:

• Median annual household income has dropped by about 7% under Obama’s stewardship.

• The national debt has increased by 41% and now stands at $15.4 trillion.

• The civilian workforce has decreased by 126,000 unlike the increases that have happened when the economy recovers.

But you would never know this if you read the newspapers or watched NBC news. According to them everything is coming up roses.

Conservative Commentary from James J. Pirretti

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