It’s kind of cute how this Administration believes a bus tour and campaign style event will bring the economy roaring back. In his latest attempt to win back young voters (did he pass an executive order I’m unfamiliar with allowing himself a third term?) Obama hit the road talking about education, healthcare and – you guessed it – how those mean ole Republicans are standing in the way of economic utopia. See, according to congressional Democrats (and this White House), a few millionaires holding onto roughly 70 percent of their wealth is devastating the economy for the rest of us.
As the President tries to bolster public support for more “shovel ready” initiatives, “fair-share” tax proposals, and increased government spending on entitlement programs (which Pelosi refers to as “stimulus” efforts) it might be beneficial to see where his policies have taken the economy so far. For example: The President is talking to students this week about the growing cost of higher education. Of course, under this President, student debt has surpassed a trillion dollars. Hooray for massive debt after graduating into one of the worst jobs markets since the great depression!
For all of his stimulus (remember that bill that nearly cost a trillion dollars in the summer of ’09?) and government spending, what have we got to show for it? Our unemployment number is roughly where it was when he took office. Jobless claims are roughly where they were when he took office. Job growth is atrocious, even after ignoring the virtual disappearance of full time positions. Oh, and rather than paying the $1.85 per gallon for regular unleaded (like we did when he was elected President) we’re now paying roughly $3.60. But it turns out those metrics are only the tip of the Detroit sized iceberg that is our flailing economy.
After increasing our debt to GDP ratio well over 100% by adding $6 trillion to our national credit card, we have surprisingly little to cheer about. During this administration’s first four years, nearly 8.5 million people left the labor force. This is unsurprising, given that the average time spent between jobs (collecting unemployment benefits) has also increased to an average of 37 weeks. But even us lucky few who have a part time job (and a looming Obamacare penalty) are worse off than those years before the Messiah.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for September 22nd, 2014 | John Ransom
In Other News: Bi-Partisan Agreement that Debbie Wasserman Schultz is a Horrible Person | Michael Schaus