If anyone defends Barack Obama on his handling of the economy, here are some clarifying facts as condensed from the American Thinker. For too long Republicans have shouldered some of the blame for our perilous state and even fingered George W. Bush for some of the problems. Anyone who is so deluded needs sobering up. This information can help:
- Gallup says unemployment was 10.1% in September. For ages 18-29 it’s 14%.
- Unemployment has been 9.5% for 14 consecutive months. That’s the longest stretch since 1948.
- Underemployment is estimated at 18.8%.
- Congress gave $160 billion in unemployment benefits, up 30% from last year.
- Nearly 42 million Americans are on food stamps. The number has grown each month. One in seven of us are on them; in New York it’s one in five.
- The Census Bureau says the poverty rate is 14.3%. It’s a 15 year high.
- The dollar tumbled to a 15 year low against the yen. In the last 6 weeks the dollar has declined against currencies 7%.
- Personal spending dropped 2.8% this year. It’s the first decline on record. However, health care spending increased by 9.6%.
- This year alone the trade deficit hit $350 billion.
- The federal budget deficit nears 1.3 trillion, which is 9% of GDP.
- This fiscal year the federal government spent 3.45 trillion. That accounts for 25% of GDP.
- One quarter of our economy is driven by government spending, but that doesn’t even include spending on the state and local levels.
- The national debt is 13.6 trillion, which is greater than 90% of GDP.
- In the last two years we added to the national debt by 30%.
- Unfunded liabilities such as Medicare and Social Security are estimated to cost 65-200 trillion, a virtually insurmountable hole.