Wednesday, July 18, 2012

With a record like this...

Some interesting numbers on how the economy has fared under President Obama.  Admittedly, there are some economic numbers that are better such as mortgage rates and the level of consumer debt, but the reasons that these are better are somewhat dubious...government bailouts and other government assistance have helped to improve these numbers artificially.

The stats:

Jobs

2008 2009 2010 2011 January
2012
April/May
2012
Unemployment rate 5% 7.8% 9.7% 9.1% 8.3% 8.2%
Broader unemployment rate "U-6" 9.2% 14.2% 16.7% 16.1% 15.1% 14.8%
White unemployment rate 4.4% 7.1% 8.7% 8.1% 7.4% 7.4%
Black unemployment rate 9.1% 12.7% 16.5% 15.7% 13.6% 13.6%
Hispanic unemployment rate 6.5% 10% 12.6% 12% 10.5% 11%
Total private-sector jobs 115.6 M 111 M 106.8 M 108.2 M 110.5 M 111 M
Total government jobs 22.4 M 22.6 M 22.5 M 22.2 M 22 M 22 M
Median weeks unemployed 9 10.7 20.1 21.7 21.1 20.1   


Income

2008 2009 2010 2011 January
2012
April/May
2012






Disposable personal income per capita $33,229 $32,166 $32,481 $32,667 -- $32,677
Personal bankruptcies 1,074,225 1,412,838 1,536,799 1,362,847 -- --
Poverty rate 12.5% 13.2% 14.3% 15.1% -- --
People receiving food stamps -- 32 M 39 M 44 M 46 M 46 M


Federal government

2008 2009 2010 2011 January
2012
April/May
2012
Federal discretionary spending as percent of GDP 7.9% 8.9% 9.4% 9% -- 8.5%
Federal mandatory spending as percent of GDP 11.1% 15% 13.3% 13.5% -- 14.4%
Annual federal deficit $458 B $1.41 T $1.29 T $1.3 T -- $1.33 T
Cumulative public debt $5.14 T $6.37 T $7.81 T $9.39 T $10.45 T $10.95 T


Based on these statistics, unemployment has jumped dramatically; disposable income has dropped; bankruptcies are up; more people are receiving food stamps than ever before; and the Federal Government is on an out of control spending binge!

It's time to bring back a political question that was used rather effectively several years back.....  Ask yourself, are you better off than you were four years ago?  The numbers would seem to answer with a resounding "NO!"







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