2014 Economic Facts…
Most people are still earning less, adjusted for inflation, than before the recession struck at the end of 2007. Even many who kept their jobs through the recession — or easily found work after being let go — are no better off. The typical family income in current dollars is $52,959, according to Sentier Research. Factoring in inflation, that’s $3,303 less than before the recession — a nearly 6 percent drop.
FEWER FULL-TIME JOBS
Finding a steady full-time job has become harder. There are 27.4 million part-time jobs, representing 18.8 percent of jobs in the U.S. economy, according to the Labor Department. Before the recession, 16.5 percent of all jobs were part time.
BEHIND ON MORTGAGES
Whatever wealth most Americans have is mainly tied up in their homes. But roughly seven years after the housing bust, owning a home has still been a bad investment for many.
Nearly 37 percent of mortgage holders were “effectively underwater” through the first three months of 2014, according to the real estate firm Zillow. That means they either owe more than their homes are worth or a sale wouldn’t generate enough money to cover the closing costs and down payment for a new home.
Just 39 percent of everyone surveyed in June said the economy was improving; 56 percent described it as getting worse. The consumer confidence reading for existing conditions was, negative 14.
CAUTIOUS SHOPPING
Most Americans are still being careful at cash registers and online checkouts. Consumer spending has risen at an average annual pace of just 2.2 percent since the recession ended in mid-2009. That’s far below the 3.4 percent average in the two decades preceding the recession.
Confidence in the economy is still relatively low, suggesting that people are buying what they need instead of what they want. The Conference Board’s consumer confidence index was 85.2 in June. In the 20 years preceding the downturn, it averaged nearly 102. 1
So, how is Obama Economics working out for you?
The fundamental reason why all this is happening is the pie that everybody wants a piece of… That’s just the private sector. When the government comes in and absorbs one-sixth of it in the health care takeover called Obamacare, the pie gets smaller.
As government grows, how does it grow?
It has to take money from other people, allocate it to itself to spend it however it wishes. It’s called redistribution; it doesn’t produce anything. The private sector is getting smaller. The pie is all getting smaller, and that’s why there’s less of it to be had for people. You want to talk about why the gap between rich and poor is expanding? It’s because the pie’s getting smaller, and the pie can only get smaller as government grows.
That’s the argument against government expansion in its simplest form. The argument against government expansion is that it shrinks opportunity for everybody who doesn’t work or have anything to do with government.
Now… Lets take a look at President Obama’s view on our Economy:
WASHINGTON (MarketWatch) July 9, 2014 — President Barack Obama took credit on Wednesday for the U.S. economic rebound after the financial crisis of 2008.
“Thanks to the hard work of you – and some actually smart policies by us, we have come further and recovered faster than almost any other advanced country on Earth,”
Obama said in a campaign-style speech in Denver. Obama trumpeted an agenda of “economic patriotism,” … 2
Seriously, this man lies to the American Public on a regular basis about a multitude of topics, why should he – after 6 years – start letting facts get in the way??
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