How is the Obama approach working out? As we do on a regular basis, let's look at the latest statistics, trends, and opinions of those who work in the economic area of our nation:
- According to data from the Department Of Labor, in the week ending August 25, the estimate for seasonally adjusted unemployment initial claims was 374,000, unchanged from the previous week's revised figure of 374,000. The 4-week moving average was 370,250, an increase of 1,500 from the previous week's revised moving average of 368,750. Thus, as the weekly number of claims continues to hover between 360,000 and 380,000 for what seems like forever, there does not appear to be any relief on the way from an unemployment perspective.
- According to a recent New York Times report on the findings from the society of Actuaries, "2011 Risks and Process Of Retirement Survey Report," 35% of Americans don't expect to ever retire, up from 29 percent two years ago. 40% of the survey's so-called pre-retirees say the will not retire simply because they are financially unable to do so since they need either the income or their employer's benefits. The study also found that 51% of those surveyed who had already retired did so before age 60, but just 12% of today's pre-retirees think they will be able retire that early.
How sad are this statistics. Three years into this tepid economic recovery that the Obama administration has managed, the American dream of working towards a comfortable retirement is now looking less and less possible.
- A recent Rasmussen report also contained some bad opinions on what the future might hold, this time relative to the survey respondents' children:
- The survey found that only 16% feel that today’s kids will be better off than their parents.
- This is slightly up from July’s all-time low of 14% and back to the levels found in May and June but probably within the same low, statistical sampling range.
- Since early 2009, the statistics had hovered in the low to mid-20s.
- 64% now say today’s children will not be better off, compared to 47% who felt that way in January 2009.
- Thus, despite the economic recovery, opinions have gotten worse, not better since the Great Recession ended.
- According to an August 31, 2012 Moneynews report, between June 2009 and June 2012, the median income for an American family fell nearly 5 percent, to $50,964. That’s an average loss of $2,548.20. This is the period of supposed economic recovery that the Obama administration has presided over. Tough to blame this performance on a former President who has been out of office since January, 2008.
- The Commerce Department recently updated its estimate of economic growth in the second quarter, raising it from 1.5% to 1.7%. Although somewhat good news, certainly a less than robust growth rate, especially a growth rate when coming out of a recession. A growth rate that continues at such a low rate will never be able to make a substantial dent in the country's unemployment rate.
According to an April 2, 2012 article in the Wall Street Journal, the average annual U.S. growth rate over time is about 3.4% so the economic growth rate during the past three years of the Obama administration has been far below the average rate. The article also reviewed the economic recovery statistics during the 1930s when the Great Depression started with major economic recessions in 1930, 1931, and 1933.
In the three following years, the economy rebounded strongly with annual growth rates of 11%, 9% and 13%, respectively. In the 1980s, the economy experienced a double-dip recession, with economic shrinkage in both 1980 and '82. However, economic growth rates in the following two years averaged almost 6%.
Thus, despite a failed economic stimulus program that pumped an unheard of $800 billion into the economy, a Federal Reserve that has pumped TRILLIONs of dollars into the economy and financial system via bailouts and "quantitative easing," record low interest rates for record lengths of time, and the historical trend of strong recessions being followed by strong recoveries, the Obama administration has somehow managed to produce a very, very weak economic recovery of less than 2% GDP growth.
- Getting back to the $800 billion economic stimulus program, let's recall what Obama promised in order to get the program passed: unless he got the program passed, unemployment could go as high as 8%. If it was passed, unemployment would drop down to 5.6%. Despite getting the program passed and the $800 billion spent, the unemployment rate has been above 8% for 42 months despite coming out of the economy three years ago.
Enough bad news for today, too depressing. Unfortunately, we still have a lot of bad economic news to review so we will continue this discussion tomorrow. Makes you wonder, and hope, if we have a Harry Truman of our generation lurking somewhere out there.
You know, the type of person that was never scared to make the tough calls, a person that was never scared to be honest and forthright with the American people, a person that knew how basic economics worked and applied that knowledge to the greatest economic miracle and transition in our history, a person, who knew that minimal government intervention, minimal deficits, and a freely operating free market was the best economic strategy.
Compare that to the current buffoons that have given has the weakest economic recovery every, high unemployment for a record three and a half years, skyrocketing deficits, TRILLIONs of printed money that at some time will unleash terrible inflation.
Term limits for these people currently ruining the economy and American dreams, as outlined in Step 39 of "Love My Country, Loathe My Government," cannot be implemented fast enough.
We invite all readers of this blog to visit our new website, "The United States Of Purple," at:
http://www.unitedstatesofpurple.com/
The United States of Purple is a new grass roots approach to filling the office of President of The United States by focusing on the restoration of freedom in the United States, focusing on problem solving skills and results vs. personal political enrichment, and imposing term limits on all future Federal politicians. No more red states, no more blue states, just one United States Of America under the banner of Purple.
The United States Of Purple's website also provides you the formal opportunity to sign a petition to begin the process of implementing a Constitutional amendment to impose fixed term limits on all Federally elected politicians. Only by turning out the existing political class can we have a chance of addressing and finally resolving the major issues of or times.
Our book, "Love My Country, Loathe My Government - Fifty First Steps To Restoring Our Freedom And Destroying The American Political Class" is now available at www.loathemygovernment.com. It is also available online at Amazon and Barnes and Noble. Please pass our message of freedom onward. Let your friends and family know about our websites and blogs, ask your library to carry the book, and respect freedom for both yourselves and others everyday.
Please visit the following sites for freedom:
http://www.cato.org/
http://www.robertringer.com/
http://realpolichick.blogspot.com/
http://www.flipcongress2010.com/
http://www.reason.com/
http://www.repealamendment
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