- He implemented a failed $830 billion economic stimulus program.
- He had the advantage of record low energy prices for a long period of time.
- The Federal Reserve pumped up the economy by flooding the market with trillions of fake dollars.
- We are well past the average time between recession and recovery so the likelihood of the next recession, which will happen if history is any indicator, is past due.
- The Federal Reserve has allowed interest rates to stay at historic lows so that if a new recession rises up the Fed has little left in its toolbox to fight that new recession.
- Several govenrment and private surveys have found that over 40% of U.S.households do not think they could afford an unexpected $500 out of pocket expense (e.g. a car repair, a new appliance, etc.) without suffering some financial hardship.
- More people in their 60s continue to work than ever before on a percentage basis, indicating they are feeling uncomfortable about retiring and feel the need to continue to work.
- More people in their 20s are living at home on a percentage basis than ever before, indicating that they cannot find a job that they feel would justify moving out and living on their own. By not forming new households at the historic rate and staying home, the economy suffers.
- Mr. Schrage points out that “57% of respondents in a 2014 NBC News-Wall Street Journal poll falsely believed that the United States remained in recession,” despite being five years officially out of the recession.This lack of confidence results in reduced spending and investment and anemic economic growth.
- The Obama administration has added thousands and thousands of new regulations on business which will continue to be an economic drag for years to come.
And this was accomplished with the three strong tailwinds we listed above which makes these poor economic results even worst on a relative basis. All of which reinforces our long standing assertion that we are being served by the worst set of politicians ever to serve this country from an economic, foreign affairs, and morality perspective.
Maybe we can do something about that in November because keeping the same tired people with their same tired ideas in power does not seem to be working.
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