- Six years after the Obama recovery started, annual national economic growth has not come close to the long term average of just over 3%.
- For this anemic growth rate, Obama doubled the national Federal debt by a whopping $10 TRILLION that will hinder future economic growth and burden future generations of Americans with the interest bill due on that incremental $10 TRILLION in debt.
- Job creation during the Obama recovery did not even keep up with adult population growth.
- And those millions of jobs that were created during the Obama recovery were mostly temp jobs, short term contract jobs, and jobs in low paying industries.
- Wages and household income have been stagnant for most of the entire recovery period, only recently having started to increase a bit.
- The labor participation rate is at very low levels, levels that have not been seen since the dark days of the Carter “stagflation era.”
- Over 94 million American adults are currently not in the workforce.
- As a result of poor quality jobs and low/stagnant wages, young adults are still living with their parents at levels not seen since the Great Depression and more seniors are working past the retirement age than ever before.
- In rural America, the employment rate is 2.9% LOWER than it was before the recession started while in metro areas, the employment rate is 4.8% HIGHER than it was before the recession started.
- Businesses are adding jobs at twice the rate in metro areas vs. rural areas.
- Unbelievably, only 20 counties out of 3,000 counties across the country accounted for fully half of the net new businesses added between 2010 and 2014.
- And these 20 counties came from only three metro areas, New York, Los Angeles and Miami.
- The counties that Hillary Clinton won last November accounted for two thirds of the nation’s economic output while the counties that Trump won accounted for only one third of the nation’s economic output.
- You can see why Detroit actually filed for bankruptcy since its population over the past 60 years decreased by over a million people, severely depleting its tax base and revenue stream while Dallas saw its population triple over that timeframe from 434,000 to 1.2 million residents.
- Despite the tripling of the tax base and revenue stream potential, Dallas is $5 billion short in its pensions fund for retired police and fire personnel.
- Moody’s credit rating service estimates the pension funds will be dry and bankrupt within about 20 years unless current taxpayers and politicians allocate much more money to the pension funds.
- Which is not a surprise since in 2015 the city contributed $115 million to the pension funds while retirees took out $283 million in benefits.
- In a weird loophole of the pension’s fund rules, retired police and fireman can pull their money out of the funds early (which resulted in $230 million being pulled out in just six weeks in 2016) which many are doing, anticipating the coming fiscal storm, making matters even worse.
- And another high growth Texas city, Houston, is not much better fiscally since it has the fourth worse pension debt problem of all U.S. cities despite very robust economic and population growth over the past few decades.
More insanity tomorrow.
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