The Obama Economy – In Pictures
Our economy is hemorrhaging.
Americans enjoyed the benefits of living in a AAA reserve currency country for 66 years. Until Obama came along. Despite a mess of world events and polls with failure written all over them, Obama fled to the beaches and golf links of Martha’s Vineyard to live-out his provincial life. The economy is sick. Detroit became the largest U.S. city to file for bankruptcy. Chicago has an unfunded pension liability of $19B. The state of Illinois $100B. College graduates are underemployed and under siege with debt.
Meanwhile, the percentage of civilians 16 years and older working or actively looking for work reached a 34-year low. The labor force participation rate has fallen to 63.4%. The lowest point since December 1978. Pages in the Code of Federal Regulations hit an all-time high of 174,545 in 2012 at a cost of $1.8 trillion, roughly equal to the GDP of Canada. Our $16.7 trillion total debt is now 106% of the $15.8 trillion economy.
And, 75% of small-business owners say they intend to reduce hours, hiring and employees due to ObamaCare. And yet, the excess fiscal drag on the horizon still looms with ObamaCare-related taxes. As everyday Americans face healthcare premium rate shock, Obama has unilaterally decided that the government can and must “control” climate. A dangerous premise introducing yet more rounds of energy-related regulation, subsidies, and taxation via Executive fiat.
Despite all the attention of federal spending cuts and sequestration, the real fiscal headwinds comes almost entirely from rising taxes and burdensome mandates. The growth killer is the Affordable Care Act. With this uncertainty pushed out another year, no robust macro improvements can be expected at all. Simply multiply 330 million by $6,000 which is the current annual cost of individual healthcare insurance today and you ‘begin’ to get the picture. Will it collapse under its own weight?
Dodd-Frank is starting to dry up the money supply and is forcing banks and other institutions to spend huge amounts on regulatory compliance which is just another form of taxation. We have 50M on food stamps, 24M unemployed and 11M on disability, and all these numbers are going up. Black youth unemployment is 42%. Adding insult to injury, is the amnesty of cheap labor; where 25M illegal aliens seek ‘citizenship’ and federal benefits – further eroding supply and demand and wages of workers.
Its unsustainable. Our GDP is growing a paltry 1.5 %. That means we’re shedding, not producing jobs. The real unemployment rate is well-over 18%. In July, the jobless rate rose in 28 states. With a smaller and smaller portion of the working population supporting a growing part of the non-working population and the government monetizing the national debt how long can it be until the economy simply collapses?
Simply put, Obama’s policies are crushing the U.S. economy. In pictures.
The Reagan Recovery vs Obama Recovery.
Debt Held By The Public as % of GDP doubled under Obama.
Debt v GDP. Same Illustration. Different Chart. St. Louis Fed Reserve.
U.S. National Debt is Out of Control.
Federal Spending Outpacing the Taxpayer.
Obama Deficit Topped $1 Trillion each Year – All 4 Years.
Annual Increase in Debt as % of GDP. By House Speaker.
Detroits per Capita Obligations Pale in Comparison to FedGov.
Debt Borrowed in Credit Markets Is at 50 Year High.
Delinquent Student Loans Surges.
Individuals Receiving Food Stamps Surged Under Obama. (Monthly)
Total Welfare Spending: $168 Per Day Exceeds $137 Median Income Per-Day. Source
Federal Welfare Spending Grows 80% over 10 Years.
Welfare Spending Has Surged Under Obama.
The Bigger The Government. The Higher the Unemployment Rate.
Part-Time Jobs Surge. Full-Time Jobs Fall.
Keynesian-inspired; 77% of ALL New Jobs In 2013 Were Part-time. Source.
The Stagnation in Job Market Hits Demographics.
U.S. Jobs by Quarter 2003 – 2010. By Party.
Centralized Government Employment Surges.
Gov’t Employees Got Richer Compared to Rest of America.
Labor Force Participation under Obama at 25-Year Low.
Duration Of Unemployment Above Historical Levels.
Those Employed: Wages Are Spiraling Down Under Obama.
The Contraction in Manufacturing.
Unwanted Inventory Buildup. Buyers Not Materializing. Slow Demand.
Incomes Down. Prices Up. Obama Era.
Health Care Premiums Under Obamacare will explode.
Manhattan Institute: Ind-Mkt Premiums Increase By Average Of 41%.
Obamacare Premium Shock To The Young.
Average Premiums Climbed $2,976 Since 2009. Source.
Obama Tax Increases.
American Innovation Cut off.
Velocity Of Money. Number of Times One Dollar is Spent. [Circulation]
Excess Reserves Idle. No Loans = No Consumer Spending = No Money Circulation.
The dislocation between Bank loans and deposits.
Small Business and Self-Employed Americans Are Getting Clobbered.
Home Ownership Under Obama Is at An 18-year Low.
Bureaucracies Arise. Self-preservation Sets In. Implode & Collapse.
Obama’s Cabinet Appointments are of Academia. Theory Is Not Practice.
Lifetime Cost Of Illegal Aliens After Amnesty. Catastrophic Burden on Our System.
Nevada: Highest Unemployment rate. Highest % of illegal workers.