COMMITTEE on WAYS and MEANS

Chairman Dave Camp

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Sarah Swinehart (202) 226-4774

America Then and Now – Obama Policies Have Put America at Risk

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Washington, Jan 27, 2012 | comments

Earlier this week during his State of the Union address, President Obama said, “The defining issue of our time is how to keep that [American] promise alive.”

What he conveniently omitted from his speech was that his failed policies have done nothing to make it easier to achieve, or afford, success.  In fact, as the table below shows, the Obama Administration has left Americans worse off.

 America Before President Obama Took Office and Now

 

Before

Now

Change

Number of Unemployed1

12.0 Million

13.1 Million

+9%

Long-Term Unemployed2

2.7 Million

5.6 Million

+107%

Unemployment Rate3

7.8%

8.5%

+9%

“High Unemployment” States4

22

43

+95%

Misery Index5

7.83

11.46

+46%

Price of Gas6

$1.85

$3.39

+83%

“Typical” Monthly Family Food Cost7

$974

$1,013

+4%

Median Value of Single-Family Home8

$196,600

$169,100

-14%

Rate of Mortgage Delinquencies9

6.62%

10.23%

+55%

U.S. National Debt10

$10.6 Trillion

$15.2 Trillion

+43%

 

1 Number of unemployed in January 2009 and December 2011. http://www.bls.gov/data/#unemployment.
2
“Long-term unemployed” means for over 26 weeks; data for January 2009 and December 2011. http://www.bls.gov/data/#unemployment.
3
Unemployment rates in January 2009 and December 2011. http://www.bls.gov/data/#unemployment.
4
“High unemployment” means having a 3-month average unemployment rate of 6% or higher.  From the Bureau of Labor Statistics’ “Extended Benefits Trigger Notice” for January 18, 2009 and January 22, 2012. http://www.ows.doleta.gov/unemploy/trigger/2009/trig_011809.html and http://ows.doleta.gov/unemploy/euc_trigger/2012/euc_012212.html.
5
The “Misery Index” equals unemployment plus inflation.  For January 2009 and December 2012.  http://www.miseryindex.us/indexbymonth.asp.
6
Average retail price per gallon, January 2009 week 3 and January 2012 week 4. http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=EMM_EPMR_PTE_NUS_DPG&f=W.
7
U.S. Department of Agriculture, values represent monthly “moderate” cost per family of four for January 2009 and November 2011. http://www.cnpp.usda.gov/USDAFoodCost-Home.htm.
8
U.S. median sales price of existing single-family homes for metropolitan areas for 2008 and 2011 Q3. http://www.realtor.org/research/research/metroprice.
9
Residential mortgage delinquencies (real estate loans) for 2008 Q4 and 2011 Q3. http://www.federalreserve.gov/releases/chargeoff/default.htm.
10
Values for January 21, 2009 and January 23, 2012.  http://www.treasurydirect.gov/NP/BPDLogin?application=np



 

 

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