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Time Is Up

The President Gave Himself Three Years to Turn the Economy Around Three Years Have Come and Gone, and the Results Aren’t Good

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Washington, Feb 1, 2012 | comments

On February 1, 2009, President Obama said when speaking on the economy, “If I don’t have this done in three years, then there’s going to be a one-term proposition.”  

Three years later, the results couldn’t be clearer.  The failed policies and broken promises of the President’s trillion dollar stimulus have made things worse than if he had simply done nothing at all.  All the while, the President and Congressional Democrats continue to further stifle an already weak economy, with the same approach - more government spending and more debt paid for with job-killing tax increases.  As the charts below illustrate, the policies of the Obama Administration have left Americans worse off now than before Obama took office.

 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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