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Sarah Swinehart (202) 226-4774

The Latest Data Shows Americans Are Still Struggling Under the Burden of the Obama Economy

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Washington, Apr 27, 2012 | comments

Today, the U.S. Department of Commerce Bureau of Economic Analysis released the latest gross domestic product (GDP) figures.  GDP growth was a disappointing 2.2 percent in the first quarter of this year, well below what is needed to create jobs and put the country on a path to real growth and prosperity.  Over the course of the past three years, the actions taken by President Obama and Congressional Democrats have prolonged the country’s economic woes making almost every aspect of daily life more difficult average Americans.  If presiding over the slowest jobs recovery since records were kept wasn’t bad enough, the table below shows, by almost any measure, the country is worse off after three years of an Obama presidency.

America Before President Obama Took Office and Now

 

Before

Now

Change

Number of Unemployed1

12.0 Million

12.7 Million

+5%

Long-Term Unemployed2

2.7 Million

5.3 Million

+97%

Unemployment Rate3

7.8%

8.2%

+5%

“High Unemployment” States4

22

39

+77%

Misery Index5

7.83

10.85

+39%

Price of Gas6

$1.85

$3.87

+109%

“Typical” Monthly Family Food Cost7

$974

$1,025

+5%

Median Value of Single-Family Home8

$196,600

$163,500

-14%

Rate of Mortgage Delinquencies9

6.64%

9.86%

+48%

U.S. National Debt10

$10.6 Trillion

$15.6 Trillion

+47%

 

1 Number of unemployed in January 2009 and March 2012. http://www.bls.gov/data/#unemployment.
2
“Long-term unemployed” means for over 26 weeks; data for January 2009 and March 2012. http://www.bls.gov/data/#unemployment.
3
Unemployment rates in January 2009 and March 2012. 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 April 22, 2012. http://www.ows.doleta.gov/unemploy/trigger/2009/trig_011809.html and http://ows.doleta.gov/unemploy/trigger/2012/trig_042212.html.
5
The “Misery Index” equals unemployment plus inflation.  For January 2009 and March 2012.  http://www.miseryindex.us/.
6
Average retail price per gallon, January 2009 week 3 and April 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 January 2012. http://www.cnpp.usda.gov/USDAFoodCost-Home.htm.
8
U.S. median sales price of existing single-family homes for metropolitan areas for 2008 Q3 and 2011 Q4. http://www.realtor.org/research/research/metroprice.
9
Residential mortgage delinquencies (real estate loans) for 2008 Q4 and 2011 Q4. http://www.federalreserve.gov/releases/chargeoff/default.htm.
10
Values for January 21, 2009 and April 25, 2012.  http://www.treasurydirect.gov/NP/BPDLogin?application=np

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