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Chairman Dave Camp

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Sarah Swinehart (202) 226-4774

Americans Continue to Struggle under the Obama Economy

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Washington, Oct 15, 2012 | comments
Recently, the Congressional Budget Office reported that the country posted a deficit of $1.1 trillion in fiscal year 2012.  Despite his promise to cut the deficit in half by the end of his term, this is the fourth consecutive trillion-dollar deficit under President Obama.  As the table below shows, these massive deficits are simply one of the ways the policies of the Obama Administration have failed to get the economy growing again and Americans back to work. 


America Before President Obama Took Office and America Now

   Before  Now  Change
 Long-Term Unemployed1  2.7 Million  4.8 Million   +78%
 Price of Gas2
 $1.85  $3.85  +108%
 “High Unemployment” States3  22  40  +82%
 Misery Index4  7.83  9.79  +25%
 “Typical” Monthly Family Food Cost5  $974  $1,021  +5%
 Median Value of Single-Family Home6  $196,600  $181,500  -8%
 Rate of Mortgage Delinquencies7  6.63%  10.61%  +60%
 U.S. National Debt8  $10.6 Trillion  $16.2 Trillion  +53%
 Median Household Income9
 $54,983   $50,964   -7%



1. “Long-term unemployed” means for over 26 weeks; data for January 2009 and September 2012. http://www.bls.gov/data/#unemployment.
2.  Average retail price per gallon, January 2009 week 3 and October 2012 week 2. http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=EMM_EPMR_PTE_NUS_DPG&f=W.
3. “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 October 14, 2012. http://www.ows.doleta.gov/unemploy/trigger/2009/trig_011809.html and http://ows.doleta.gov/unemploy/trigger/2012/trig_101412.html.
4. The “Misery Index” equals unemployment plus inflation.  For January 2009 and August 2012.  http://www.miseryindex.us/.
5. U.S. Department of Agriculture, values represent monthly “moderate” cost per family of four for January 2009 and August 2012. http://www.cnpp.usda.gov/USDAFoodCost-Home.htm.
6. U.S. median sales price of existing single-family homes for metropolitan areas for 2008 and 2012 Q2. http://www.realtor.org/research/research/metroprice.
7. Residential mortgage delinquencies (real estate loans) for 2008 Q4 and 2012 Q2. http://www.federalreserve.gov/releases/chargeoff/default.htm.
8. Values for January 21, 2009 and October 11, 2012.  http://www.treasurydirect.gov/NP/BPDLogin?application=np.

9. Values for January 2009 and June 2012. Data provided by Sentier Research: http://online.wsj.com/article/SB10001424052702303822204577468750027784434.html.


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