The Cost of Obama’s Economy
“Give it to me.” Those were the words of Barack Obama in speaking about the economy before he was elected president in 2008. So the people did, on the promise that he would rebuild the disastrous economy that President Bush had supposedly created. Now, four years later he has won the presidency again claiming he needs more time to fix things. However, according to the numbers, the question is now who’s economy will the president be working to correct? Let’s review the change that has come about since Obama came into office four years ago.
Median household income when Barack Obama entered office (January 2009): $54,983
Median household income in June 2012: $50,964
Disposable income per capita in 2008: $33,229
Disposable income per capita in the first quarter of 2012, at an annualized rate: $32,677
Median weeks of unemployment for a jobless worker in January 2009: 10.7
Median weeks of unemployment for a jobless worker in October 2012: 19.6
People participating in Supplemental Nutrition Assistance Program (food stamps) in January 2009: 31,983,716
People on food stamps in August 2012: 47,102,780
Poverty rate in 2009: 13.2%
Poverty rate in 2011: 15.1%
Percent of Americans who have used government assistance, including breaks in the tax code: 96%
In addition to abysmal economic numbers, countless businesses have suffered in Obama’s economy. Revealing Politics has compiled a glimpse into the devastating effect Obama has had on businesses over the last four years. The president claimed he was ready, and in fact, happy, to take responsibility of the economy. Given his track record, will he take responsibility for the results of his work?