The Obama recovery is failing, and Americans are starting to notice. Over fifty percent of the American people disapprove of how President Obama is handling the economy. The President’s tax and spend policies have done little to improve our nation’s stagnant recovery.
In the first quarter of 2014, the American economy grew at a pathetic seasonally adjusted rate of 0.1 percent. For the American people, this means slower job growth and lower wages. In March 2014, the labor force participation rate stood at 63.2 percent, among the lowest levels since Carter was President.
And for those individuals facing long-term unemployment, the numbers are dismal. Over 3.7 million Americans have been unemployed for over 27 weeks, while 7.4 million are employed part time for economic reasons. And the jobs created in response do not match those lost in the recession. Thirty-six percent of jobs lost were mid-wage paying, yet only 26 percent of jobs created match that salary.
Not only are individuals feeling the squeeze, but the entire American economy is suffering as well. According to estimates from the Joint Economic Committee, the President’s economic decisions have resulted in $4.0 trillion in lost economic output.
Under President Obama, the U.S. is falling behind around the world as well. Gross Domestic Product growth is well below previous average recoveries. This week, reports showed that China’s production rate is set to overtake the U.S. as the world’s number one economy.
A strong American economy is essential for American’s to achieve better lives through more opportunities. House Republicans have a plan for jobs and economic growth that will create good-paying jobs and improve the American economy as a whole.