The Real State of the Economy

Today the President heads to Illinois to make his 19th pivot (read them all here) to jobs and the economy since taking office. Below are a few facts and figures on what the Obama Economy has produced for the middle class to date.

Economic Facts 

The latest jobs report continues to show the economy plodding along at a very sluggish pace.

  • In June, the unemployment rate was at 7.6 percent.
  • The number of unemployed workers is 11.8 million. 
  • The number of workers working part-time for economic reasons is 8.2 million
  • Since the President took office, the average duration of unemployment has almost doubled from 19.8 weeks to 35.6 weeks. 
  • President Obama’s ‘economic recovery’ has produced 3.95 million fewer jobs than the average economic recovery.

Middle Class

Obama’s economic policies have not been kind to the middle class

  • Most recent Labor Department statistics show median earnings have fallen 4 percent since the recession ended, after adjusting for inflation.
  • Gas Prices are up 19 cents from a year ago.
  • Per capita disposable income has increased by only 2.3% since June 2009, well below the average for an economic recovery.

Manufacturing and Construction

When in doubt, the President seems to always turn to manufacturing and the housing market, unfortunately for the President, those markets haven’t done so well either under his Administration:

Health Care

Finally, the President is expected to harp on rising health care costs and his plan to lower them for the middle class. As we have seen since 2010, the President’s health care law has only hurt the middle class.

  • The individual health insurance market may face premium increases of nearly 100 percent on average, with potential highs eclipsing 400 percent.
  • Small businesses can expect average premium increases in the small group market of up to 50 percent, with potential highs over 100  percent.

 What They Are Saying About the President’s Pivot to Jobs – We’ve Seen It Before

“If President Barack Obama’s new focus on the economy sounds familiar, that’s because he’s done it before.” (Obama’s latest economic push has familiar feel, Julie Pace, AP, July 22, 2013)

We’ve seen this movie before. But will the ending be any different this time?” (Obama’s economic roadshow: Will more speeches matter?, Devin Dwyer, ABC News, July 22, 2013)

“President Obama will once again try to refocus the public’s attention and the political debate on the economy this week.” (Obama pivots to the economy..again, Mary Bruce, ABC News, July 23, 2013)

“So what does the president do? He does what he does when things are going poorly: He hits the campaign trail with recycled rhetoric.” (A stalled economy, a President out of steam, Jennifer Rubin, Washignton Post, July 22,2013)