Last year, Obama said with a straight face to Jon Stewart that “the economy, by every metric, is better than when I came into office.”
Politifact rated the statement as “mostly-false,” and it wasn’t very hard to find examples of where the economy has worsened since Obama took office.
Jerome Corsi at World Net Daily has written a piece that updates one that we published here at The Federalist Papers last year, titled TRUTH BOMB: Obama’s Disastrous Economic “Recovery” In 9 Horrifying Charts.
1. Student Loans
At the beginning of the Obama administration, in the first quarter of 2009, student loans stood at $146.6 billion. From there, the graph rises steeply. By the fourth quarter 2015, the last quarter for which the Federal Reserve Bank of St. Louis charted the data, student loans had risen to $945.6 billion.
2. Food Stamps
Under President Obama, the Supplemental Nutrition Assistance Program, or SNAP, commonly known as the “Food Stamps” program, has grown from $54.8 billion in 2009 to $69.4 billion in 2014.
In January 2015, the number of beneficiaries receiving food stamps topped 46 million for 38 straight months, with 14.6 percent of the population and 19.7 percent of all households receiving food stamps
3. Federal Debt
The federal debt is projected to nearly double under President Obama, with the Federal Reserve Bank of St. Louis chart showing it has increased from $11.1 trillion in the first quarter 2009 to $18.9 trillion in the fourth quarter 2015.
4. Money Printing
While Quantitative Easing, the Federal Reserve policy of printing money to buy U.S. Treasury Department-issued government debt, known among economists as QE, began under President George W. Bush, it took off under President Obama.
The Federal Reserve Bank of St. Louis chart shows the adjusted monetary base of the United States rose from $1.772 trillion on Jan. 14, 2009, to $3.996 trillion as of March 16, 2016.
5. Health Insurance Costs
Despite Obama’s promises that the implementation of Obamacare would lower health-care costs, the Federal Reserve Bank of St. Louis chart shows the Consumer Price Index, CPI, for medical care services has continued a straight-line increase since the passage of the Affordable Care Act.
The CPI for medical care services has increased from 149.952 in January 2009 to 186.961 in February 2016, rising from a base of 100 in December 1999.
6. Labor Force Participation
In April 2014, nearly 93 million Americans were considered out of the labor force. According to John Williams, an economist known for arguing the government reports manipulate “shadow statistics” of economic data for political purposes, drops in the unemployment rate as reported by the BLS have become virtually meaningless.
“The broad economic outlook has not changed, despite the heavily-distorted numbers that continue to be published by the BLS,” Williams writes in his subscription newsletter on ShadowStats.com. “The unemployment rates have not dropped from peak levels due to a surge in hiring; instead, they generally have dropped because of discouraged workers being eliminated from headline labor-force accounting.”
7. Labor’s Share of Income
The Bureau of Labor statistics measures labor’s share of the income produced by nonfarm employment, roughly described as employment in the business sector of the economy. The measure is often used to interpret “the worker’s share of the economy,” with a declining index interpreted as a measure of growing economic discontent among middle class employees.
8. Median Family Income
Real median household income in the United States has declined from a height of $57,357 in 2007 under President George W. Bush to $53,657 in 2014 under President Obama.
9. Home Ownership
The home-ownership rate has declined from 67.4 percent in 2009 to 63.7 in the second quarter 2015. On July 28, 2015, the Wall Street Journal reported that the rate of home ownership in the second quarter 2015 hit a 48-year low, reflecting the reality that fewer middle class Americans can afford to buy a home.
How’s that for hope and change?