33 Shocking Facts Which Show How Badly The Economy Has Tanked Since Obama Became President

Zero Hedge ^ | August 20, 2013 | Michael Snyder

[Zakeet]

Barack Obama has been running around the country taking credit for an "economic recovery", but the truth is that things have not gotten better under Obama. Compared to when he first took office, a smaller percentage of the working age population is employed, the quality of our jobs has declined substantially and the middle class has been absolutely shredded. If we are really in the middle of an "economic recovery", why is the homeownership rate the lowest that it has been in 18 years? Why has the number of Americans on food stamps increased by nearly 50 percent while Obama has been in the White House? Why has the national debt gotten more than 6 trillion dollars larger during the Obama era? Obama should not be "taking credit" for anything when it comes to the economy. In fact, he should be deeply apologizing to the American people.

And of course Obama is being delusional if he thinks that he is actually "running the economy". The Federal Reserve has far more power over the U.S. economy and the U.S. financial system than he does. But the mainstream media loves to fixate on the presidency, so presidents always get far too much credit or far too much blame for economic conditions.

But if you do want to focus on "the change" that has taken place since Barack Obama entered the White House, there is no way in the world that you can claim that things have actually gotten better during that time frame. The cold, hard reality of the matter is that the U.S. economy has been steadily declining for over a decade, and this decline has continued while Obama has been living at 1600 Pennsylvania Avenue.

It is getting very tiring listening to Obama supporters try to claim that Obama has improved the economy. That is a false claim that is not even remotely close to reality. The following are 33 shocking facts which show how badly the U.S. economy has tanked since Obama became president...

#1 When Barack Obama entered the White House, 60.6 percent of working age Americans had a job. Today, only 58.7 percent of working age Americans have a job.

#2 Since Obama has been president, seven out of every eight jobs that have been "created" in the U.S. economy have been part-time jobs.

#3 The number of full-time workers in the United States is still nearly 6 million below the old record that was set back in 2007.

#4 It is hard to believe, but an astounding 53 percent of all American workers now make less than $30,000 a year.

#5 40 percent of all workers in the United States actually make less than what a full-time minimum wage worker made back in 1968.

#6 When the Obama era began, the average duration of unemployment in this country was 19.8 weeks. Today, it is 36.6 weeks.

#7 During the first four years of Obama, the number of Americans "not in the labor force" soared by an astounding 8,332,000. That far exceeds any previous four year total.

#8 According to the U.S. Census Bureau, the middle class is taking home a smaller share of the overall income pie than has ever been recorded before.

#9 When Obama was elected, the homeownership rate in the United States was 67.5 percent. Today, it is 65.0 percent. That is the lowest that it has been in 18 years.

#10 When Obama entered the White House, the mortgage delinquency rate was 7.85 percent. Today, it is 9.72 percent.

#11 In 2008, the U.S. trade deficit with China was 268 billion dollars. Last year, it was 315 billion dollars.

#12 When Obama first became president, 12.5 million Americans had manufacturing jobs. Today, only 11.9 million Americans have manufacturing jobs.

#13 Median household income in America has fallen for four consecutive years. Overall, it has declined by over $4000 during that time span.

#14 The poverty rate has shot up to 16.1 percent. That is actually higher than when the War on Poverty began in 1965.

#15 During Obama's first term, the number of Americans on food stamps increased by an average of about 11,000 per day.

#16 When Barack Obama entered the White House, there were about 32 million Americans on food stamps. Today, there are more than 47 million Americans on food stamps.

#17 At this point, more than a million public school students in the United States are homeless. This is the first time that has ever happened in our history. That number has risen by 57 percent since the 2006-2007 school year.

#18 When Barack Obama took office, the average price of a gallon of regular gasoline was $1.85. Today, it is $3.53.

#19 Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.

#20 Health insurance costs have risen by 29 percent since Barack Obama became president, and Obamacare is going to make things far worse.

#21 The United States has fallen in the global economic competitiveness rankings compiled by the World Economic Forum for four years in a row.

#22 According to economist Tim Kane, the following is how the number of startup jobs per 1000 Americans breaks down by presidential administration...

Bush Sr.: 11.3
Clinton: 11.2
Bush Jr.: 10.8
Obama: 7.8

#23 In 2008, that total amount of student loan debt in this country was 440 billion dollars. At this point, it has shot up to about a trillion dollars.

#24 According to one recent survey, 76 percent of all Americans are living paycheck to paycheck.

#25 During Obama's first term, the number of Americans collecting federal disability insurance rose by more than 18 percent.

#26 The total amount of money that the federal government gives directly to the American people has grown by 32 percent since Barack Obama became president.

#27 According to the Survey of Income and Program Participation conducted by the U.S. Census, well over 100 million Americans are enrolled in at least one welfare program run by the federal government.

#28 As I wrote about the other day, American households are now receiving more money directly from the federal government than they are paying to the government in taxes.

#29 Under Barack Obama, the velocity of money (a very important indicator of economic health) has plunged to a post-World War II low.

#30 At the end of 2008, the Federal Reserve held $475.9 billion worth of U.S. Treasury bonds. Today, Fed holdings of U.S. Treasury bonds have skyrocketed past the 2 trillion dollar mark.

#31 When Barack Obama was first elected, the U.S. debt to GDP ratio was under 70 percent. Today, it is up to 101 percent.

#32 During Obama's first term, the federal government accumulated more new debt than it did under the first 42 U.S presidents combined.

#33 When you break it down, the amount of new debt accumulated by the U.S. government during Obama's first term comes to approximately $50,521 for every single household in the United States. Are you able to pay your share?

[P.O.E.]

It’s not just anecdotal evidence (excerpted from Wikipedia):

2007–08 world food price crisis
http://en.wikipedia.org/wiki/2007%E2%80%9308_world_food_price_crisis

Contents
1 Drastic price increases

1.1 World population growth
1.2 Increased demand for more resource intensive food
1.3 Effects of petroleum and fertilizer price increases
1.4 Declining world food stockpiles
1.5 Financial speculation
1.5.1 Commodity index funds
1.6 Effects of trade liberalization
1.7 Effects of food for fuel
1.8 Biofuel subsidies in the US and the EU
1.9 Idled farmland
1.10 Agricultural subsidies
1.11 Distorted global rice market
1.12 Crop shortfalls from natural disasters
1.13 Soil and productivity losses
1.14 Rising levels of ozone

.....

4 Unrest and government actions in individual countries and regions

4.1 Bangladesh
4.2 Brazil
4.3 Burkina Faso
4.4 Cameroon
4.5 Côte d’Ivoire
4.6 Egypt
4.7 Ethiopia
4.8 Haiti
4.9 India
4.10 Indonesia
4.11 Latin America
4.12 Mexico
4.13 Mozambique
4.14 Pakistan
4.15 Myanmar
4.16 Panama
4.17 Philippines
4.18 Russia
4.19 Senegal
4.20 Somalia
4.21 Tajikistan
4.22 Yemen

Food price decreases

In December 2008, the global economic slowdown, decreasing oil prices, and speculation of decreased demand for commodities worldwide brought about sharp decreases in the price of staple crops from their earlier highs. Corn prices on the Chicago Board of Trade dropped from US $7.99 per bushel in June to US $3.74 per bushel in mid-December; wheat and rice prices experienced similar decreases.[157] The UN’s Food and Agriculture Organization, however, warned against “a false sense of security”, noting that the credit crisis could cause farmers to reduce plantings.[158] FAO convened a World Summit on Food Security at its headquarters in Rome in November 2008, noting that food prices remained high in developing countries and that the global food security situation has worsened.

By early 2011 food prices had risen again to surpass the record highs of 2008. Some commentators saw this as the resumption of the price spike seen in 2007–08. Prices had dropped after good weather helped increase grain yields while demand had dropped due to the recession.

[P.O.E.]

Oh, and I forgot to mention: the main causes of the French Revolution were unemployment and hunger.

[Vaduz]

#5 40 percent of all workers in the United States actually make less than what a full-time minimum wage worker made back in 1968.
Proof that he has sh*t for brains Jimmy Carter smiles.

[EVO X]

You’re right but all the oil WE need is in our ground and the government refuses to license extraction.

Ditto that, and I think we can add the war on coal to the list.

[fabian]

wow...I blame the idiot drone socialists that elected him more than him!

[cherry]

there’s a copay for everything...I just won’t go to the dr unless its an emergency...thankfully, we aren’t on a lot of meds...

[cherry]

I blame a certain number of so called "conservatives" or "patriots" or "freepers" who couldn't vote for a decent man to be president and re elected this horrible, evil, communist nazi in chief....thx for nothing....

I am shocked too to see so called Christians voting for this creep....

[newfreep]

Hopeless change bump

Leftists cannot defend reality

[cherry]

you're like me....I just can't be friends with stupid evil people that vote for this crap....I've had to remove many people...a number of close family members...from facebook because I was tired of their drivel...

I've got two adult children and their spouses who voted for this guy....I'd like to tell them straight out that we had hoped to leave them some money when we're gone but the animal in chief is going to make sure everything we have is taken by the govt, so so sorry kids....my life's work for you won't be yours afterall...and its all your fault...

[Roses0508]

BUMP

[fabian]

Yes..true but blame also the stupid Republican establishment for not putting forth a true conservative! Romney also...for not having the wisdom to see also that he was one of our very worst candidates! What an ego.

[NoKoolAidforMe]

What I mean by ‘not a political issue’ is that I feel as though someone’s political views are more of a moral thing than just ‘political’. I am a registered republican. I come from a long line of democrats even though my family is really conservative in their values. I love my country. I believe in the Constitution. I believe that abortion is the greatest moral wrong of our lifetime. I am a Christian. I support our military. Basically, everything that the party of Ronald Reagan used to stand for (or at least as I believed it.) More and more, my own family members have moved away from the democrat platform and either voted republican or changed their party affiliation.

I could not be friends with someone who say supported abortion, limiting my rights as guaranteed under the Constitution, supports same-sex ‘marriage’, etc. I am very disgusted at what the republican party has turned into especially in my own state—New York. They are practically democrats and worse, they no longer have any conviction.

So many elected officials no longer believe in anything. It is all about getting elected and staying in office. They do not care about us.

Sorry for the long-winded post, but my level of cynicism has grown exponentially since Zero became America’s dictator. I really pray for our next Ronald Reagan to save us, but I don’t see anyone who can do it.

Eh.

[S.O.S121.500]

BOOKbump

[S.O.S121.500]

wow...I blame the idiot drone socialists that elected him more than him!

---

You assume legitimacy in the ballot..........can I say “Fool”?

[fabian]

Yes, there was ballot tampering...so why the hell isn’t it investigated?

[S.O.S121.500]

why the hell isn’t it investigated?

---

Shortage of Repblipoop spines and the testicles to hang from them.....

[TurboZamboni]

those 40% are probably limited to p/t hours.

[NWHawk]

bfl

[csmusaret]

http://www.libertyfederation.com/33_shocking_facts_which_show_how_badly_the_economy_has_tanked_since_obama_became_president