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The Obama deficits
Source: Congressional Budget Office.
The Obama administration deficit spending is government deficit spending which is occurring at unprecedented levels. The Obama administration fiscal policy is burying Americans under a mountain of debt. Persistent deficit financing, along with tax increases in hard economic times, are known job killers that stifle growth and choke job creation, even according to Keynesian economic theory.
Source: White House Office of Management and Budget
The Obama deficits are unquestionably the largest on record and represents an explosion of debt owed to foreign investors -- capital that must be exported in the future. The most recent deficit under President Obama for the year ending September 30, 2010 has been reported by the administration as $1,290 billion dollars (or $1.29 trillion).
President Obama's record deficits include the $787 billion failed Economic stimulus, the $634 billion "down payment" on so-called healthcare reform, and the $80 billion UAW bailout, which added to President George W. Bush's proposed $700 billion deficit in 2008.
GDP Report Shows Stimulus Failed
The U.S. Commerce Dept. reported Gross Domestic Product has not responded adequately to President Obama's economic stimulus over Recovery Summer. Millions of jobs have been lost however, affecting the lives of nearly one out of every three workers. And the Obama administration deficit spending has added several trillion dollars more to the National debt.
By contrast, the 3.0%+ growth rates sustained by the Reagan era tax cuts as the United States emerged from the 1982 recession provided the necessary stimulus to maintain a growing population and declining unemployment (below chart).
The Congressional Budget Office reports the GDP output gap (the difference between actual GDP and potential GDP if all labor and capital were fully employed) is about 6.5 per cent, and economic growth for the next few years "will probably be muted." The US economy has no recent experience of living with an output gap of anywhere near this level.
The Output Gap: a reflection of actual vs potential output. The U.S. economy is operating 6.5% below its productive capacity. At 1% growth, it will take the better part of a decade to return the 10% Unemployed back to the workforce, barring no other unforseen disasters. The two Stimulus packages, since the Democrats took control of Congress in January 2007, represent an incredible waste of precious resources which could have been used to foster job creation rather than add to a colossal foreign debt.
Declining workforce participation is another factor affecting the Output Gap since the Pelosi/Reid Congress took office.
Workforce participation constitutes the total number of eligible working age adults. Some workers (women who drop out of the workforce for child rearing purposes, or seniors who work to remain active rather than they need the money, for example) in the adult population are discounted, or deemed 'ineligible' to work to arrive at the base number from which the Unemployment rate is calculated. Prior to the recession, more than 66% of working age adults were considered to makeup the workforce. Nearly two full percentage points, or 3,000,000 workers have been shaved off the statisitcs by government number crunchers, to arrive at the base number used to calculated a 9.6% Unemployment rate. If those three million eligible workers were addded back in, the 15,000,000 unemployed figure would swell to 18,000,000 (each one percentage point of the Unemployed represents roughly 1.5 million people).
Underemployment is said to be another 7%, or 11,000,000 people, bringing the entire group total to 29,000,000 unemployed, underemployed, or 'ineligible' currently. Not counted in this figure are new hirees, persons who recently experienced Unemployment. The turnover rate (for whatever reason) of new hirees is much greater than more established workers.
Workers during Recovery Summer had smaller paychecks due to a decline in the average number of payroll hours worked per week. Likewise fewer payroll hours does not bode well for the Unemployed, as payroll hours are first to be increased before an employer hires more workers. Declining payroll hours and Workforce participation are two examples of 'under utilization of resources' contributing to the Output Gap.
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