Changes

The [[Obama administration]] proclaimed '''Recovery Summer''' on June 17, 2010 to spotlight the imapact [[President Obama]]'s economic program after passage of the [[American Recovery and Reinvestment Act]] (or "[[Economic stimulus|Stimulus package]]") by the [[Democrat]]ic controlled [[2008 Elections|111th Congress]] in 2009.<ref>[http://www.whitehouse.gov/the-press-office/administration-kicks-recovery-summer-with-groundbreakings-and-events-across-country Administration Kicks Off "Recovery Summer" with Groundbreakings and Events Across the Country], The [[White House]], Office of the Press Secretary, Press Release, June 17, 2010. Retrieved from www.whitehouse.gov  October 9, 2010.</ref> Vice President [[Joe Biden]] was placed in charge of the effort.  

The [[Obama administration]] proclaimed '''Recovery Summer''' on June 17, 2010 to spotlight the imapact [[President Obama]]'s economic program after passage of the [[American Recovery and Reinvestment Act]] (or "[[Economic stimulus|Stimulus package]]") by the [[Democrat]]ic controlled [[2008 Elections|111th Congress]] in 2009.<ref>[http://www.whitehouse.gov/the-press-office/administration-kicks-recovery-summer-with-groundbreakings-and-events-across-country Administration Kicks Off "Recovery Summer" with Groundbreakings and Events Across the Country], The [[White House]], Office of the Press Secretary, Press Release, June 17, 2010. Retrieved from www.whitehouse.gov  October 9, 2010.</ref> Vice President [[Joe Biden]] was placed in charge of the effort.  

During Recovery Summer 393,000 jobs were destroyed according to the Bureau of Labor Statistics,<ref>http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?request_action=wh&graph_name=CE_cesbref1</ref> [[unemployment]] rose,<ref>http://research.stlouisfed.org/fred2/graph/?chart_type=bar&s[1][id]=UNRATE</ref> and [[economic growth]] slowed from 5.7% to 1.6%.<ref>http://research.stlouisfed.org/fred2/graph/?chart_type=bar&s[1][id]=GDPC1</ref> The number counted by the [[Department of Labor]] as unemployed at the start of Recovery Summer was 14,599,000 Americans in July 2010; by September there were 14,767,000 Americans looking for work. 168,000 more unemployed than before President Obama and Vice President Biden announced Recovery Summer had begun.<ref>http://townhall.com/columnists/RichGalen/2010/10/29/relapse_summer</ref>

During Recovery Summer 393,000 jobs were destroyed according to the Bureau of Labor Statistics,<ref>http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?request_action=wh&graph_name=CE_cesbref1</ref> unemployment rose,<ref>http://research.stlouisfed.org/fred2/graph/?chart_type=bar&s[1][id]=UNRATE</ref> and [[economic growth]] slowed from 5.7% to 1.6%.<ref>http://research.stlouisfed.org/fred2/graph/?chart_type=bar&s[1][id]=GDPC1</ref> The number counted by the [[Department of Labor]] as unemployed at the start of Recovery Summer was 14,599,000 Americans in July 2010; by September there were 14,767,000 Americans looking for work. 168,000 more unemployed than before President Obama and Vice President Biden announced Recovery Summer had begun.<ref>http://townhall.com/columnists/RichGalen/2010/10/29/relapse_summer</ref>

==GDP Report showed the Obama [[Economic stimulus|Stimulus]] failed==

==GDP Report showed the Obama [[Economic stimulus|Stimulus]] failed==

The [[Congressional Budget Office]] reported 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 [http://www.cbo.gov/ftpdocs/108xx/doc10871/Summary.shtml "will probably be muted.]" The US economy has no recent experience of living with an output gap of anywhere near this level.

The [[Congressional Budget Office]] reported 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 [http://www.cbo.gov/ftpdocs/108xx/doc10871/Summary.shtml "will probably be muted.]" The US economy has no recent experience of living with an output gap of anywhere near this level.

[[File:Output Gap Q2 2010.JPG|200px|right|thumb|The Output Gap]][[File:Workforce_participation.JPG|200px|right|thumb|Declining Workforce participation: a way to hide real [[Unemployment]].]]

[[File:Output Gap Q2 2010.JPG|200px|right|thumb|The Output Gap]][[File:Workforce_participation.JPG|200px|right|thumb|Declining Workforce participation: a way to hide real Unemployment.]]

===The Output Gap===

===The Output Gap===

The Output Gap is a reflection of actual vs potential output. The U.S. economy was operating 6.5% below its productive capacity. At 1% growth, it would take the better part of a decade to return 10% of the workforce to employment, barring no other unforeseen disasters.  The two Stimulus packages, since the Democrats took control of Congress in January 2007, represented an incredible waste of resources which could have been used to foster job creation rather than add to a colossal foreign debt.

The Output Gap is a reflection of actual vs potential output. The U.S. economy was operating 6.5% below its productive capacity. At 1% growth, it would take the better part of a decade to return 10% of the workforce to employment, barring no other unforeseen disasters.  The two Stimulus packages, since the Democrats took control of Congress in January 2007, represented an incredible waste of resources which could have been used to foster job creation rather than add to a colossal foreign debt.

Another factor affecting the Output Gap since the '''[[110th Congress|Pelosi/Reid Congress]]''' took office is the reported decline in Workforce participation.<br>

Another factor affecting the Output Gap since the '''[[110th Congress|Pelosi/Reid Congress]]''' took office is the reported decline in Workforce participation.<br>

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 because they need the money, for example) in the adult population are dicounted, or deemed 'ineligible' to work to arrive at the base number from which '''[[Unemployment]]''' number 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 statistics by government number crunchers, to arrive at the base number used to calculated a 9.6% Unemployment figure. If those three million eligible workers were addded back in, the 15,000,000 unemployed figure would swell to 18,000,000 (each one percent unemployment percentage point represents roughly 1.5 million people).

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 because they need the money, for example) in the adult population are dicounted, or deemed 'ineligible' to work to arrive at the base number from which '''Unemployment''' number 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 statistics by government number crunchers, to arrive at the base number used to calculated a 9.6% Unemployment figure. If those three million eligible workers were addded back in, the 15,000,000 unemployed figure would swell to 18,000,000 (each one percent unemployment percentage point represents roughly 1.5 million people).

[[File:Average weekly hours.JPG|200px|right|thumb|Workers suffered smaller paychecks during Recovery Summer.]]

[[File:Average weekly hours.JPG|200px|right|thumb|Workers suffered smaller paychecks during Recovery Summer.]]

Workers during '''Recovery Summer''' were making less money due to a decline in the average number of 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.

Workers during '''Recovery Summer''' were making less money due to a decline in the average number of 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.

[[File:Real Disposable Personal Income.JPG|200px|right|thumb|Personal income took a marked decline during Recovery Summer. Consumer spending, job creation were all affect.]]<br>

[[File:Real Disposable Personal Income.JPG|200px|right|thumb|Personal income took a marked decline during Recovery Summer. Consumer spending, job creation were all affect.]]<br>

The [[United States Department of Commerce]] announced Real Disposable Personal Income<ref>http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm</ref> declined $16.8 billion in the lasr reporting period of Recovery Summer.  Consumer spending which accounts for 70% of all economic activity, job creation, and [[Unemployment]] were all affected. One cause was fewer payroll hours.  

The [[United States Department of Commerce]] announced Real Disposable Personal Income<ref>http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm</ref> declined $16.8 billion in the lasr reporting period of Recovery Summer.  Consumer spending which accounts for 70% of all economic activity, job creation, and Unemployment were all affected. One cause was fewer payroll hours.  

Further declines in worker takehome also are scheduled to occur after January 1, 2011, when the Obama tax increase is slated to take effect. While campaigning in [[Dover]], [[New Hampshire]], on September 12, 2008 while  then [[Barack Hussein Obama 2008 Presidential campaign|candidate Obama]] made this solemn promise<ref>http://www.youtube.com/watch?v=Q8erePM8V5U</ref> to the American people:

Further declines in worker takehome also are scheduled to occur after January 1, 2011, when the Obama tax increase is slated to take effect. While campaigning in [[Dover]], [[New Hampshire]], on September 12, 2008 while  then [[Barack Hussein Obama 2008 Presidential campaign|candidate Obama]] made this solemn promise<ref>http://www.youtube.com/watch?v=Q8erePM8V5U</ref> to the American people:

:''I can make a firm pledge: under my plan, no family making less than $250,000 will see their taxes increase - not your income taxes, not your payroll taxes.''<ref>http://www.realclearpolitics.com/articles/2008/09/obamas_remarks_in_dover_new_ha.html</ref>

:''I can make a firm pledge: under my plan, no family making less than $250,000 will see their taxes increase - not your income taxes, not your payroll taxes.''<ref>http://www.realclearpolitics.com/articles/2008/09/obamas_remarks_in_dover_new_ha.html</ref>

==Stimulus edges [[Unemployment]] higher==

==Stimulus edges Unemployment higher==

[[File:Unemployment Rate August 2010.JPG|200px|right|thumb|Unemployment rises to 9.6% after the President promised it would not go above 8%.]][[File:Hunger in America.jpg|left|125px|thumb|The current state of the [[economy]] recalls worries of a not too distant past. ]]

[[File:Unemployment Rate August 2010.JPG|200px|right|thumb|Unemployment rises to 9.6% after the President promised it would not go above 8%.]][[File:Hunger in America.jpg|left|125px|thumb|The current state of the [[economy]] recalls worries of a not too distant past. ]]

The [[U.S. Labor Department]] reported [[Unemployment]] rose in the Summer of Recovery to 9.6%, or 14,900,000 workers. [[President Obama]] called the results "positive"<ref>http://www.whitehouse.gov/blog/2010/09/03/president-obama-august-jobs-numbers-positive-news-not-nearly-good-enough Retrieved from whitehouse.gov</ref> and [[Wall Street]] rallied to record levels on the bad news. The ''[[New York Times]]'' has reported 70 percent of all campaign contributions from Wall Street<ref>http://www.nytimes.com/2010/08/31/business/31sorkin.html</ref> in [[United States Presidential Election, 2008|2008 elections]] went to President Obama and the [[Democrat]]s.  

The [[U.S. Labor Department]] reported Unemployment rose in the Summer of Recovery to 9.6%, or 14,900,000 workers. President Obama called the results "positive"<ref>http://www.whitehouse.gov/blog/2010/09/03/president-obama-august-jobs-numbers-positive-news-not-nearly-good-enough Retrieved from whitehouse.gov</ref> and [[Wall Street]] rallied to record levels on the bad news. The ''[[New York Times]]'' has reported 70 percent of all campaign contributions from Wall Street<ref>http://www.nytimes.com/2010/08/31/business/31sorkin.html</ref> in [[United States Presidential Election, 2008|2008 elections]] went to President Obama and the Democrats.  

[[File:Total Unemployed.jpg|200px|right|thumb|Marginally attached and underemployed.]]  

[[File:Total Unemployed.jpg|200px|right|thumb|Marginally attached and underemployed.]]  

More than 120 banks and financial institutions who took money from the $700 billion [[Financial Crisis of 2008|Troubled Assets Relief Program]] which then [[Senator Barack Obama]] voted for have failed to make their scheduled repayments. Five others failed altogether making it unlikely the [[U.S. Treasury]] will ever recover the money poured into those institutions. Wall Street banking giants '''Goldman Sachs''', '''JP Morgan''', '''Citigroup''' and '''Morgan Stanley''', which recieved $70 billion in '''[[bailout]]''' funds, are among the Top 20 largest donors<ref>http://edschultz.invisionzone.com/index.php?showtopic=36796</ref> to President Obama's political campaigns.  

More than 120 banks and financial institutions who took money from the $700 billion [[Financial Crisis of 2008|Troubled Assets Relief Program]] which then [[Senator Barack Obama]] voted for have failed to make their scheduled repayments. Five others failed altogether making it unlikely the [[U.S. Treasury]] will ever recover the money poured into those institutions. Wall Street banking giants '''Goldman Sachs''', '''JP Morgan''', '''Citigroup''' and '''Morgan Stanley''', which received $70 billion in '''[[bailout]]''' funds, are among the Top 20 largest donors<ref>http://edschultz.invisionzone.com/index.php?showtopic=36796</ref> to President Obama's political campaigns.  

[[File:Continued claims.JPG||200px|right|thumb|Unemployment soared by the end of Recovery Summer.]][[File:Krdo13.jpg||175px|left|thumb|[[Obamaville]]'s have sprouted up across the United States during President Obama's tenure of office.]]

[[File:Continued claims.JPG||200px|right|thumb|Unemployment soared by the end of Recovery Summer.]][[File:Krdo13.jpg||175px|left|thumb|[[Obamaville]]'s have sprouted up across the United States during President Obama's tenure of office.]]

Key administration advisers [[Rahm Emanuel]], [[Larry Summers]], Peter Orzag, Christina Romer and James Jones all announced their departures just before the abysmal performance of President Obama's record became public.  3,200,000 despairing workers have lost their jobs since the President's economic stimulus became law. The [[Democrat]]ic controlled Congress acted with the assurance Unemployment would never reach above 7.8%.[[File:Median-longterm-unemployment.JPG|200px|right|thumb|Workers endure twice the length of Unemployment more than anytime in the past half century.]]  

Key administration advisers [[Rahm Emanuel]], [[Larry Summers]], Peter Orzag, Christina Romer and James Jones all announced their departures just before the abysmal performance of President Obama's record became public.  3,200,000 despairing workers have lost their jobs since the President's economic stimulus became law. The Democratic controlled Congress acted with the assurance Unemployment would never reach above 7.8%.[[File:Median-longterm-unemployment.JPG|200px|right|thumb|Workers endure twice the length of Unemployment more than anytime in the past half century.]]  

The total number of lives affected by Unemployment since the [[110th Congress]] when the [[Recession]] began is well above the constant 15,000,000 unemployed reported. As roughly 2,000,000 newly unemployed enter the jobless ranks monthly, and another 2,000,000 finding jobs are rotated out, the cumulative effect means over 30 million people have directly suffered unemployment.

The total number of lives affected by Unemployment since the [[110th Congress]] when the [[Recession]] began is well above the constant 15,000,000 unemployed reported. As roughly 2,000,000 newly unemployed enter the jobless ranks monthly, and another 2,000,000 finding jobs are rotated out, the cumulative effect means over 30 million people have directly suffered unemployment.

By September 2010, nineteen months into the Stimulus, the Labor Dept claimed the number of "marginally attached"<ref>http://www.bls.gov/news.release/empsit.nr0.htm</ref> underemployed (part time workers seeking full time work and workers taking employment beneath their skill set) reached over 2,800,000 persons (18.2% of the workforce<ref>http://townhall.com/columnists/RichGalen/2010/10/29/relapse_summer</ref>), up from 2,200,000 in President Obama's first year.

By September 2010, nineteen months into the Stimulus, the Labor Dept claimed the number of "marginally attached"<ref>http://www.bls.gov/news.release/empsit.nr0.htm</ref> underemployed (part-time workers seeking full-time work and workers taking employment beneath their skill set) reached over 2,800,000 persons (18.2% of the workforce<ref>http://townhall.com/columnists/RichGalen/2010/10/29/relapse_summer</ref>), up from 2,200,000 in President Obama's first year.

Among the marginally attached, there were 1,200,000 discouraged workers, an increase of 503,000 since Obama's first year in office. Discouraged workers are defined as persons who have lost [[hope]] of finding work because they believe no jobs are available.  

Among the marginally attached, there were 1,200,000 discouraged workers, an increase of 503,000 since Obama's first year in office. Discouraged workers are defined as persons who have lost [[hope]] of finding work because they believe no jobs are available.  

[[File:Permanent job loss.JPG|200px|right|thumb|''Percent of Unemployed workers.''<br>

[[File:Permanent job loss.JPG|200px|right|thumb|''Percent of Unemployed workers.''<br>

''Sources: Congressional Budget Office; Department of Labor, Bureau of Labor Statistics.''<br>]]

''Sources: Congressional Budget Office; Department of Labor, Bureau of Labor Statistics.''<br>]]

[[Unemployment]] continued claims soared to 4,519,500 at the end of [[Recovery Summer]]. An additional 462,000, first time filers, or an increase of 13,000 displaced workers [[Unemployment|joined the soup lines]] in mid October.   

Unemployment continued claims soared to 4,519,500 at the end of [[Recovery Summer]]. An additional 462,000, first time filers, or an increase of 13,000 displaced workers [[Unemployment|joined the soup lines]] in mid October.   

An average of 453,250 workers per week, nearly ''100,000 per day'', were still being laid off 21 months into the Obama Stimulus.<br>

An average of 453,250 workers per week, nearly ''100,000 per day'', were still being laid off 21 months into the Obama Stimulus.<br>

With the aid of the government's program to stimulate and "rescue" housing demand, the National Association of Realtors reported the worst drop in demand on record.

With the aid of the government's program to stimulate and "rescue" housing demand, the National Association of Realtors reported the worst drop in demand on record.

2,100,000 housing construction jobs have been lost since the [[Nancy Pelosi|Pelosi]]/[[Harry Reid|Reid]] [[Democrat]]s captured the [[U.S. Congress|Congress]] in the [[110th United States Congress|2006 mid-term elections]].

2,100,000 housing construction jobs have been lost since the [[Nancy Pelosi|Pelosi]]/[[Harry Reid|Reid]] Democrats captured the [[U.S. Congress|Congress]] in the [[110th United States Congress|2006 mid-term elections]].

[[File:HomeSalesGapAugust2010.jpg|200px|right|thumb]]

[[File:HomeSalesGapAugust2010.jpg|200px|right|thumb]]

The "Distressing" gap widened between exisitng home sales and new home sales as the National Association of Homebuilders Confidence Index remains at historic lows. "Builders haven't seen any reason for improved optimism," said a recent NAHB press release.<ref>http://www.nahb.org/news_details.aspx?sectionID=134&newsID=11318</ref>

The "Distressing" gap widened between exisitng home sales and new home sales as the National Association of Homebuilders Confidence Index remains at historic lows. "Builders haven't seen any reason for improved optimism," said a recent NAHB press release.<ref>http://www.nahb.org/news_details.aspx?sectionID=134&newsID=11318</ref>

[[File:StartsCompletionsMultifamily.jpg|200px|right|thumb]]

[[File:StartsCompletionsMultifamily.jpg|200px|right|thumb]]

New Home Construction hit a record new low under [[President Obama]]'s economic program, the lowest level since records have been kept starting in 1969. Housing Construction employment has been the driving force of job creation in leading the way to economic recovery in recent decades. More than 2,000,000 workers were formerly employed in the home construction field prior to the [[Fannie Mae]] and [[Freddie Mac]] government meltdown of subprime mortgages sparking the economic malaise.

New Home Construction hit a record new low under President Obama's economic program, the lowest level since records have been kept starting in 1969. Housing Construction employment has been the driving force of job creation in leading the way to economic recovery in recent decades. More than 2,000,000 workers were formerly employed in the home construction field prior to the [[Fannie Mae]] and [[Freddie Mac]] government meltdown of subprime mortgages sparking the economic malaise.

==Mortgage delinquency and foreclosures==

==Mortgage delinquency and foreclosures==

[[File:Obama logo.JPG|125px|left]]

[[File:Obama logo.JPG|125px|left]]

More than 120 banks and financial institutions who took TARP money failed to make  their scheduled payments. Five other banks that received money from the $700 billion Troubled Assets Relief Program which then [[Senator Barack Obama]] voted for have failed altogether, making it unlikely the [[U.S. Treasury]] will ever recover the money poured into those institutions.  '''Goldman Sachs''', '''JP Morgan''', '''Citigroup''' and '''Morgan Stanley''' which recieved $70 billion in '''[[bailout]]''' funds are among the largest donors to President Obama's political campaigns.<ref>http://www.opensecrets.org/politicians/contrib.php?cid=N00009638&cycle=2008</ref><ref>http://www.votesmart.org/finance.php?can_id=9490</ref> <br>

More than 120 banks and financial institutions who took TARP money failed to make  their scheduled payments. Five other banks that received money from the $700 billion Troubled Assets Relief Program which then [[Senator Barack Obama]] voted for have failed altogether, making it unlikely the [[U.S. Treasury]] will ever recover the money poured into those institutions.  '''Goldman Sachs''', '''JP Morgan''', '''Citigroup''' and '''Morgan Stanley''' which received $70 billion in '''[[bailout]]''' funds are among the largest donors to President Obama's political campaigns.<ref>http://www.opensecrets.org/politicians/contrib.php?cid=N00009638&cycle=2008</ref><ref>http://www.votesmart.org/finance.php?can_id=9490</ref> <br>

[[File:Shanty town.jpg|175px|right|thumb|'''More than 43 million Americans now live in [[poverty]], up nearly 4 million just since [[President Obama]] took office, according to the Census Bureau.'''<ref>http://www.census.gov/hhes/www/poverty/data/incpovhlth/2009/pov09fig04.pdf</ref><ref>http://www.usatoday.com/news/nation/census/2010-09-16-poverty-rate-income-numbers_N.htm</ref>]]

[[File:Shanty town.jpg|175px|right|thumb|'''More than 43 million Americans now live in [[poverty]], up nearly 4 million just since President Obama took office, according to the Census Bureau.'''<ref>http://www.census.gov/hhes/www/poverty/data/incpovhlth/2009/pov09fig04.pdf</ref><ref>http://www.usatoday.com/news/nation/census/2010-09-16-poverty-rate-income-numbers_N.htm</ref>]]

Since then credit card interest rates have soared to a nine-year high with the average interest rate jumping to 14.7%, up from 13.1% before the law was passed.  This occurred when all other interest rates have been fallen to historic lows.<ref>http://cc.bingj.com/cache.aspx?q=http%3a%2f%2fwww.creditcards.com%2fcredit-card-news%2fcredit-card-rates-chart-1276.php&d=4706378043624044&mkt=en-US&setlang=en-US&w=ff11364,3d68ce3f</ref> The increase created a dramatic spread of 11.45 percentage points between the average credit card interest rate and the prime rate—the largest margin in 22 years.<ref>http://money.cnn.com/2010/08/23/news/economy/credit_cards_synovate/index.htm</ref>

Since then credit card interest rates have soared to a nine-year high with the average interest rate jumping to 14.7%, up from 13.1% before the law was passed.  This occurred when all other interest rates have been fallen to historic lows.<ref>http://cc.bingj.com/cache.aspx?q=http%3a%2f%2fwww.creditcards.com%2fcredit-card-news%2fcredit-card-rates-chart-1276.php&d=4706378043624044&mkt=en-US&setlang=en-US&w=ff11364,3d68ce3f</ref> The increase created a dramatic spread of 11.45 percentage points between the average credit card interest rate and the prime rate—the largest margin in 22 years.<ref>http://money.cnn.com/2010/08/23/news/economy/credit_cards_synovate/index.htm</ref>

President Obama has been a major recipient of campaign contributions from large [[Wall Street]] Banks, many of which received [[TARP]] [[bailout]] funds which then Senator Obama voted for.

President Obama has been a major recipient of campaign contributions from large [[Wall Street]] Banks, many of which received [[TARP]] bailout funds which then Senator Obama voted for.

[[File:Crime Scene.jpg|175px|right|thumb|'''Loss of [[Hope]] of ever finding a job leads many disillusioned youth turning to [[drugs]] and [[crime]].''']]

[[File:Crime Scene.jpg|175px|right|thumb|'''Loss of Hope of ever finding a job leads many disillusioned youth turning to [[drugs]] and [[crime]].''']]

==Youth Unemployment hit record high in Obama's first two years==

==Youth Unemployment hit record high in Obama's first two years==

==Unemployed over 50 may never work again==

==Unemployed over 50 may never work again==

[[File:Elder workers.jpg|150px|left|thumb|Senior workers may be the first written off and forgotten as a result of the [[American Recovery and Reinvestment Act of 2009]].''' ]]

[[File:Elder workers.jpg|150px|left|thumb|Senior workers may be the first written off and forgotten as a result of the [[American Recovery and Reinvestment Act of 2009]].''' ]]

The '''''[[New York Times]]''''' has reported older [[unemployed]] workers over 50 years of age may never work again in their lifetimes.<ref>[http://www.nytimes.com/2010/09/20/business/economy/20older.html?_r=1]</ref>  Of the 15,000,000 who are now unemployed since President Obama took office, 2,200,000 are 55 or older. The unemployment rate in this group is 7.3 percent, an all time high, and more than double what it was at the beginning of the latest recession.  

The '''''New York Times''''' has reported older [[unemployed]] workers over 50 years of age may never work again in their lifetimes.<ref>[http://www.nytimes.com/2010/09/20/business/economy/20older.html?_r=1]</ref>  Of the 15,000,000 who are now unemployed since President Obama took office, 2,200,000 are 55 or older. The unemployment rate in this group is 7.3 percent, an all-time high, and more than double what it was at the beginning of the latest recession.  

Nearly half of them have been unemployed six months or longer, according to the Labor Department.  

Nearly half of them have been unemployed six months or longer, according to the Labor Department.  

[[File:Consumer Confidence.JPG|200px|right|thumb]]

[[File:Consumer Confidence.JPG|200px|right|thumb]]

Consumer Confidence continued its downward trek in what the [[Obama administration]] proclaimed as '''Recovery Summer.''' Consumer Confidence is a key indicator given that '''[[hope]]''' and expectations play a large part on individual consumer and investors' decisions which have a major impact on the broader economy.<br>

Consumer Confidence continued its downward trek in what the [[Obama administration]] proclaimed as '''Recovery Summer.''' Consumer Confidence is a key indicator given that '''hope''' and expectations play a large part on individual consumer and investors' decisions which have a major impact on the broader economy.<br>

[[File:Consumer confidence2.JPG|200px|right|thumb]]

[[File:Consumer confidence2.JPG|200px|right|thumb]]

The Conference Board, an independent non-advocacy research association, reported a worse than expected fall in its Consumer Confidence Index to 48.5, the lowest point since February's 46.4. It takes a reading of 90 to indicate a healthy economy — a level not approached since the recession began in December 2007.

The Conference Board, an independent non-advocacy research association, reported a worse than expected fall in its Consumer Confidence Index to 48.5, the lowest point since February's 46.4. It takes a reading of 90 to indicate a healthy economy — a level not approached since the recession began in December 2007.