Changes

[[File:Summer of Recovery.JPG|200px|right|thumb|'''Recovery Summer'''<br>''Source:United States Department of Labor, Bureau of Labor Statistics'']]

[[File:Summer of Recovery.JPG|200px|right|thumb|'''Recovery Summer'''<br>''Source:United States Department of Labor, Bureau of Labor Statistics'']]

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>[https://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>https://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>https://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==

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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 [https://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===

==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>https://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.  

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>https://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>https://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 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.  

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.  

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>https://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>https://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.  

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>

The [[Congressional Budget Office]] observed the share of unemployed workers whose previous job was ''permanently lost'' was ''especially pronounced'' during President Obama's first two years.<ref>http://www.cbo.gov/ftpdocs/108xx/doc10871/Chapter2.shtml#1103316</ref><br>

The [[Congressional Budget Office]] observed the share of unemployed workers whose previous job was ''permanently lost'' was ''especially pronounced'' during President Obama's first two years.<ref>https://www.cbo.gov/ftpdocs/108xx/doc10871/Chapter2.shtml#1103316</ref><br>

[[File:Total workforce.JPG|200px|right|thumb|The workforce shrunk nearly 400,000 jobs during Recovery Summer.]]

[[File:Total workforce.JPG|200px|right|thumb|The workforce shrunk nearly 400,000 jobs during Recovery Summer.]]

[[File:Delinquency and foreclosures.jpg|200px|right|thumb]]

[[File:Delinquency and foreclosures.jpg|200px|right|thumb]]

[[File:A homeless dwelling.jpg|175px|left|thumb|'''[[Homeless]] dwellings are on the increase, as the U.S Government's spending expands at the expense of individuals and the private sector economy.''']]

[[File:A homeless dwelling.jpg|175px|left|thumb|'''[[Homeless]] dwellings are on the increase, as the U.S Government's spending expands at the expense of individuals and the private sector economy.''']]

Since the [[110th United States Congress]] took office under [[Democratic]] leadership in January 2007, [[mortgage]] delinquencies, foreclosures, and repossessions have proceeded on an unrelenting march til they have reached record levels in late Summer, 2010. [http://www.cnbc.com/id/39192246] The Mortgage Bankers Association reported foreclosures have increased 25% in 2010 bringing the total to 2,300,000 homeowners tossed out of their homes.<ref>http://www.wtop.com/?nid=111&sid=1863430</ref>

Since the [[110th United States Congress]] took office under [[Democratic]] leadership in January 2007, [[mortgage]] delinquencies, foreclosures, and repossessions have proceeded on an unrelenting march til they have reached record levels in late Summer, 2010. [https://www.cnbc.com/id/39192246] The Mortgage Bankers Association reported foreclosures have increased 25% in 2010 bringing the total to 2,300,000 homeowners tossed out of their homes.<ref>http://www.wtop.com/?nid=111&sid=1863430</ref>

==Bank failure rate doubled since 2009==

==Bank failure rate doubled since 2009==

[[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 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>

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>https://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>https://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>https://www.census.gov/hhes/www/poverty/data/incpovhlth/2009/pov09fig04.pdf</ref><ref>https://www.usatoday.com/news/nation/census/2010-09-16-poverty-rate-income-numbers_N.htm</ref>]]

After signing the ''Credit Card Accountability, Responsibility, and Disclosure Act'' in Spring of 2009, President [[Barack Obama]] stated,

After signing the ''Credit Card Accountability, Responsibility, and Disclosure Act'' in Spring of 2009, President [[Barack Obama]] stated,

:''''With this new law, consumers will have the strong and reliable protections they deserve.  We will continue to press for reform that is built on transparency, accountability, and mutual responsibility – values fundamental to the new foundation we seek to build for our economy."''<ref>http://www.whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders/</ref>

:''''With this new law, consumers will have the strong and reliable protections they deserve.  We will continue to press for reform that is built on transparency, accountability, and mutual responsibility – values fundamental to the new foundation we seek to build for our economy."''<ref>https://www.whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders/</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>https://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>https://money.cnn.com/2010/08/23/news/economy/credit_cards_synovate/index.htm</ref>