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

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

[[File:G.D.P. Q2 2010.JPG|200px|right|thumb|Stagnant and decling growth after Obama Stimulus.]]

[[File:G.D.P. Q2 2010.JPG|200px|right|thumb|Stagnant and declining growth after Obama Stimulus.]]

The [[U.S. Commerce Dept.]] reported [[Gross Domestic Product]] has not responded adequately to the one trillion dollars in stimulus passed since Speaker [[Nancy Pelosi]] took control of the [[U.S. House of Representatives]] in early 2007. More than 7 million jobs have been lost however, affecting the lives of nearly 30 million Americans. Several trillion dollars have also been added to the [[National debt]].  

The [[U.S. Commerce Dept.]] reported [[Gross Domestic Product]] has not responded adequately to the one trillion dollars in stimulus passed since Speaker [[Nancy Pelosi]] took control of the [[U.S. House of Representatives]] in early 2007. More than 7 million jobs have been lost however, affecting the lives of nearly 30 million Americans. Several trillion dollars have also been added to the [[National debt]].  

[[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 unforseen 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.

The original term [[Keynesian]] [[New Deal]]ers used for the unemployed was "[[New_Deal#Double_dip_recession|wastage]]."

The original term [[Keynesian]] [[New Deal]]ers used for the unemployed was "[[New_Deal#Double_dip_recession|wastage]]."

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 statisitcs 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.

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 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.  

[[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 administartion advisers [[Rahm Emanuel]], [[Larry Summers]], Peter Orzag, Christina Romer and James Jones all announced thier departures just before the abysmal performance of President Obama's record became public.  3,200,000 despairing workers have lost thier 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 [[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.]]  

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 cummulative 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.

[[File:Weekly UC Claims 21 Aug 2010.JPG|200px|right|thumb|Nearly 500,000 per week were still losing thier jobs during Recovery Summer.<br>''Source: U.S. Dept. of Labor,<br> Bureau of Labor Statistics.'']]<br><br>

[[File:Weekly UC Claims 21 Aug 2010.JPG|200px|right|thumb|Nearly 500,000 per week were still losing their jobs during Recovery Summer.<br>''Source: U.S. Dept. of Labor,<br> Bureau of Labor Statistics.'']]<br><br>

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.