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==Poverty rate explodes==
==Poverty rate explodes==
[[File:Census poverty report figure4.jpg|375px]]<br>
[[File:Shanty town.jpg|375px]]<br>
'''More than 43 million Americans now live in [[poverty]], up nearly 4 million just since [[President Obama]] took office, according to the Census Bureau.'''<br><br>
At the very moment an economic Recovery was needed, the [[U.S. Census Bureau]] reports 43.6 million people, or one in seven Americans, fell into [[poverty]] in 2009, up from 39.8 million the year before. ''[[USA Today]]'' reports, "The number of people in poverty reached its highest level in 51 years."
At the very moment an economic Recovery was needed, the [[U.S. Census Bureau]] reports 43.6 million people, or one in seven Americans, fell into [[poverty]] in 2009, up from 39.8 million the year before. ''[[USA Today]]'' reports, "The number of people in poverty reached its highest level in 51 years."
[[File:Census poverty report figure4.jpg|375px]]<br>
==No Confidence in Recovery Summer==
==No Confidence in Recovery Summer==

Revision as of 15:45, 21 September 2010

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Article of the week: Obamaville


An Obamaville is a tent city created by homeless people. The term alludes to the tent cities called Hoovervilles that were created during the Great Depression and to the disastrous economic policies of Barack Obama. Unlike the conservative American president Calvin Coolidge who successfully turned around a depression via reduced government spending and tax cuts, Herbert Hoover practiced Keynesian economics (an economic ideology advocated by liberals) and economic conditions greatly worsened under his administration.[1][2]

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Stimulus edges Unemployment higher

Unemployment Rate August 2010.JPG
The U.S. Labor Department reported Unemployment continues to rise in this Summer of Recovery, to 9.6%, or 14,900,000 workers currently. President Obama, rested up from an extended vacation just prior to the long Labor Day holiday weekend, called the results "positive;" the stock market rallied on the bad news. According to the New York Times Democrats and President Obama, received 70 percent of all campaign contributions from Wall Street in 2008 elections.

Dr. Christina Romer, who last year asserted the Economic stimulus would stop Unemployment from rising above 7.8%, resigned from the President's Council of the Economic Advisers and moved out of her White House office the same day the recent Jobs Report was released. Since the Stimulus became Law, an additional 3,200,000 jobs have been lost.

The total number of lives affected by Unemployment since December 2007 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 who find jobs are rotated out, the cummulative effect over 30 months is an additional 15 million besides those reported in a single month.

Obamaville's are on the rise across the United States

By August 2010, eighteen months into the Stimulus, the Labor Dept claimed these "marginally attached" underemployed (part time workers seeking full time work and workers taking employment beneath thier skill set) reached 16.7% of the workforce. The total number affect by Stimulus and Unemployment in real numbers is well over 30,000,000 people.

Total Unemployed.jpg

The length of time a worker is Unemployed is more than twice as long as any time in the last 50 years. Median-longterm-unemployment.JPG

And the workforce continues to shrink.
Total Workforce August 2010.JPG

Youth Unemployment highest in
past two years since records began

The Unemployment rate for youths reached a record 19.1 percent in July 2010. According to the US Bureau of Labor Statistics, it was the highest midsummer jobless rate for 16-to-24-year-olds since record keeping began in 1948. The youth unemployment rate has nearly doubled over the past two years, acording to the Democracy Now website. A prominent economist from the University of Maryland is warning the US economy could experience painfully slow growth and high unemployment for another decade.

Unemployed over 50 may never work again

The New York Times has reported older unemployed workers over 50 years of age may never work again in thier lifetimes. Of the 15,000,000 currently unemployed since President Obama took office, 2.2 million 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.

In today's job market, because it is taking years to absorb the giant pool of unemployed at the pace set by Washington policymakers, many of these older people may simply quit looking for work and begin an early, impoverished, retirement.

GDP Report shows Stimulus failed

G.D.P. Q2 2010.JPG
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. Contrast the GDP growth rates sustained by the Reagan era tax cuts as the United States emerged from the 1982 recession.

Economists note a 3% growth rate is necessary to maintain a growing population and low unemployment.
GDP Q2 1983.JPG

Weekly Unemployment Claims continue to rise

Weekly UC Claims 21 Aug 2010.JPG
Source: U.S. Dept. of Labor, Bureau of Labor Statistics.

In this Summer of Recovery, an average of 464,750 more workers continue to be added to the soup lines weekly, roughly 1,000 per day more than the first half of 2010.

ADP, the nations largest payroll service, reports declines in U.S payrolls in both July and August, typically the peak months of hiring.

Depression era soup kitchen.JPG
Depression-era Soup Kitchen

The Obama Stimulus was modeled after the New Deal, which modern scholars believe did more to deepen, and prolong, the Great Depression than provide relief. Great Britian in the 1930s recovered in four years, whereas the United States remained mired with persistent high unemployment, recession, and the New Deal for twelve years. Germany today, with a smaller stimulus, has regained virtually all jobs lost since the Recession of 2008 and reports the largest growth since reunification.

One factor Obamanomics did not consider is, the Keynesian New Deal 1930s model was designed for a predominately industrial economy with an emphasis on production and manufacturing, not a debt ridden consumer and service driven economy.

Also, the borrowing of the New Dealers to finance government spending came mostly from domestic, and not foreign investors. The repayment of a large foreign debt, both interest and principal primarily to China, defeats the entire purpose of a stimulus: to produce the capital necessary to create, and sustain employment. U.S. Secretary of State Hillary Clinton cited the extreme growth of the National Debt recently as a grave "national security threat."

Obama deficit

Obama deficit.JPG
Source: White House Office of Management and Budget

The Obama deficit is unquestionably the largest on record and represents an explosion of debt owed to foreign investors -- capital that must be exported in the future. Foreign debt.JPG
Approximately one-third of the National debt, or virtually all that President Obama and Congressional Democrats added to the existing debt, is now held by foreign investors.

Bank failure rate double since last year

The FDIC reports the U.S. Bank failure rate is running at double the number of bank failures in 2009, with twice as many banks on the FDIC's Problem List compared to last year, as well. As of Septmeber 2010 the Problem List increased to 854 banks in danger of failure and being closed. [3]

TARP deadbeat list grows to over 120 banks

More than 120 banks and financial institutions missed their scheduled dividend 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 taxpayers will 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. [4][5]

Housing stimulus falters

Existing Home Sales July 2010.JPG
With the aid of the government's program to stimulate and "rescue" housing demand, the National Association of Realtors has reported the worst drop in demand on record.

2.1 million housing construction jobs have been lost since the Pelosi/Reid Democrats captured the Congress in the 2006 mid-term elections.

Housing Starts hit record low

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 in recent decades the major component of job creation in an economic recovery. More than 2,000,000 workers formerly were employed in the home construction field prior to the Fannie Mae and Freddie Mac government meltdown of the subprime mortgage market sparking the economic malaise.

Delinquency and foreclosures

Delinquency and foreclosures.jpg
Since the 110th United States Congress took office under Democratic leadership in January 2007, mortgage delinquencies, foreclosures, and reposessions have proceeded on an unrelenting march to record levels in late Summer, 2010. [6] The Mortgage Bankers Association reports foreclosures have increased 25% in 2010 bringing the total to 2.3 million homeowners tossed out of thier homes. [7]

Democrat Cash-for-Clunkers Stimulus hurt poor, favored the Rich

The Congressional Democrats and Obama administration's efforts to favor UAW workers and New Car buyers (typically households with $60,000 plus in income) with subsidies from the United States Treasury, has been an unmitagated disaster for working families, and the poor. As a result of the federal spending program, working families and the poor now are faced with an average price increase of 10.3% for Used Cars.

The government program mandated trade-ins be crushed, leading to a shortage of used vehicles and an increase in prices. This has occurred at a time when deflation, or an overall drop in prices giving consumers more money to spend, has been a major characteristic of the Recession and Recovery.

The below chart from Edmunds.com shows year-over-year price increases suffered by those least able to afford it: Edmunds usedcar prices.JPG

Alleged 'consumer protection' leads to higher rate fees for credit card users

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." [8]

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 has occurred at a time when interest rates over all have been falling to historic lows. [9] 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. [10]

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

Poverty rate explodes

Shanty town.jpg
More than 43 million Americans now live in poverty, up nearly 4 million just since President Obama took office, according to the Census Bureau.

At the very moment an economic Recovery was needed, the U.S. Census Bureau reports 43.6 million people, or one in seven Americans, fell into poverty in 2009, up from 39.8 million the year before. USA Today reports, "The number of people in poverty reached its highest level in 51 years." Census poverty report figure4.jpg

No Confidence in Recovery Summer

Consumer Confidence.JPG
Consumer Confidence continues 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.

Politics of Unemployment

Approximately 8 million jobs have been lost, some permanently, since the 110th Congress under Speaker Nancy Pelosi and Senator Harry Reid seized control of federal spending in January of 2007.

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