7 Devastating Facts About the Obama Economy
Calling the Obama economy a wasteland is an understatement.
Here are just seven economic facts that begin to capture the economic pain Americans are presently experiencing as they struggle to survive the ravages of the Obama economy :
1. Every fifth man in America is out of a job. Indeed, black male unemployment is now at the highest rate it has ever been since the U.S. government began collecting statistics on the subject in 1972. Just 56.9 percent of black men over the age of 20 are now working. Indeed, according to Rep. Maxine Waters (D-CA), one out of every six African Americans, male or female, are now unemployed.
2. Every seventh person you pass on the sidewalk now relies on food stamps.
3. On the last day of President Bush's presidency, gas prices were $1.84 a gallon. Today under Obama, the average price of a gallon of gas costs $3.94. Easter weekend in Catalina Island, California, drivers saw prices topping $7 a gallon.
4. In 2006 and 2007, 90% of all college graduates found a job. Under Obama, just 56% of college graduates are able to find a job.
5. More than one in four U.S. homeowners are "under water" or owe more than their homes are worth. The housing crisis has now destroyed $7 trillion in U.S. household wealth. Another 9.5 million homes are still at risk of default, sparking what analysts believe will be a second wave of foreclosures in the months to come.
6. President Obama has increased the national debt more in three years than President Bush did in eight. Under Bush, the debt rose $4.899 trillion in eight years. In three years, Obama has exploded the debt by $4.939 trillion.
7. A record 87,897,000 Americans are no longer in the labor force. When the number of individuals who have stopped looking for a job and/or who are working part-time but desire full-time employment is included--a figure known as the "underemployment rate"--real unemployment stands at 19.1%.
As President Obama said in a speech a week ago, "In three years we’ve begun to see what change looks like."