Posts Tagged ‘wreckovery’

Obama’s Wreckovery: In Obama’s ‘Recovery’ Incomes Have Fallen Nearly TWICE As Much As During The Actual Recession From June 2007 to June 2009

August 27, 2012

This is unbelievable: the only thing worse than the “Bush recession” – at least the recession that he gets all the blame for – has been the “Obama wreckovery.”

Stop and think about it: as much as Bush has been demagogued and demonized for the recession, household incomes only dropped by 2.6%.  I say “only” because during this “recovery” that Obama has taken and received so much credit for, household incomes have lost nearly TWICE as much – a whopping 4.8%.

And if you’re black, you’re screwed: because Obama has gutted your household wealth since his “recovery” by a staggering 11.1%.

This is absolutely devastating news for Barack Obama’s reelection campaign – which is why the mainstream media has tried to bury it with the following WaPo story appearing on page A-10 by which point most people are flipping through the pages looking for the damn funnies:

Household income is below recession levels, report says
By Michael A. Fletcher, Published: August 23

Household income is down sharply since the recession ended three years ago, according to a report released Thursday, providing another sign of the stubborn weakness of the economic recovery.

From June 2009 to June 2012, inflation-adjusted median household income fell 4.8 percent, to $50,964, according to a report by Sentier Research, a firm headed by two former Census Bureau officials.

Incomes have dropped more since the beginning of the recovery than they did during the recession itself, when they declined 2.6 percent, according to the report, which analyzed data from the Census Bureau’s Current Population Survey. The recession, the most severe since the Great Depression, lasted from December 2007 to June 2009.

Overall, median income is 7.2 percent below its December 2007 level and 8.1 percent below where it stood in January 2000, when it was $55,470, according to the report.

The findings highlight the depth of the recession and the long road the nation has to traverse before it fully recovers. They also echo other reports detailing the financial carnage caused by the recession.

This summer, the Federal Reserve reported that the downturn eviscerated two decades of gains in Americans’ wealth. The central bank said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010, pushing that measure back to nearly 1992 levels.

Few analysts expect a quick bounce back even as the economy grows, if tepidly. The unemployment rate was 8.3 percent in July, marking 42 months that it has been above 8 percent. About 5.2 million people — 40 percent of the unemployed — had been out of work for more than six months. An additional 8.2 million were working part time because they could not get full-time work.

Corporate profits, meanwhile, have recovered. But with workers producing more on the job, the gains in economic output have not been matched by new hiring.

“The character of the recovery has been one that has benefited businesses more than it has workers,” said Gary Burtless, a Brookings Institution economist.

Although the new report does not take into account tax cuts enacted in recent years that have boosted take-home pay, it shows that a broad swath of Americans have lost some income.

Over the past three years, the inflation-adjusted median income of households headed by whites was down 5.2 percent, to $56,255. Households headed by blacks sustained a staggering 11.1 percent drop in median income. Hispanic-led households saw their real income decline by 4.1 percent over the same period, the report said.

Looking at the data by age, the researchers found that income has risen only for workers older than 65 during the recovery, which report co-author and Sentier partner Gordon Green attributes to the cost-of-living increases for Social Security recipients.

Households led by the self-employed saw their income drop 9.4 percent, to $66,752, the report said. Households headed by private-sector employees saw wages drop by 4.5 percent, to $63,800, and households led by government workers saw median income decline by 3.5 percent, to $77,998, the report said.

Government workers, on average, are better educated than private-sector workers, which could help explain their higher wage levels, Green said.

The report also concluded that the declines have been most dramatic in the West, where household income is down 8.5 percent over the past three years. By comparison, income was down 4.9 percent in the Northeast and the South, the report said, while incomes in the Midwest dropped by just 1.1 percent over the past three years.

As usual, Newsbusters actually does a better job reporting the actual news than mainstream media outlets.  You can easily understand why that would be give the fact that the Washington Post which first reported on the story managed to bury it as deep in the bowels of the paper as possible.  If this was Bush’s economy and disastrous news like this came out right before his damn convention, you can rest assured it would have been the main headline in giant letters on the front page.

Here’s Newsbuster’s article on this report on just how truly pathetic Obamanomics has been:

‘Household Income Has Fallen 4.8%’ Since June 2009, But WashPost Buries Story on Page A10
By Ken Shepherd | August 24, 2012 | 17:10

Yesterday a “report by Sentier Research, a firm headed by two former Census Bureau officials,” found that “[f]rom June 2009 to June 2012, inflation-adjusted median household income fell 4.8 percent,” Michael A. Fletcher of the Washington Post reported today. What’s more, the fall in median household income was much worse for blacks, “a staggering 11.1 percent drop.” June 2009, you may recall, marks the end of the recession that began in December 2007.

Yet such news was shoved down to page A10 by Post editors, rather than placed on the paper’s August 23 front page, which included, among other things, a large photo of a woman working on a large sand sculpture at a resort in Florida, a story about Mitt Romney’s campaign ‘Mad Men,’ and a story about how Lance Armstrong “won’t fight doping charges” anymore.

The Sentier Research survey also found that young Americans suffered a steeper hit than the average American, with those under 25 seeing a 6.1 percent drop in median income and those in the 25-34 bracket suffering an 8.9 percent drop. Given how well President Obama did with the youth vote, their economic suffering under his administration is certainly worthy of coverage and criticism.

If such data were discovered in a survey released just a week before the Democratic convention in 2004 or 2008, it most certainly would be front-page news as the media hit the Bush administration and Republicans for a soft economy and teed up the opposition party with a talking point to flog during the convention.

But alas, the media are too busy with more important things, like dutifully echoing Democratic talking points tarring the entire Republican Party with one Missouri congressman’s offensive comments on rape.

The funniest thing is that the more Obama has tried to help whatever group or region with his failed policies, the more that group or region suffered.  That ought to tell you something.  Blacks have been absolutely devastated by Obama, but 95% of them are going to vote for the man who has destroyed them.  The same applies to the young people who voted Obama into office in 2008 and now live in their parents’ houses, with half of all college graduates under Obama unable to find a job.  Maybe they can’t find a damn job because they’re still stupid enough to vote for the man who wrecked their lives.  And no region has fared worse than the West, but don’t tell that to states like California and Washington which would both vote for Chairman Freaking Mao if he were running as a Democrat.

The poor are going to vote for Obama.  And that’s great for Obama: BECAUSE THE FOOL HAS CREATED MORE POOR PEOPLE THAN ANY PRESIDENT IN AMERICAN HISTORY.

Meanwhile on every measure across the board the president who is demonized as such a terrible failure (that’s George Bush, kids) was so much better than Obama it isn’t even funny.

This reminds me of how Adolf Hitler systematically destroyed Germany until there was just nothing left.  It wasn’t the rank-and-file people who were fiercely loyal to him come what may; it was the rabid Nazis who demanded the nation follow Hitler to its very grave.  Similarly, Barack Obama and his Marxist Obamanomics has been the absolute systematic destruction of the American economy and the American middle class, but with the mainstream media and the Democrat machine rabidly following this turd and slant the news with outright propaganda.  And so just like Nazi Germany, America may well end up in the graveyard of dead nations by 2016 if Obama gets another chance to finish the destruction of America that he started in 2009.

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U.S. Housing Is Now WORSE Than Great Depression (Thanks Barry Hussein!)

June 15, 2011

Here’s Obama’s constant and constantly false narrative.  Things are bad, but Barry Hussein has made then better.

I mean, thank God we don’t have that miserable 7.6% unemployment Bush left office with; due to Obama’s messianic leadership, unemployment has improved to 9.1%.

Unemployment with Obama’s “stimulus” boondoggle is actually HIGHER than the Obama White House said it would be WITHOUT the stimulus – and on top of the fact that his stimulus actually HURT employment, we still have to pay back that $3.27 TRILLION in debt that Obama saddled America with.

Obama constantly boasted about the “shovel-ready jobs” he created.  He is a liar by his own acknowledgment now.  The other day he heard someone bitterly complain about all the terrible regulations he created and how they stopped any meaningful recovery dead in its tracks [note: remember how Democrats deceitfully blamed all the problems on Republicans’ DEREGULATING], and Obama responded with a joke, dismissively saying, “Shovel-ready was not as shovel-ready as we expected.”

That’s RIGHT, you lying weasel!!!  And Republicans were only telling you this three years ago while you lied and lied and then lied some more every single day.

But that aint nothin’ compared to the havoc Obama has wreaked with his “wreckovery.”

Just yesterday I explained at length how Democrats and Obama were FAR MORE RESPONSIBLE for our housing crisis than Bush or the Republicans.

In brief, it was DEMOCRATS who created Fannie Mae and Freddie Mac.  It was DEMOCRATS who forced banks to make risky loans under the guise of opening up home ownership to those who could not qualify for traditional (i.e. safe and sane) mortgages.  It was DEMOCRATS who pushed Fannie and Freddie into the incredible risky subprime loan market.  It was DEMOCRATS who were at the very epicenter of subprime loans to even BEGIN WITH.  It was DEMOCRATS who allowed Fannie Mae and Freddie Mac to bundle huge blocks of these subprime loans together such that investors had no possible means of knowing how safe these mortgage backed securities (that ONLY Fannie and Freddie could sell) were and how much bad debt was in them.  It was DEMOCRATS who fiercely resisted all Republican efforts to reform Fannie and Freddie.  It was DEMOCRATS who falsely assured the American people that Fannie and Freddie were safe while Republicans correctly predicted these massive behemoths would lead us into a disaster.  It was DEMOCRATS who turned Fannie and Freddie into such a massive behemoth that it controlled more than half of the entire mortgage industry (to big to fail alert).  It was DEMOCRATS at the helm of Fannie and Freddie who doctored financial reports and benefited personally to the tune of hundreds of millions of dollars in bogus bonuses and fees.  And it was DEMOCRATS like Barack Obama who received more campaign money in a shorter period of time from Fannie and Freddie (not to mention corrupt crony capitalist private firms like Lehman Bros.) than ANYONE.  And ALL the top scumbags who benefitted personally from Fannie Mae and Freddie Mac money were ALL DEMOCRATS.

Fannie and Freddie went down – just like Republicans said would happen and just like Democrats promised us would NOT happen – and then the very people who created the mess and benefited from the mess turned around and demonized the people who tried to prevent the mess.

It was DEMOCRATS who created the housing crisis.  And it is under DEMOCRAT leadership that this crisis is so bad that it is even WORSE than the Great Depression:

US Housing Crisis Is Now Worse Than Great Depression
Published: Tuesday, 14 Jun 2011 | 12:04 PM ET
By: Jeff Cox
CNBC.com Staff Writer

It’s official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.

Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.

The news comes as the Federal Reserve considers whether the economy has regained enough strength to stand on its own and as unemployment remains at a still-elevated 9.1 percent, throwing into question whether the recovery is real.

“The sharp fall in house prices in the first quarter provided further confirmation that this housing crash has been larger and faster than the one during the Great Depression,” Paul Dales, senior economist at Capital Economics in Toronto, wrote in research for clients.

According to Case-Shiller, which provides the most closely followed housing industry data, prices dropped 1.9 percent in the first quarter, a move that the firm interpreted as a clear double dip in prices.

Moreover, Dales said prices likely have not completed their downturn.

“The only comfort is that the latest monthly data show that towards the end of the first quarter prices started to fall at a more modest rate,” he said. “Nonetheless, prices are likely to fall by a further 3 percent this year, resulting in a 5 percent drop over the year as a whole.”

Prices continue to tumble despite affordability, which by most conventional metrics is near historic highs.

The rate for a 30-year conventional mortgage is around 4.5 percent, just above the historic low of 4.2 percent in October 2010. The ratio measuring mortgage costs to renting is 7 percent below its norm, while the price-to-income ratio is 23 percent below its average, Dale said.

Yet other factors are constraining the market.

After the fallout from the subprime debacle, in which millions lost their homes when they defaulted on loans they could not afford, banks changed underwriting standards.

More than four in every five mortgages now require a down payment of 20 percent, and credit history standards have tightened. At the same time, foreclosures continue at a brisk pace, pushing more supply onto the market and pressuring prices downward.

Then there is the issue of underwater homeowners—those who owe more than their house is worth—representing another 23 percent of homeowners who cannot leave or are in danger of mortgage default.

Indeed, the foreclosure problem is unlikely to get any better with 4.5 million households either three payments late or in foreclosure proceedings. The historical average is 1 million, according to Dales’ research.

The only bright spot Dales found, aside from the slowing in price drop in March, was some isolated strength in states such as Nevada, Michigan, South Dakota, Alaska and Iowa.

The thing that was nearly COMPLETELY created by Democrats in the first place is now worse than at ANY time in the Bush administration, and in fact so bad under Obama’s watch that it is actually worse than it was even in the Great Depression.

But Obama has made it better.

You have got to be absolutely demonic to believe that.

Obama has failed.  He has utterly and completely failed.  He is the embodiement of God damn America, and God will continue to damn America until this wicked fool is removed from the White House.

Unemployment 7.6% When Obama Took Office. Now 9.6% Are You Better Off Under Democrats?

October 9, 2010

Back in January, while Obama was flush in his promises of “hope and change,” unemployment was at 7.6% as George Bush was moving out.

That was high, granted.  Particularly for a president whose average unemployment rate during his eight-year term in office was 5.2%.

Unemployment was high enough that Obama was successful in turning fearmongering into an art form.  As he followed his chief of staff’s advice to “Never let a serious crisis go to waste.”  Obama said that if we didn’t vote for his unparalleled in all of human history “stimulus” spending, we would suffer.  But if we passed his stimulus, on the other hand, his administration “predicted that the passage of a large economic-aid package would boost the economy and keep the unemployment rate below 8%.”  Obama called it “the American Recovery and Reinvestment Act of 2009.”

Virtually every single Republican voted against the “stimulus,” predicting it would fail and make bad turn to worse.  Obama demonized them as “the party of no” and demagogued them as “blocking progress.”

The actual figure that Obama’s “stimulus” will cost America’s future – according to the CBO – is $3.27 TRILLION.

Let me ask you: are you better off than you were the day that Obama took the oath of office and put his feet up in the Oval Office?  Are you better off after Democrats took total control of both the House and the Senate?  Have you experienced “recovery,” or has it been a “wreckovery“?

Obama’s stimulus seems to be a pretty good deal – if you are a dead person or an incarcerated felon.

How high is unemployment under Obama?

The “official” government-reported rate remained unchanged this month at 9.6% in spite of the loss of 95,000 jobs.  But sadly the government under Barack Obama has already proven that he is more than capable of never-before-seen shenanigans.

The actual unemployment rate is probably even more frightening – and very likely to get worse.

Gallup – using the raw “seasonally unadjusted” numbers – calculates that the unemployment rate is now back into double-digit territory at 10.1%.

October 7, 2010
Gallup Finds U.S. Unemployment at 10.1% in September
Underemployment, at 18.8%, is up from 18.6% at the end of August

by Dennis Jacobe, Chief Economist

PRINCETON, NJ — Unemployment, as measured by Gallup without seasonal adjustment, increased to 10.1% in September — up sharply from 9.3% in August and 8.9% in July. Much of this increase came during the second half of the month — the unemployment rate was 9.4% in mid-September — and therefore is unlikely to be picked up in the government’s unemployment report on Friday.

Certain groups continue to fare worse than the national average. For example, 15.8% of Americans aged 18 to 29 and 13.9% of those with no college education were unemployed in September.

The increase in the unemployment rate component of Gallup’s underemployment measure is partially offset by fewer part-time workers, 8.7%, now wanting full-time work, down from 9.3% in August and 9.5% at the end of July.

As a result, underemployment shows a more modest increase to 18.8% in September from 18.6% in August, though it is up from 18.4% in July. Underemployment peaked at 20.4% in April and has yet to fall below 18.3% this year.

Friday’s Unemployment Rate Report Likely to Understate

The government’s final unemployment report before the midterm elections is based on job market conditions around mid-September. Gallup’s modeling of the unemployment rate is consistent with Tuesday’s ADP report of a decline of 39,000 private-sector jobs, and indicates that the government’s national unemployment rate in September will be in the 9.6% to 9.8% range. This is based on Gallup’s mid-September measurements and the continuing decline Gallup is seeing in the U.S. workforce during 2010.

However, Gallup’s monitoring of job market conditions suggests that there was a sharp increase in the unemployment rate during the last couple of weeks of September. It could be that the anticipated slowdown of the overall economy has potential employers even more cautious about hiring. Some of the increase could also be seasonal or temporary.

Further, Gallup’s underemployment measure suggests that the percentage of workers employed part time but looking for full-time work is declining as the unemployment rate increases. To some degree, this may reflect a reduced company demand for new part-time employees. For example, employers may be converting some existing part-time workers to full time when they are needed as replacements, but may not in turn be hiring replacement part-time workers. Another explanation may relate to the shrinkage of the workforce, as some employees who have taken part-time work in hopes of getting full-time jobs get discouraged and drop out of the workforce completely — going back to school to enhance their education, for example, instead of doing part-time work. It is even possible that some workers may find unemployment insurance a better alternative than part-time work with little prospect of going full time.

Regardless, the sharp increase in the unemployment rate during late September does not bode well for the economy during the fourth quarter, or for holiday sales. In this regard, it is essential that the Federal Reserve and other policymakers not be misled by Friday’s jobs numbers. The jobs picture could be deteriorating more rapidly than the government’s job release suggests.

Conservative economist John Lott boldly predicted when the stimulus was past that it would INCREASE unemployment.  Looking at today’s unemployment rate, who was proven right, and who has been proven completely wrong?  That same John Lott also surveyed other countries and demonstrated that those nations which did NOT engage in a massive stimulus like we did have universally fared better than countries that followed Obama.  And other economists have demonstrated that incredibly costly and redistributionist stimulus policies have NEVER stimulated economies.

Obama’s stimulus has been a complete disaster.  His administration assured us that it would create millions of “shovel-ready jobs.”  But the AP discovered that nothing of the sort had happened:

Even within the construction industry, which stood to benefit most from transportation money, the AP’s analysis found there was nearly no connection between stimulus money and the number of construction workers hired or fired since Congress passed the recovery program. The effect was so small, one economist compared it to trying to move the Empire State Building by pushing against it.”

And, of course, it hasn’t just been Obama’s and the Democrats’ stimulus that entirely failed.  Democrat energy policies have resulted in nearly a million jobs just vanishing – possibly forever.

If Gallup’s data is correct, we will likely be seeing another wave of unemployment soon.  The numbers aren’t getting better; they’re getting worse.  We have now experienced unemployment above 9.5% for fourteen consecutive months.  And just to state the obvious, every single one of those months have been on Obama’s watch.

While Obama was on vacation late last August, I compiled some of the disasters that were gripping the US as Obama was gripping a golf club:

Since then, we’ve seen other records, such as “Highest poverty rate in fifty years,” and “Record number of Americans now on food stamps.”  We’ve got bad news measurements such as “Dollar tumbles to 15-year low” and “printing money like mad to ward off deflation.”

Obama spent half his first term passing his ObamaCare boondoggle.  Now Democrats are running against it.  Not one Democrat is campaigning on having passed health care or the stimulus.  Because both are a cause for shame, not pride.

And even liberal labor unions are now pleading for waivers so they don’t go bankrupt trying to live under ObamaCare.

For that matter, even Harry Reid’s OWN SON – who is running for governor as a Democrat – says that his father’s ObamaCare plan will hurt Nevada.

ObamaCare will be a $6.25 TRILLION tax on Americans and on the US economy unless the Republican Party receives enough votes to repeal it.

Economists now realize that FDR’s policies actually prolonged the Great Depression by a whopping seven years.  And that is precisely what the policies of Barack Obama and the Democrats have done – prolong the suffering of Americans.

The last time Republicans actually ran the government in November 2006, unemployment was only 4.5%.  Democrats used the Iraq War and Katrina to demonize Republicans.  And those Democrats have done so well with the government ever since.

The last federal budget passed by Republicans – the FY2007 budget – had a deficit of $161 billion.  The very next year, under Democrat control, the FY2008 budget had a deficit nearly three times higher – $459 billion.  And now Democrats aren’t even bothering to pass budgets, and our annual deficit is estimated at over $1.3 trillion.

These are the dark days that Obama is warning Americans of returning to: Low unemployment and low (certainly by comparison!!!) spending.

Are you better off after 2 years of Obama, and after four years of Nancy Pelosi and Harry Reid?