Tuesday, May 22, 2012

Obama's Broken Economic Promises

Human Events tackles Obama's broken promises:

  • Obama promised to cut the deficit in half in four years; instead, this year’s deficit ($1.3 trillion) will be five times the Congressional Budget Office’s projection ($264 billion, including the Bush bail-outs).
  • He projected robust economic growth of 5.23 percent last year; according to the Federal Reserve, actual growth was a dismal 1.61 percent.
  • He trumpeted a report by the then-chairman of his Counsel of Economic Advisors projecting that the unemployment rate would be down to 6 percent by now; it’s actually 8.1 percent, even higher than the 7.8 percent during the recession, when Obama was sworn in... Of those not in the labor force, 6.3 million “currently want a job.” Adding them to the 12.5 million the government counts as officially “unemployed” makes 18.8 million Americans without work. Adding them to the 153-million-person labor force totals 173 million people, of whom more than 10 percent are involuntarily out of work.
  • Obama promised in 2009 that his “stimulus” would “create or save 3.5 million jobs over the next two years”; in reality, it had a negligible impact: according to the U.S. Bureau of Labor Statistics, after two years, more than 3 million  fewer Americans were employed.
  • Obama suggested in 2008 that -- thanks to his “green energy” subsidies -- we wouldn’t be “talking about high fuel prices next summer or the next summer after that or the summer after that”; in March he doubled down, adding that this boondoggle will save a typical family “about $8,000 a year” on gasoline. In reality, the average U.S. household spent more than $368 a month on gas last year, more than double what they were paying back when Obama took the oath of office.
  • Contrary to his promise to “build a strong middle class,” the average household’s annual income has dropped by $4,300 during his administration.
  • Contrary to his pledge to lift “2 million Americans from poverty,” 14.3 million more Americans are on Food Stamps than when Obama took office.

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