Sunday, August 26, 2012

Obama's Economic "Recovery" is Worse than the Depression

American incomes declined more in the three-year expansion that started in June 2009 than during the longest recession since the Great Depression....
[T]he federal government entered its fourth-straight year projecting a $1.25 trillion deficit without a plan or a budget. In the preceding three years of the Obama administration, the annual deficit averaged $1.34 trillion. Previously, in any single year in U.S. history, the worst deficit had been $459 billion.
In his fiscal year 2010 budget—the first he presented—the president envisaged growth of 3.2 percent in 2010, 4.0 percent in 2011, 4.6 percent in 2012. The actual numbers were 2.4 percent in 2010 and 1.8 percent in 2011; few forecasters now expect it to be much above 2.3 percent this year.
Unemployment was supposed to be 6 percent by now. It has averaged 8.2 percent this year so far. Meanwhile real median annual household income has dropped more than 5 percent since June 2009.
Obama also lied about not raising taxes on the middle class.  In contrast to the disaster that is Obamanomics, Canada, by pursuing a more fiscally conservative course, is also yielding better results:
Canada’s unemployment rate is now 7.3%, whereas the current U.S. unemployment rate is 8.2%. Canada’s combined federal and provincial debt to GDP ratio is 57.9%, while Canada’s federal debt to GDP ratio is 34%.  Meanwhile, the U.S. debt to GDP ratio reached 101.5% in 2011.

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