If you are on the fence about Obama, please read this article. In short, I believe it shows just how much he has failed. Honestly, I do not want to hear that it's not his fault; history tells us that does not matter. President Obama had his shot and he failed, period. Time to elect someone else who will put jobs and the growth of the economy first...
We Are Living in a ‘Modern Day Depression’
"We are living in a modern day depression," he [David Rosenberg] declares.
This dramatic statement is based on several factors, including the record number of Americans living on Food Stamps — 46 million or 1-in-7 in 2011. Because these benefits are now given in the form of electronic debit cards, we don't have bread lines like in the 1930s, but they are there in virtual form. And that's just the most obvious form of government support for its struggling citizenry. (See: Marion Nestle on The (Big) Business of Food Stamps: "Here's Where the Profits Come In")
"Government transfers to the personal sector now makes up nearly one-fifth of total household income," Rosenberg writes. "Even Lyndon Johnson, architect of the 'Great Society', would blush at that."
Wealth Destruction: The Fed's recent report on the massive 40% drop in median household wealth from 2007-2010. (See: The American Dream Shrinks: Avg. Net Worth Falls 40% From 2007-2010)
The Housing Bust: Despite recent signs of stabilization, the national housing market remains depressed, with nearly 30% of mortgage holders under water. This is particularly troubling for Baby Boomers, who had viewed their homes as a major source of potential income for retirement but now wear them as a "ball and chain," Rosenberg quips.
Unemployment: As with housing, Rosenberg dismisses the job market's improvement in recent years. He cites the "real" unemployment rate — currently 14.8% -- and the fact the country is still down 5 million jobs from its 2007 peak.
While the economy has been growing for three years, the recovery is the worst in the post-war ear [era], he says. Growth is "pathetic" given the "gargantuan" support the federal government and Federal Reserve have provided, he declares, noting this is not a U.S.-only phenomenon.
