No doubt about it, President Obama came into office facing a tough recession. The White House frequently crows about the recovery from that recession, but a deeper look at today’s economic landscape shows they don’t have much to brag about.
According to a new Bankrate.com survey, 63% of Americans do not have the emergency funds to weather even a minor financial emergency. Confronted with one of those unexpected, yet common, emergencies like car repair or a visit to the ER, the majority of adults in Obama’s economy would have to:
– Temporarily cut spending to raise the money (23%)
– Borrow from someone else (15%)
-Rely on credit cards (15%)
Presumably, the other 10% have no idea what they would do, which still makes them considerably wiser than the 23% who think they can suddenly budget their way out of a crisis. But that’s neither here nor there.
Of course, you don’t have to take Bankrate’s word for it. The federal government readily admits that the recovery has been a flop. Only last week, the Joint Economic Committee of Congress produced a report comparing our current emergence with the last eight recessions. And on almost every point, it’s clear that Obama’s recovery has been far weaker and far less promising. According to the report, if Obama’s recovery had even been average, the median American income (take home) would be $3,339 higher than it is now.
Say, that sounds like a nice little emergency fund.
“On economic growth,” the JEC report noted, “the Obama recovery ranks dead last.”
Some of the Republican presidential candidates have made lofty claims about how much GDP growth we can expect under their administrations, many of which are not quite believable. Whether they can hit these goals or not, though, we literally cannot afford another four years of liberal economic policy. If we were to fall into another recession before a major boom, it would have an unprecedented impact on this country, the world economy, and everything that flows from that. And four more years of expanding entitlements, higher taxes, and outrageous federal regulations will make this grim future not just likely, but inevitable.
Right now, nearly a third of the American population over the age of 16 is absent from the job market altogether. More people than ever are working part-time jobs under employers who, because of Obamacare mandates, cannot afford to give them full-time hours. At a time like this, Hillary Clinton thinks the answer to America’s economic problems lies in a higher minimum wage. And if the key is widespread unemployment, she’s right. But that doesn’t seem likely.