OBAMA ECONOMIC FAILURE

One of the headline articles in the September 17, 2010 edition of the New York Times stated, "POVERTY AT 15 YEAR HIGH". Truly an eye-catching title and truly an immediate cause to point a finger-of-blame at Obama.

The federal government (and please remember that since February of 2009 the term "federal government" is a euphemism for B. H. Obama) through the Census Bureau has announced that the current number of poverty embraced Americans is at 44,000,000. This is a 15 year high. An additional calculation reflects that 41,300,000 of our fellow citizens receive food stamps. The food stamp number is up by almost 2,000,000 in just the past year. Of our white citizens, 9.4% are in the federally classified poverty level while 25.8% of blacks and 25.3% of hispanics are similarly classified. Our minorities have not fared well under Obama.


What happened to the economic stimulus that Obama and his liberal/socialist/progressive allies so championed and pushed into law? To say it was and is a failure is only an understatement.

The above mentioned "stimulus" cost the American taxpayers $862,000,000,000.00 ($862.0 Billion) and for that sum of money we have an unemployment figure of 9.6% by Obama calculations and at 17% by more reputable sources. It is admitted by all sources that there are at least 14,900,000 unemployed Americans and that this undesired status has grown by an average of 450,000 per week during 2010.

Newt Gingrich made a recent point on unemployment. If our economy could create each week 292,000 more new jobs than the weekly number of newly unemployed, then in 2015 the unemployment figure would be down to an acceptable 5% level. Unfortunately we are no where near that number of net new jobs. In the month of August of 2010 there were only 67,000 new private sector jobs created but the federal government released about 114,000 job holders, mostly temporary census staffers. The result is that the monthly net figure of new jobs was a negative 54,000. By Gingrich's calculations Obama's stimulus efforts missed the mark by 1,222,000 for just this past August.

It is sad to say, but very true, we have not seen the light at the end of the tunnel unemployment and in fact have not even entered that tunnel of recovery.

Obama spent $862,000,000,000.00 of our money and America has nothing positive to show for it.