Obama’s Presidency: The True Hollywood Story (Part 3)

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This is Part 3 in a multi-part blog series devoted to analyzing Obama’s presidency as a whole.  Part 1 took a close look at Crime under the Obama administration.  Part 2 is a discussion on Immigration.  Part 3 is all about the Economy.

The Economy

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The economy is such a difficult area to truly analyze.  There are vast amounts of data on the subject. There is so much that it makes filtering out the unnecessary to get to the simple bottom line daunting at best.  Add to that the fact that the government, under any president, always wants to make itself look good and you are truly fighting an uphill battle.
According Factcheck.org (Obama’s Numbers (January 2016 Update) and the Obama administration, the economy has shown marked improvement since Obama took office in 2009.
  • The unemployment rate is at 5%, which is 2.8% less than when he took office.
  • The number of long-term unemployed (those who have been looking for work 27 weeks or longer) has dropped by 614,000.
  • The labor force participation rate (the portion of the population that is either employed or currently looking for work) is 3.1% lower than when Obama took office; however, that decline is not really Obama’s fault since so many baby boomers reached retirement age during Obama’s presidency.
  • The number of non-farm jobs have increased by over 9 million since Obama took office.
So why is food stamp participation at an all-time high ( USDA statistics), despite the Obama administration’s labor statistics showing unemployment at an 8-year low?
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Even good ol’ Bernie (Sanders) doesn’t buy what the President is selling.  In a speech to a campaign rally crowd in Portland, Maine, he said:
…real unemployment, if you include those people who have given up looking for work and the millions of others who are working part-time 20, 25 hours a week when they want to work full-time, when you put all of that together, real unemployment is 10.5 percent (Washington Times).
I never thought I would say this, but Bernie is right.
A Bloomberg article attributes the rise in food stamp program (formerly known as the Supplemental Nutrition Assistance Program (SNAP)] participation, to an uneven economy and the large number of Americans who have simply dropped out of the labor force completely.
The uneven recovery has swelled the ranks of long-term unemployed and reduced the number of people working or looking for work, further boosting demand. Even for those with jobs, pay may be lower than in the past: In real dollars, SNAP [Supplemental Nutrition Assistance Program] recipients in 2014 had net incomes of $335 a month, the lowest since at least 1989.
In fact, the labor force participation rate has dropped to 62.8% (near a 38-year low) under Obama.  When he took office in 2009, the labor force participation rate was 65.7%.  The recession inherited by the Obama administration officially ended in June 2009, but the labor force participation rate has continued to drop during Obama’s two terms.  And no, that is not due to baby boomers retiring, since most statistics outside of the government-run Bureau of Labor Statistics (BLS) are calculated using the number of people ages 16-65 to calculate the labor participation rate.
The number of people employed part-time for economic reasons (also known as involuntary part-time workers) increased to 6.4 million in May 2016.  These people want to work full-time, but are forced into working part-time because their hours had been cut back or because they were unable to find a full-time job.  However, the Obama administration considers these people to be “employed” and therefore is able to reduce the unemployment rate and the long-term unemployed percentage.
And black Americans, who looked at Obama as a beacon of hope, have suffered the most.  Liberal black broadcaster, Travis Smiley, said,
Sadly – and it pains me to say this – over the last decade, black folk, in the era of Obama, have lost ground in every major economic category.
 During Obama’s presidency, the percentage of black Americans struggling below the poverty line has advanced, and the number of black food stamp participants has increased by 58.2%.
And, if you don’t have a college degree the outlook is even worse.  For high school graduates, the unemployment rate is 17.8%.  Add in those who are underemployed, either because they would like a full-time job but can only find part-time work, or they are so discouraged that they’ve given up actively searching, and the share jumps to more than 33 percent.
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Setting aside the issue of unemployment, let’s look at the economy from a more macro view.  Here again, the Obama administration misleads the American public.  In it’s article Obama Oversells U.S. Economy, written just 6 months after its article on Obama’s Numbers, Factcheck.org shows how dishonest Obama is with the American public.

Obama: “America’s economy is not just better than it was eight years ago — it is the strongest, most durable economy in the world.”
Truth: China’s economy grew by an estimated 6.9 percent in 2015 — more than double the U.S. rate.
Obama: “We’ve seen the first sustained manufacturing growth since the 1990s.”
Truth: Manufacturing employment has declined by 35,000 in 2016, and it’s still down 2.2 percent from when Obama took office.
During Obama’s two terms annualized Gross Domestic Product (GDP) growth nearly stalled in the first quarter of 2013 at a meager 0.5%.  This is down from 1.4% growth in the fourth quarter of 2015.

Obama is the only U.S. chief executive in history not to preside over even a single year with 3 percent GDP growth, as the Institute for Policy Innovation’s Tom Giovanetti observes: ‘From 1790 to 2000, U.S. real GDP growth averaged 3.79 percent,’ entrepreneur Louis Woodhill explained at RealClearMarkets. He expects final figures to show that ‘2015 will have been the tenth year in a row that real GDP growth came in at under 3.0 percent.’ (National Review)

However, in Obama’s last State of the Union address, he said, “Anyone claiming that America’s economy is declining is peddling fiction.” Perhaps he is spending so much time on the golf course, he has become completely out of touch with reality.  Or he knows that a lot of Americans will just take what he spoon feeds them as gospel so he just keeps shoveling crap down their throats.  Unless you’ve been living in a Colorado pot dispensary, no one is that out of touch with reality.  So that means Obama knowingly lies and spins tales confident that the liberal media and Joe Q. Public won’t do the research and uncover the truth.

Despite the rosy picture of prosperity painted by our President, the economy is worse off than it was in 2008 when he took office.  And instead of Obama 2.0 (aka Hillary Clinton) attacking Obama’s record and promising to do better, she instead thrust blame solely on the shoulders of the Bush (George W.) administration.
Because of the terrible economic policies of the Bush administration, President Obama was left with the worst financial crisis since the Great Depression, and people fell back into poverty because they lost jobs, they lost homes, they lost opportunities, and hope. (Politifact)
My assessment? The economy wasn’t great when Obama took office in 2008, but he has done nothing but add gasoline to the fire, making it much worse. And anyone who refuses to admit that doesn’t deserve to be president.  Hillary does not get my vote. 
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One thought on “Obama’s Presidency: The True Hollywood Story (Part 3)

  1. Pingback: Obama’s Presidency: The True Hollywood Story (Part 4) | STAR SPANGLED THINKING

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