Joe Biden Admits Obamanomics Has Failed: 'The Middle Class Has Been Left Behind'

Biden: 'The Middle Class Has Been Left Behind' 

Obamanomics: Household wealth decreases by over one third during Obama's presidency...

Where has all the money gone? The government gave it to unions, global warming fraud, failed green energy projects and entitlement bloodsuckers. Do you miss George W. Bush yet?

The New York Times reported:

Economic inequality in the United States has been receiving a lot of attention. But it’s not merely an issue of the rich getting richer. The typical American household has been getting poorer, too.
The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at the median point in the wealth distribution — the level at which there are an equal number of households whose worth is higher and lower. But during the same period, the net worth of wealthy households increased substantially.
The Russell Sage study also examined net worth at the 95th percentile. (For households at that level, 94 percent of the population had less wealth and 4 percent had more.) It found that for this well-do-do slice of the population, household net worthincreased 14 percent over the same 10 years. Other research, by economists like Edward Wolff at New York University, has shown even greater gains in wealth for the richest 1 percent of households. Read more here.

Obamanomics: 47 percent of unemployed have completely given up on finding a job...

Or as democrats would say, "They have been liberated form the burden of having to work for a living."

Via Weekly Standard:

Key findings:

47 percent agree with the statement, “I’ve completely given up on looking for a job.” (7 percent said they “agree completely,” 7 percent “agree a lot,” 15 percent “agree somewhat,” and 18 percent “agree a little.”)

60 percent say looking for work has been harder than expected. 10 percent say it’s been easier than expected.

Nevertheless, 91 percent agree with the statement, “I’m hopeful that I will find a job I really want in the next six months.”

Keep on reading…

Obamanomics: Businesses are collapsing faster than they are being formed

Increased regulation from Obamacare and the current EPA and an unfriendly NLRG are the triple kiss of death for business.

Via WaPo:

The American economy is less entrepreneurial now than at any point in the last three decades. That's the conclusion of a new study out from the Brookings Institution, which looks at the rates of new business creation and destruction since 1978.
Not only that, but during the most recent three years of the study -- 2009, 2010 and 2011 -- businesses were collapsing faster than they were being formed, a first. Overall, new businesses creation (measured as the share of all businesses less than one year old) declined by about half from 1978 to 2011.

Shocker: 20% of American Families have No One Employed...

Obamanomics...

(CNSNews.com) - In 20 percent of American families in 2013, according to new data released by the Bureau of Labor Statistics (BLS), not one member of the family worked.
A family, as defined by the BLS, is a group of two or more people who live together and who are related by birth, adoption or marriage. In 2013, there were 80,445,000 families in the United States and in 16,127,000—or 20 percent--no one had a job.
The BLS designates a person as “employed” if “during the survey reference week” they “(a) did any work at all as paid employees; (b) worked in their own business, profession, or on their own farm; (c) or worked 15 hours or more as unpaid workers in an enterprise operated by a member of the family.”

Obamanomics: The middle-aged are being forced to move in with their parents...

Change...

Via The LA Times: 

Debbie Rohr lives with her husband and twin teenage sons in a well-tended three-bedroom home in Salinas.
The ranch-style house has a spacious kitchen that looks out on a yard filled with rosebushes. It's a modest but comfortable house, the type that Rohr, 52, pictured for herself at this stage of life.
She just never imagined that it would be her childhood home, a return to a bedroom where she once hung posters of Olivia Newton-John and curled up with her beloved Mrs. Beasley doll.
Driven by economic necessity — Rohr has been chronically unemployed and her husband lost his job last year — she moved her family back home with her 77-year-old mother.
At a time when the still sluggish economy has sent a flood of jobless young adults back home, older people are quietly moving in with their parents at twice the rate of their younger counterparts.
For seven years through 2012, the number of Californians aged 50 to 64 who live in their parents' homes swelled 67.6% to about 194,000, according to the UCLA Center for Health Policy Research and the Insight Center for Community Economic Development.

Obamanomics: African-American unemployment jumps to 13 percent in August...

I would feel sorry for the African-American community if 93%  hadn't voted for Obama and Democrats in 2012.

(CNSNews.com) – The unemployment rate in the African American community climbed from 12.6 percent in July to 13.0 percent in August, according to data released today by the Bureau of Labor Statistics.
At the same time, the number of African Americans 16 year or older who held jobs dropped from 16,318,000 in July to 16,108,000 in August–a decline of 210,000.
The labor force participation rate in the African American community dropped from 61.4 percent in July to 60.8 percent in August. The 60.8 percent African American labor force participation rate in August was the lowest that rate has been since July 1982.
Keep on reading…

Tweet of the Day: Another zinger from Ted Cruz

Ouch!

Reaganomics: You start a business in your parents' garage. Obamanomics: You move into your parents' garage.

— Senator Ted Cruz (@SenTedCruz) July 20, 2013

Obamanomics: More Americans being forced into part-time jobs...

The June Jobs' Report found only 47% of Americans have a full-time job.

Via Breitbart:

The release of the June Jobs' Report Friday was something of a relief for the markets. The Labor Department reported that the economy gained 195,000 jobs in June, which beat economists' expectations. The Department also reported that the economy gained 70,000 more jobs in April and May than it originally estimated. The report, however, also provides clear evidence that the the nation is splitting into two; only 47% of Americans have a full-time job and those who don't are finding it increasingly out of reach.

Of the 144 million Americans employed last month, only 116 million were working full-time. Friday's report showed that 58.7% of the civilian adult population of 245 million was working last month. Only 47% of Americans, however, had a full-time job.

Obamanomics: 15.7 percent of Illinoisans are dependent on food stamps

Don't you love how they put an American flag on the EBT food stamp card to make getting food stamps look patriotic?

Change strikes Illinois...

Via CNS News:

According to the U.S. Department of Agriculture (USDA), over two million Illinoisans– or 15.7 percent of the state’s population- are currently enrolled in food stamps.

The USDA’s latest data shows 2,023,635 Illinoisans were enrolled in the Supplemental Nutrition Assistance Program (SNAP) in February 2013. In February of 2012, 1,831,898 people took part in the program. That’s an increase of 10.5 percent in just one year.

Illinois was the only state to see a double-digit increase of the number of residents enrolled in the SNAP program from the same time period last year.

The United States Census Bureau’s latest data shows the population of Illinois sitting at 12,875,255 people. If you take the number of residents on food stamps (2,023,635) and divide it by the population of the state (12,875,255), it shows 15.7 percent of Illinoisans are dependent on food stamps.

Obamanomics strike Barack and Michelle Obama...

The President and First lady's net worth has dropped by half?

Via The Daily Mail:

President Barack Obama and First Lady Michelle Obama held assets last year that were worth between $1.8 million and $6.8 million - almost half their top estimated wealth in 2010, financial documents revealed yesterday. 

They also revealed the President and First Lady have put aside a large portion of their wealth to ensure their daughters Malia, 14, and Saskia, 11, can go to college. 

They have saved between $200,000 to $400,000 in tax-advantaged 529 college savings accounts, the federal financial disclosure forms revealed.

There was no explanation for the steady decline in the top estimate of the Obamas net wealth. They were valued between $2.6 million and $8.2 million in 2011 and between $1.8 million and $12 million in 2010.

However, the couple still clearly have no reason to worry on the finance front. 

Read more here...

Obamanomics hits Obama: 1st Family AGI declines $181,000...

Unfortunately, Obama still has a job. That is more than many Americans can say...

WASHINGTON—President Barack Obama and First Lady Michelle Obama paid $112,214 in federal income taxes in 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said Friday.

The first family's income declined from the $789,674 in adjusted gross income they reported in 2011. That year they paid total federal taxes of $162,074, an effective rate of 20.5%. Their 2012 income continues a steep decline from 2010 when they reported $1.7 million in adjusted gross income, the bulk of which was royalties from sales from books written by Mr. Obama. Keep on reading...

Obamanomics: One third of Americans figure they'll need to work until age 80

This tidbit is buried in a  ABC story about Americans working longer.

Rix said there's a host of reasons behind the increases. For one, individuals can continue to work because they're staying healthier longer.

"I suspect most people are there because they're doing something they really want to do. They enjoy their work. They're making a contribution."

There are also financial considerations. With the drop in home prices, the fluctuating stock market, and the decline in pensions, some older workers simply have to work.

For Cooper, that's definitely part of the equation.

"When you get my age, you have a lot of doctor bills and different ailments. You have to pay the doctors and hospitals, so I am here," he said.

A recent survey by Wells Fargo found that nearly a third of Americans figure they'll need to work until age 80, in order to retire comfortably. The federal government estimates that by 2020, 10 percent of those aged 75 and older will be in the labor force. Rix believes the number is likely to be even higher.

Obama Recovery: Median Income Falls By $3,040 Per Household

If unemployment is up, median income is down and a record number of people are on food stamps, is this really a recovery?

Via Weekly Standard:

Americans must be wondering how much more of this “recovery” they can afford.  New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama “recovery.”  Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession.  Now, after 38 months of this “recovery,” it has fallen to $50,678 — a drop of $3,040 per household.

Yet it gets worse.  Amazingly, incomes have dropped even more during the “recovery” than they did during the recession.  In fact, they’ve dropped more than twice as much as they did during the recession.  From the start to the end of the recession, the real median income of American households fell $1,413, or 2.6 percent.  From the end of the recession to the present day, it has dropped $3,040, or 5.7 percent.  This begs the question:  What kind of “recovery” compares unfavorably with the recession from which it’s ostensibly recovering?

Keep on reading…

Obamanomics: 42 straight months of unemployment above 8%

Although there was job creation in July, it was too anemic to keep up with demand and unemployment rose to 8.3%.

Via FOX News:

The unemployment rate ticked up to 8.3 percent in July, reflecting a stagnant economic picture as hiring improved but not by enough to make a dent in the sea of unemployed Americans.

The Labor Department report, in a glimmer of positive news after three straight months of dismal jobs numbers, showed that hiring reached its best level since February, with 163,000 jobs added.

But the number brings the economy back to treading-water status. The economy added an average of 151,000 jobs a month this year, roughly the same as last year's pace. That's not enough to satisfy the 12.8 million Americans who are unemployed. It would take 250,000 new jobs a month to rapidly bring the unemployment rate down.

With the rate rising from 8.2 percent to 8.3 percent, Republicans amped up their criticism of President Obama's stewardship Friday. Read more here...

Border arrests at 40 year low

This is Obamanomics in action. No jobs equals fewer people trying to get in the country.

MEXICALI, Mexico (WaPo) — Arrests of illegal migrants trying to cross the southern U.S. border have plummeted to levels not seen since the early 1970s, according to tallies released by the Department of Homeland Security last week, a historic shift that could reshape the debate over immigration reform.

The Border Patrol apprehended 327,577 illegal crossers along the U.S.-Mexico border in fiscal year 2011, which ended Sept. 30, numbers not seen since Richard Nixon was president, and a precipitous drop from the peak in 2000, when 1.6 million unauthorized migrants were caught. More than 90 percent of the migrants apprehended on the southwest border are Mexican.

The number of illegal migrants arrested at the border has been dropping over the past few years but appears to be down by more than 25 percent this year.

Krauthammer Destroys Juan Williams' Comparison of Reaganomics to Obamanomics

Charles Krauthammer:

“Reagan created the biggest economic expansion and the longest in U.S. history – I rest my case.”