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Everyone’s good at something. Obama’s forte is ruining the economy.
2016’s first quarter U.S. economy expanded at its lowest rate in two years — just 0.5 percent, according to data provided by the Commerce Department.
“The increase was less than the 0.7 percent median projection in a Bloomberg survey and marked the third straight disappointing start to a year,” Bloomberg News reported.
Real Clear Markets reported in February:
Even worse, and this should be the defining issue of the 2016 elections, the Congressional Budget Office (CBO) is now forecasting that America will never see 3.0% economic growth again. This should be drawing howls of protest, at least from Republicans, but there has been little reaction thus far.
From 1790 to 2000, U.S. RGDP growth averaged 3.79%. America needs at least 3.0% economic growth-the nation cannot defend itself and pay its bills without it.
Yet after more than seven years in office, the Obama economy has yet to match that 3.0 percent economic growth figure — not even once.
Of the 44 presidents that have lead the United States, Obama will be the only one to have failed at meeting that goal.
As a result, the national debt grows larger every year, and is projected to hit $20 trillion by the end of Obama’s term.
The February 7, 2011 cover story on Time magazine was “Why Obama Loves Reagan, And What He’s Learned From Him.”
He must not have learned too much from “The Gipper,” at least not where it counts. Kyle Smith noted in Forbes that “The Reagan years brought annual real GDP growth of 3.5 percent – 4.9 percent after the recession.”
What of other economic indicators? The president likes to laud his 5.0 percent unemployment rate as of the end of March, but it came at a cost. People grew frustrated and simply dropped out of the labor force, meaning they weren’t counted as being among the unemployed.
But the real employment indicator is labor participation rate. The Washington Free Beacon reported that more than 93 million working age Americans were out of work — giving it the highest rate in decades.
And of those fortunate enough to find employment, many of those jobs are part-time. Advisor Perspectives reported earlier this month that 18.4 percent of the labor force was working only part time.
As a result, real household income was 6.5 percent lower than when the recession began, the Washington Free Beacon reported near the end of last year.
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