Obama's economy: A snapshot

[KingOrfeo]

From CNN Money. (Each of these pages includes a graph.)

Job growth:

Job losses peaked in early 2009, and steadily declined throughout the year. The economy finally started creating jobs in the beginning of 2010, but then employers pulled back in the summer. A similar trend occurred in 2011, and then again in 2012, when strong momentum early in the year stumbled in the spring.

Unemployment:

The unemployment rate surged to 10% in Obama's first year in office and has fallen gradually since then, landing at 8.2% as of May. Part of the decline has come as some Americans have gone back to work, but also because many workers have dropped out of the labor force.

Economic growth:

During the first three months of 2009, the economy slumped at an annual rate of 6.7%. Since then GDP has been growing and slowly recovering, but the rebound has been a lackluster one compared to those following prior recessions.

Home prices:

Home prices have moved up and down since the start of Obama's term. Lifted in 2010 on the back of the Recovery Act's homebuyer tax credit, prices later fell when the credit expired. But overall, the trend has been lower, and housing remains in a major slump.

Foreclosures:

More than 3 million Americans have lost their homes to foreclosure since early 2009, but bank repossessions have fallen in half since they peaked in September 2010.

Inflation:

Gas and food prices have had a few temporary growth spurts in the past few years, but overall, inflation has remained relatively low, held back by falling home prices and stagnant wages.

Gas prices:

Three-and-a-half years ago, filling up at the pump cost around $1.60 a gallon. But then, gas prices began to climb, eventually topping out at nearly $4 a gallon in mid-2011, and coming pretty close again in 2012. Since then, prices have fallen back a bit, but at $3.54 a gallon, are still nowhere near 2009 levels.

Stocks:

After bottoming out in 2009, stocks came roaring back over the next several years. But after starting 2012 with the best quarter in years, the European debt crisis and a slowing U.S. economy spooked investors, putting CNNMoney's Fear & Greed index in extreme fear territory. Experts still predict the S&P 500 will end 2012 on a high note. Most strategists surveyed by CNNMoney think the broad index will end the year up 14% from where it started.

Interest rates:

Already-low interest rates rose steadily in 2009 as the economy slowly began to recover, with the yield on the benchmark 10-year note hitting 4.01% in the spring of 2010. But since then, extreme fear has settled in, sending investors fleeing for the safety of government-backed U.S. Treasuries, sending 10-year yields tumbling to all-time lows.

Manufacturing:

Manufacturing slowed through much of 2009, bottoming out midway through the year. Since then, the sector has steadily rebounded, with industrial production hitting a nearly four-year high in April.

Consumer spending:

Amid slumping home prices and rising unemployment, consumers pulled back on their spending during the recession. Stimulus programs temporarily boosted auto sales and home purchases in 2009, but since then, spending has picked up only gradually. Consumers are focusing on paying down debt instead.

National debt (% of GDP):

The financial crisis of 2008 spurred a big chunk of spending increases and tax cuts to stem the pain of the downturn. That's a key reason why debt held by the public -- individual bondholders, big investors, and foreign governments -- has increased significantly since 2008. That jump will have to be paid off with interest.

Much of those emergency measures will end, so for the next decade annual deficits should be much lower than they've been recently. But over the long run, debt is still projected to grow faster than the economy. Policymakers will have to address it soon, or risk not being able to fund everything Americans expect their government to do.

Government spending:

The bank bailout and federal stimulus programs aimed at juicing the economy pushed up spending significantly in fiscal 2009, which began in October of 2008. Revenue, meanwhile, fell to 60-year lows as the economy slumped and millions of people lost their jobs. That, in turn, increased safety net spending.

Could be a lot better -- especially with respect to unemployment, gas prices, and national debt. (Low housing prices are a good thing, ISTM, that sector was ridiculously inflated.) But, considering we've been in a global recession/depression these past five years, not too bad at all, taking it all around. Certainly there has been no needless government "spending spree" to worry about; in fact, we'd be better off now, with less unemployment and a lower federal budget deficit, if a whole lot more had been spent. Hearken to Paul Krugman, he's a much better economist than any Austrian School, Chicago School, Libertarian or monetarist economist.

 

[bra_man69]

Biggest crock of shit you have posted yet
When people stop looking for work there not part of the unemployment numbers
Gdp hasn't grown at all it has went the other way
Banks cut a deal with the government to stop foreclosures.
We don't have inflation fed trying to stop deflation.
Gas prices are down less use
Stocks are up from qe1 qe2 tarp

 

[RoryN]

Biggest crock of shit you have posted yet
When people stop looking for work there not part of the unemployment numbers
Gdp hasn't grown at all it has went the other way
Banks cut a deal with the government to stop foreclosures.
We don't have inflation fed trying to stop deflation.
Gas prices are down less use
Stocks are up from qe1 qe2 tarp

What language is this?

 

[KingOrfeo]

What language is this?

I call it "Iggy."

 

[RoryN]

I call it "Iggy."

Seriously. It's like he's mixing second-grade English with antifreeze.

 

[bra_man69]

I call it "Iggy."

Iggy me I don't care
What does the truth hurt.
you so bad want things to be better off under your buddy obama but that's not the case.
He owns this economy he can't blame bush anymore.
He can't run on his record just like you he is a failure.

 

[phrodeau]

Get out of your cave and back to school, mini-brain.

 

[semen4her]

I call it "Iggy."

That's funny, I call it 'retard'.

 

[unregistered]

 

[bra_man69]

Get out of your cave and back to school, mini-brain.

My mini brain still more of one then you ever had

 

[renard_ruse]

More than 3 million Americans have lost their homes to foreclosure since early 2009, but bank repossessions have fallen in half since they peaked in September 2010.

Sadly, that is not nearly enough. The people who never had the income to buy overpriced houses in the first place but did it anyway because they thought they could make a bunch of money off them when they appreciated in value are, in my opinion, some of the cruddiest people ever to have infested the country. I've always despised them. I was giddy with joy when the foreclosures started. Sadly, the government did everything it could to help these greedy irresponsible rats.

 

[KingOrfeo]

Sadly, that is not nearly enough. The people who never had the income to buy overpriced houses in the first place but did it anyway because they thought they could make a bunch of money off them when they appreciated in value are, in my opinion, some of the cruddiest people ever to have infested the country. I've always despised them. I was giddy with joy when the foreclosures started. Sadly, the government did everything it could to help these greedy irresponsible rats.

That does not make Obama a failure, it makes you a piece of shit.

 

[KingOrfeo]

Obama administration: A snapshot

http://4.bp.blogspot.com/-oe5wLcVHsNU/T8dTwPrSJ6I/AAAAAAAAAH8/jcF3FEPyswQ/s1600/OBAMA%2BDISASTER.png

Not on the economy, at any rate. And not on foreign policy, despite Krauthammer's bullshit and yours. What else is there, really?

 

[JAMESBJOHNSON]

Every swinging dick knows his own situation. In November he'll look in his wallet and vote what he finds there.

But IT COULDA BEEN WORSE is never an inspiring campaign theme. Today or next week we learn if Obama spent 3 years wasting time with ObamaCare, time he coulda used fixing the economy.

 

[NeverEndingMe]

looks like KingofTards is high from the obama juice

 

[TexasWife25]

All of your facts are liberal spin, all of my facts are gospel.

 

[Adre]

Reports are circulating that the Romney people are trying to shut Repub govs up about the good economic news in their states. Does that mean he wants them to lie?????

 

[Frizzle_Fry]

That does not make Obama a failure, it makes Clinton one.

FYP.....

 

[TexasWife25]

Reports are circulating that the Romney people are trying to shut Repub govs up about the good economic news in their states. Does that mean he wants them to lie?????

I saw Romney doing a round table discussion with a governor and a group of college graduates. Romney was talking about how bad the economy/jobs were in that state and the governor actually interrupted him, to tell the grads about a website he had created that had over 60k jobs, in state for college grads.

After, a reporter asked the governor if he thought his message was at odds with Romneys.

Its interesting because republican governors, obviously want to be reelected, so they are talking about how much has improved under their watch, which is bad for the "Everything is worse now" narrative.

 

[Adre]

I saw Romney doing a round table discussion with a governor and a group of college graduates. Romney was talking about how bad the economy/jobs were in that state and the governor actually interrupted him, to tell the grads about a website he had created that had over 60k jobs, in state for college grads.

After, a reporter asked the governor if he thought his message was at odds with Romneys.

Its interesting because republican governors, obviously want to be reelected, so they are talking about how much has improved under their watch, which is bad for the "Everything is worse now" narrative.

I am looking forward to seeing how the right wing spins this. It should be good for a chuckle, anyway.

 

[TexasWife25]

I am looking forward to seeing how the right wing spins this. It should be good for a chuckle, anyway.

That's the thing I don't get, even Romney has been quoted saying things are improving, why cling to an obvious falsehood? Its not like they don't have real honest problems to point to.

 

[Frizzle_Fry]

That's the thing I don't get, even Romney has been quoted saying things are improving, why cling to an obvious falsehood? Its not like they don't have real honest problems to point to.

Because that won't pick up the votes of the sheeple.......they are just to fucking immature to be able to handle their candidate saying something honest like "Obama did pretty well considering the shit storm dropped in his lap but I think I can do a better job, here is why blah I want your money blah blah you want to give me your money blah blah thank you for your money blah ....vote for me."

Nope...they have to be 3rd grade playground nasty about it to rally the troops.

 

[KingOrfeo]

FYP.....

Clinton?! Clinton was no kind of failure on the economy! W was.

 

[JAMESBJOHNSON]

Reports are circulating that the Romney people are trying to shut Repub govs up about the good economic news in their states. Does that mean he wants them to lie?????

Yes.

Actually both groups are lying.

 

[JAMESBJOHNSON]

I see that Obama's new plan for the economy is to toss pennies into a wishing well.