Obama's Economic Grade Is an 'F'

Wednesday, 12 Feb 2014 12:22 PM

By Bradley A. Blakeman

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The president has had every opportunity to improve our national economy since he took office in 2009.
 
There is no doubt that when he took office he did inherit an economic mess and it was fair to put part of the blame on his predecessor. But, with five years into the job and with Obama pledging that he could turn things around, it is now his record that must be examined.
 
In 2008 when Barack Obama was running for office he had all the answers for all that ailed us. Sadly as president, none of his efforts have had the positive impact on the economy that was anticipated or realized. If Obama in 2008 had told us what the economy would look like, as it exists today — he would not have been elected. He felt the need to exaggerate and overpromise to get elected.
 
The American people have given Obama every benefit to succeed. However, the president has never risen to the occasion.
 
There is no doubt that Obama inherited a bad economy but he made it worse by turning his attention to the creation of Obamacare instead of fixing that which needed immediate attention and action and that is job creation, budget discipline, debt reduction, and tax reform.
 
A clear an unbiased look at the economic metrics clearly sets forth the across-the-board failures of the Obama administration to improve the national economy to date:
 
$27.2 Trillion:
Total Amount Of Debt Projected By The End Of 2024. ("The Budget And Economic Outlook: 2014 To 2024," The Congressional Budget Office, 2/4/14)
$17.3 Trillion:
The Total National Debt After Five Years Of Promises To Tackle The Problem. (U.S. Treasury Department, Accessed 2/7/14)
$6.6 Trillion:
Added To The National Debt Since Obama Became President. (U.S. Treasury Department, Accessed 2/11/14)
$4 Trillion
The Amount Of Debt That Obama Once Called "Irresponsible" And "Unpatriotic." (Sen. Barack Obama, Remarks At A Campaign Event, Fargo, ND, 7/3/08)
$2.2 Trillion:
Total Projected Deficits For Obama's Second Term. ("The Budget And Economic Outlook: 2014 To 2024," The Congressional Budget Office, 2/4/14)
$2 Trillion:
Cost Of Obamacare's Coverage Provisions From 2014 To 2024. ("The Budget And Economic Outlook: 2014 To 2024," The Congressional Budget Office, 2/4/14)
$1.1 Trillion:
Total Projected Cost Of Paying For The Federal Debt From 2013 To The End Of Obama's Second Term. ("The Budget And Economic Outlook: 2014 To 2024," The Congressional Budget Office, 2/4/14)
$880 Billion:
The Projected Cost Of Paying Interest On The National Debt In 2024, Nearly Four Times The $221 Billion It Cost In 2013. ("The Budget And Economic Outlook: 2014 To 2024," The Congressional Budget Office, 2/4/14)
$819.3 Billion:
Total Taxes In Obamacare. (CBO, 3/12;JCT, 6/15/12; CBO, 5/14/13; CBO, 7/30/13)
$566 Billion:
How Much Government Spending Is Expected To Increase By The End Of Obama's Second Term. ("The Budget And Economic Outlook: 2014 To 2024," The Congressional Budget Office, 2/4/14)
$494 Billion:
Amount Of Regulatory Burden Since Obama Took Office. (American Action Forum, 1/8/14)
$105 Billion:
The Projected Increased Cost To Pay Interest On U.S. Debt During Obama's Second Term In Office. ("The Budget And Economic Outlook: 2014 To 2024," The Congressional Budget Office, 2/4/14)
$3.6 Billion:
The Average Amount Of Debt Added Daily Since Obama Became President. (U.S. Treasury Department, Accessed 2/11/14)
47.6 Million:
Americans Receiving Food Stamps In 2013. (Department Of Agriculture, Accessed 2/7/14)
20.1 Million:
Number Of Americans Unemployed, Underemployed, Or Marginally Attached To The Labor Force. (Bureau Of Labor Statistics, Accessed 2/11/14)
19.4 Million:
The Number Of Americans That Have Joined The Food Stamp Program Since Obama Took Office. (Department Of Agriculture, Accessed 2/11/14)
10.2 Million:
The Number Of People Unemployed In January 2014. (BLS, Accessed 2/11/14)
7 Million:
The Number Of Americans That Will No Longer Have Employer-Sponsored Health Insurance From 2016 Through 2024 Due To Obamacare. ("The Budget And Economic Outlook: 2014 To 2024," Congressional Budget Office, 2/4/14)
6.7 Million:
The Number Of People That Have Entered Poverty Since 2008. (U.S. Census Bureau, Accessed 2/11/14)
 
3.7 Million:
The Number Of Americans Struggling With Long-Term Unemployment Of 27 Weeks Or Over. (BLS, Accessed 2/11/14)
2.5 Million:
The Number Of Full-Time-Equivalent Workers That Will Be Lost Due To Obamacare. ("The Budget And Economic Outlook: 2014 To 2024,"Congressional Budget Office, 2/4/14)
947,000:
The Increase In Americans Struggling With Long-Term Unemployment Since Obama Became President. (BLS, Accessed 2/11/14)
645,000:
Construction Jobs Lost Since Obama Took Office. (BLS, Accessed 2/11/14)
485,000:
Manufacturing Jobs Lost Since Obama Took Office. (BLS, Accessed 2/11/14)
$54,356:
The Debt Per Capita For Americans In February 2014. (U.S. Census Bureau, Accessed 2/11/14; U.S. Treasury Department, Accessed 2/11/14)
$19,661:
The Increase In Debt Per Capita For Americans Since Obama Took Office. (U.S. Census Bureau, Accessed 2/11/14; U.S. Treasury Department, Accessed 2/11/14)
$3,827:
The Decline In Median House Hold Income Since Obama Became President. (Gordon Green and John Coder, "Household Income Trends Series: December 2013," Sentier Research, 1/23/13)
$3,671:
Increase In Family Health Care Premiums Under Obama, Despite His Claim That Obamacare Would Reduce Premiums By $2,500. (The Kaiser Family Foundation, 8/20/13; President Barack Obama, Remarks By The President In The State Of The Union Address , Washington, D.C., 1/27/10)
1978:
The Last Time The Labor Force Participation Rate Was At Its Current Level. (BLS, 2/7/14)
79%:
The Amount Of Debt Held By The Public Compared To GDP By 2024. ("The Budget And Economic Outlook: 2014 To 2024," The Congressional Budget Office, 2/4/14)
79%:
Increase In The Average Price Per Gallon Of Gas Since Obama Took Office. (U.S. Energy And Information Administration, Accessed 2/11/14)
61%:
The Percent Of Americans That Believe The Country Is On The Wrong Track. (The Economist/YouGov, 1000 A, 689 RV, 3% MoE, 2/1-3/14)
53%:
Percentage Of Americans That Disapprove Of Obama's Handling Of the Economy. (The Economist /YouGov, 1000 A, 3% MoE, 2/1-3/14)
52%:
The Percent Of UnemployedAmericans Who Were 16-34-Year-Olds In January 2014. (Bureau Of Labor Statistics , Accessed 2/11/14)
 
50%:
The Decline In The Labor Force Participation Rate From 2007 To 2013 Due To Fewer Job Opportunities. ("The Budget And Economic Outlook: 2014 To 2024," The Congressional Budget Office, 2/4/14)
35.4:
Average Number Of Weeks Someone Was Unemployed In January 2014. (BLS, Accessed 2/11/14)
15%:
Poverty Rate In 2012 — An Increase From 13.2 Percent The Year Before Obama Became President. (U.S. Census, Accessed 1/31/14)
14.2%:
Unemployment Rate For Those Under 25. (Bureau Of Labor Statistics, Accessed 2/11/14)
14:
The Number Of Times Obama Has Pivoted To The Economy. (The Hill, 11/25/13)
12.1%:
African American Unemployment Rate In January 2014. (Bureau Of Labor Statistics, Accessed 2/7/14)
8.4%:
Hispanic Unemployment Rate In January 2014. (Bureau Of Labor Statistics, Accessed 2/7/14)
5:
Highest Deficits In U.S. HistoryUnder Obama . (Office Of Management And Budget, Accessed 1/20/14)
$1.50:
The Amount Gas Prices Have Increased Since Obama Became President. (U.S. Energy Information Administration , Accessed 2/7/14)
1%:
The Decline In Labor Compensation From 2017 To 2024. ("The Budget And Economic Outlook: 2014 To 2024," The Congressional Budget Office, 2/4/14)
 
The president is in the midterm of his full tenure as president. He can improve his final grade on the economy — only if he dramatically changes course and turns his attention to working across the aisle to find common ground and compromise on economic solutions to our pressing challenges.
 
The key to the next three years will be the results of the 2014 midterm elections. Either way the president of the United States gets the credit or the blame for the economic welfare of America.
 
Mr. President, your legacy will be the economy and Obamacare. Those issues will determine your final grade.
 
Bradley A. Blakeman served as deputy assistant to President George W. Bush from 2001-04. He is currently a professor of politics and public policy at Georgetown University and a frequent contributor to Fox News Opinion. Read more reports from Bradley Blakeman — Click Here Now.
 
 

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