Obama overstates nation's economic strength
President Obama campaigned in Elkhart last week, touting the success of his economic plan. The president boasted the nation's economy is better off than when he took office seven years ago. But, clearly, that claim flies in the face of the economic facts.
Despite a series of aggressive fiscal and monetary stimuli, the economy has barely been treading water. Economic growth as measured by the gross domestic product should have risen over four percent. It's risen a meager two percent.
The rate of workforce participation continues to remain distressingly low at its lowest level since the Carter administration in the late 1970s. Black unemployment under Obama has remained unacceptably high — more than double the level of the white rate.
The number of Americans living below the poverty line remains at 15 percent, while the poverty level for blacks and hispanics is in excess of 20 percent. The number of U.S. citizens on food stamps has exploded duringt he Obama presidency: currently one in eight Americans is on food stamps.
During the Obama administration, the national debt has more than doubled, rising 116 percent — an increase of more than $8.1 trillion. Serving that debt — i.e., paying the interest on it — will become the third largest expenditure in the federal budget, crowding out money needed to repair a deteriorating infrastructure, enhancing national security, funding education, etc.
Additionally, looming on the horizon is a substantial increase in Obamacare premiums. Defending the case for premium increases, insurers cite a pool of enrollees that is smaller, sicker and more expensive than anticipated.
Based on the data of government agencies and independing think-tanks, President Obama has painted a far-too-rosy assesment of the nation's economy under his stewardship.