This is what you voted for

It goes without saying that I still am flabbergasted that President Obama won re-election despite his shoddy handling of the economy.  But here’s a look at just how shoddy he he’s been.  This is what you voted for.

obamanomics

1 “Long-term unemployed” means for over 26 weeks; data for January 2009 and December 2012. 
2 “Workforce Dropouts” are working age individuals aged 16-64 not in the labor force, not seasonally adjusted; data for December 2008 and December 2012. 
3 “Food Stamp Recipients” means average annual participation in the Supplemental Nutrition Assistance Program (SNAP), formerly called food stamps; data for Fiscal Years 2008 and 2012.
4 Average retail price per gallon, in real dollars, January 2009 week 3 and January 2013 week 2. 
5 “High unemployment” means having a 3-month average unemployment rate of 6% or higher.  From the Bureau of Labor Statistics’ “Extended Benefits Trigger Notice” for January 18, 2009 and January 13, 2013.
6 The “Misery Index” equals unemployment plus inflation.
7 According to the U.S. Department of Agriculture, these values represent monthly “moderate” cost per family of four for January 2009 and November 2012, in real dollars.
8 U.S. median sales price of existing single-family homes for metropolitan areas for 2008 and 2012 Q3. 
9 Residential mortgage delinquencies (real estate loans) for 2008 Q4 and 2012 Q3. 
10 Values for January 21, 2009 and January 16, 2013.

Comments

  1. On the positive side: only four more years!

  2. It won’t matter, because by then China will own the USA.

  3. Had the Republican party fielded a reasonable candidate they could have won. Had the Republican party done their homework on the ground, like the Democrats did… Let’s face it, part of Obama’s victory comes down to good strategic planning, good execution and skill. So many factors were stacked against Obama, his re-election is further evidence of how out-of-touch the Republican party has become.

    My prediction is that the economy will be improved at the end of Obama’s second term, relative to the lowest point it reached during his first term (let’s say that was Jan 2010).

    As I’ve said before, Obama inherited an economic disaster. The worst unemployment rate was 10% in Oct 2009. The unemployment rate is now 7.8%. That downward trend helped Obama. According to 6figurejobs, “There has been a surge in new companies sprouting up, with the Kauffman Foundation reporting that 565,000 new businesses were started in 2010.” I think there has been a decline since then, but there is scant evidence that the US is becoming a socialist country. In fact, Obama is strongly responsible for re-invigorating private sector access to space related work, e.g. supplying the International Space Station.

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