Hope and change = 1% average annual economic growth.
In the 21st century, during the presidencies of George W. Bush and Barack Obama, the U.S. economy has not shown the ability to grow that it did in the last two decades of the 20th century, according to data released by the Bureau of Economic Analysis.
In fact, real average annual economic growth has been nearly cut in half so far this century compared to the last two decades of the last century; and specifically during President Obama’s time in office it has dropped to an average of just over 1 percent. (Read More)
If that’s not bad enough, none of that little increase in growth went to the middle class or the poor. Under President Obama income inequality, which he’s always railing about, has gotten much worse.
Research by University of California economist Emmanuel Saez shows that since the Obama recovery started in June 2009, the average income of the top 1% grew 11.2% in real terms through 2011.
The bottom 99%, in contrast, saw their incomes shrink by 0.4%.
As a result, 121% of the gains in real income during Obama’s recovery have gone to the top 1%. By comparison, the top 1% captured 65% of income gains during the Bush expansion of 2002-07, and 45% of the gains under Clinton’s expansion in the 1990s.
The Census Bureau’s official measure of income inequality — called the Gini index — shows similar results. During the Bush years, the index was flat overall — finishing in 2008 exactly where it started in 2001.
It’s gone up each year since Obama has been president and now stands at all-time highs.
It’s worth underscoring that the growing income gap under Obama isn’t the result of the rich getting fabulously richer. Nor is it any sort of indictment of “trickle down” economics.
Instead, it is the direct result of Obama’s historically weak economic recovery, which has left the rest of the country falling behind while the wealthy have managed to make gains. (Read More)
What’s amazing is that Obama has remained detached from his wretched record in the minds of so many voters. Rush Limbaugh explained why that may be during his interview with Greta Van Susteren. Maggie’s Notebook has a transcript and video. Be sure to check it out, Rush’s theory explains why Obama still does nothing but campaign.