The Ulsterman Report: Ruh-Roh – Obama Economy Downgraded Yet Again
The initial Q2 GDP report of 1.3% was considered tepid at best. A just released downward revision now has the Q2 GDP at a measly 1%. How’s that Hope and Change working out for you America?
”I’d rather be a really good one-term president than a mediocre two-term president.”
-Barack Obama: 2010
(Yet more biking and golfing for President Obama…)
Upon taking the oath of office as President of the United States, Barack H. Obama “inherited” an unemployment rate of 7.7%. In the year following his becoming president, at a time when Democrats controlled both houses of Congress and the White House, unemployment exploded to over 10% with 15.6 million Americans without a job. After trillions upon trillions in Obama-approved government deficit spending, and a trillion more to fund Obamacare, the current unemployment rate remains at a historically high rate of just over 9%. So after nearly three years in power, Barack Obama has overseen an overall increase of approximately 18% in the unemployment rate since taking office.
(Like her husband, First Lady Michelle Obama loves to vacation as well.)
The latest Commerce Department downgrade of the 2nd quarter GDP rate from 1.3% to just 1% will do little to soothe the growing anger many Americans are feeling regarding President Obama’sineptitude in turning around the American economy. As other nations such as Canada and Germany began strong economic recoveries months ago, the United States remains mired in ever increasing debt and an Obama administration at a seeming loss for what to do about it. The last word from Barack Obama on the issue of unemployment was that he intended to get back to us after finishing up his vacation in the posh muliti-millionaire’s paradise of Martha’s Vineyard.
(Unemployment? What unemployment? For Barack Obama – life is good!)
In the meantime, a just-released Rueters report suggests America is now officially on “recession watch” – with a growing number of economists warning of yet another economic decline and subsequent rise in unemployment.
So given Barack Obama’s first term as president is proving an outright failure for the American people – what should we make of his view on the subject just last year?