Wednesday, March 6, 2013
Obama's America: The unemployment rate in October 2007 was 4.7% while in January 2013, the unemployment rate was 7.9%
While total wages and salaries nationwide are up 6.7% since October 2007, the consumer price index has risen more than 10% during the same time frame. This means that workers were getting more bang for their buck before Obama became president. Gross domestic product grew 3% in the third quarter of 2007. Revised figures from the government show that GDP in the fourth quarter of 2012 rose a scant 0.1%. And despite all the hoopla about the steady recovery in the housing market over the past year, real estate is still in a bear market. The most recent level of the S&P Case-Shiller 20-City Home Price Index, one of the most widely watched gauges of the health of housing, is still 24% below where it was in October 2007. Public debt as a percentage of GDP is over 100% right now. Back in October 2007, debt was only about 65% of GDP. So let's get this straight. The job market is still considerably worse than it was in October 2007. The economy is barely growing. Housing prices have not come back completely. And the federal government is much more heavily in hock. We are entering year four of what's been a subpar recovery. With Obama as president will it get any better?