Stephen Moore in the Washington Times gives the real report card on the economy under President Obama:
- Economic growth: AnemicThis recovery is a bust. The growth rate of 2 percent under Mr. Obama’s recovery means we have $2 trillion less GDP today than we would if Obama’s performance had been average — i.e. a C grade.
- College and Health Costs: SkyrocketingMr. Obama promised to lower health costs by $2,500 per family. But many states are reporting insurance premium increases of 10%, 20%, and even 30%. And medical costs are up significantly.University tuition costs are also surging. Tuition and fees at 4-year private nonprofit universities increased by about 26 percent to $31,000 a year.
- Real Unemployment Rate in America: 10%Mr. Obama boasts that the unemployment rate is 5.1%, but this is a statistical trick. The real rate of unemployment is almost twice as high, and the number of Americans over the age of 16 that are not working is at an all-time record high.
- Take Home Pay: FallingReal household income has declined by 3.1 percent since President Obama took office. Americans have not had a pay raise in almost 10 years.
- Income Gaps RisingUnder the Obama administration, women, Hispanics, blacks, and young workers have recorded the biggest income declines.
- National Debt: Tops $220,000 Per Household.
- Taxes: UpPresident Obama has raised taxes on investment income, dead people, medical device manufacturers, health insurance policies, and Obamacare’s “individual mandate” amounts to a massive tax hike on the middle class. Furthermore, he U.S. now has the highest business tax in the world.
- Cost of Government Regulations: UpNew regulations on power plants, fuel standards, finance, and healthcare raise costs on consumers while stifling industry. Regulations cost American consumers an all-time high $2 trillion a year.
To read Mr. Moore’s full assessment of why the bad news far outweighs the good news, go here.