Obama’s economic plans for the United States are being called a “better bargain,” but has Obama’s economy been a lemon?
As previously reported by The Inquisitr, Obama’s “better bargain” economic plan is being advertised as a good deal for the middle class.
The good news is that unemployment benefits applications and the US unemployment rate have been dropping slowly. The bad news is that even though US unemployment rate dropped to 7.6 percent many of the new jobs include those who are underemployed or part-time workers with low pay. Obama’s economic plans promise one million new manufacturing jobs by 2016. With the recent faltering in the manufacturing sector only 13,000 jobs have been created.
The numbers related to the net jobs created under Obama are also discouraging. At the end of 2012, Obama boasted 4.5 million jobs had been created since he became President. But CNN found there was only a net increase of 300,000 non-farm jobs since Obama took office. Counting government jobs, there are actually 400,000 fewer people working today since January of 2009. The Labor Department U-6 unemployment rate figure, which measures the underemployed or those who have given up looking, actually shows the US unemployment rate growing from 14.2 percent when Obama took office to 14.3 percent.
Overall, 11.8 million Americans remain out of work and 8.3 million are stuck in part time jobs, even though many have college degrees. America’s national debt is around $16.75 trillion and expected to grow at about four percent of GDP. Despite Obama’s economic plans, 54 percent of Americans believe the country is still in a recession.
Do you think President Obama’s economic plans have helped or hindered the United States economy?