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Americans Cannot Afford Four More Years Of This

- August 7, 2016

Clinton Will Only Deliver More Of The Same Failed Economic Policies Of The Last Eight Years

TOP TAKEAWAYS

  • Embracing his legacy "with fervor," Clinton said Obama deserves an "A" for his handling of the economy and doesn't "get the credit he deserves."
  • But the American people know what the real Obama economy looks like: a disappearing middle class with declining wages and incomes and record-low homeownership.
  • Obama has one of the worst track records for economic growth of any president in U.S. history, failing to produce a single year of growth above three percent.
  • Obama has not only broken his promise to tame the deficit, but will leave office as the "$20 trillion man" after nearly doubling the national debt in eight years.
  • Millions of Americans have fallen behind in Obama's economy, with nearly 7 million more Americans in poverty and 11 million more on food stamps since he took office.
  • Under Obama, the global trade deficit swelled to $750 billion last year.

Embracing Obama's Legacy "With Fervor," Clinton Said Obama Deserves An "A" For His Handling Of The Economy And Doesn't "Get The Credit He Deserves"

On The Campaign Trail, Clinton Is "Embracing [Obama] And His Legacy With Fervor," Moving "To Portray Herself As An Heir To Obama's Policies." "Hillary Clinton has distanced herself from President Barack Obama on a number of high-profile issues since starting her bid for the White House. Now, under pressure from left-leaning challenger Bernie Sanders, she is embracing him and his legacy with fervor. That strategy could pose problems for Clinton in the long run as Republicans look for fodder to portray her as representing Obama's third term should she win the Democratic nomination. As she faces an unexpected challenge from Sanders in the early voting states, Clinton's move to portray herself as an heir to Obama's policies is aimed at courting young voters and progressives who are part of the president's political base." (Jeff Mason and Steve Holland, "Clinton's Embrace Of Obama Holds Risks For General Election Matchup," Reuters, 1/18/16)

In October 2015, Clinton Gave The Obama Administration An "A" For Its Overall Performance, Specifically Citing Obama's Economic Policies. QUESTIONER: "As for President Obama himself, what letter grade would you give his administration?" CLINTON: "I'd give him an 'A.' I don't think he gets the credit he deserves for saving our economy from falling into a great depression, for saving the auto industry which represents millions of jobs up and down the supply chain, for beginning the crackdown on Wall Street abuses with Dodd-Frank, for getting the Affordable Care Act passed, for really being as responsive as he could possibly be given the obstructionism that he faced with the Republicans in Congress." (Hillary Clinton, Remarks In An Interview With The Boston Globe, Keene, NH, 10/17/15)

Click To Watch

At The Democrat National Convention, Hillary Clinton Said That Obama Does Not Get The Credit He Deserves For His Economic Policies, Saying "Our Economy Is So Much Stronger Than When" He Took Office. "But, even more important than the history we make tonight, is the history we will write together in the years ahead. Let's begin with what we're going to do to help working people in our country get ahead and stay ahead. Now, I don't think President Obama and Vice President Biden get the credit they deserve for saving us from the worst economic crisis of our lifetimes. Our economy is so much stronger than when they took office." (Hillary Clinton, Remarks At The Democrat National Convention , Philadelphia, PA, 7/28/16)

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AMERICANS CANNOT AFFORD FOUR MORE YEARS OF CLINTON-OBAMA ECONOMIC POLICIES, WHICH HAVE LEFT THE MIDDLE CLASS BEHIND

After Eight Years Of Failed Clinton-Obama Economic Policies, The Middle Class Is Disappearing

A December 2015 Pew Study Found That For The First Time In Four Decades, The Middle Class Is No Longer The Majority. "After more than four decades of serving as the nation's economic majority, the American middle class is now matched in number by those in the economic tiers above and below it. In early 2015, 120.8 million adults were in middle-income households, compared with 121.3 million in lower- and upper-income households combined, a demographic shift that could signal a tipping point, according to a new Pew Research Center analysis of government data." ("The American Middle Class Is Losing Ground," Pew Research Center, 12/9/15)

  • Middle-Class Jobs, That "Provided A Stable Living For Those With Less Education," Have "Been Replaced With Low-Wage Work." "But middle-skilled jobs, which once provided a stable living for those with less education, have been replaced with low-wage work. Occupations at the growing bottom earn less than $32,000 on average. Only one-third have health insurance and only one-quarter have retirement benefits." (Josh Zumbrun, "Post Recession Job Growth Coming In High-Wage Positions,"The Wall Street Journal, 8/17/15)

The U.S. Middle-Class "Has Shrunk To The Point Where It No Longer Constitutes The Majority Of The Adult Population." "The nation's middle class, long a pillar of the U.S. economy and foundation of the American dream, has shrunk to the point where it no longer constitutes the majority of the adult population, according to a new major study." (Don Lee, "Middle-Class Families, Pillar Of The American Dream, Are No Longer In The Majority, Study Finds," Los Angeles Times, 12/9/15)

A Gallup Survey Found That Only 51 Percent Of U.S. Adults Identify As Middle-Class, Down From 63 Percent Of Those Polled In 2008. "A Gallup survey this spring showed that just 51% of U.S. adults considered themselves middle or upper middle class, with 48% saying they are part of the lower or working class. As recently as 2008, 63% of those polled by Gallup said they were middle class." (Don Lee, "Middle-Class Families, Pillar Of The American Dream, Are No Longer In The Majority, Study Finds," Los Angeles Times, 12/9/15)

Americans Have Seen Declining Incomes And Stagnant Wages

During The Obama Administration, Median Household Income Has Fallen $1,656, From $55,313 In 2008 To $53,657 In 2014. (U.S. Census Bureau, Accessed 6/1/16)

  • The Median Individual Income In The U.S. Has Decreased $161 Under Obama, From $36,463 In 2008 To $36,302 In 2014. (U.S. Census Bureau, Accessed 6/1/16)

Middle-Income American Families "Make Substantially Less Money" In Inflation Adjusted Terms Than Years Ago And "There Is No Evidence That Is Reversing." "A middle-income American family, in other words, makes substantially less money in inflation-adjusted terms than it did 15 years ago. And there is no evidence that is reversing." (Neil Irwin, "Why Americans Still Think The Economy Is Terrible," The New York Times, 9/16/15)

Last Year, Workers' Salaries And Benefits Rose Just 2 Percent According To The Bureau Of Labor Statistics. "The Labor Department says the employment cost index, which tracks wages and benefits, rose 0.6 percent in the October-December quarter. That's the same as the previous three months. In the past year, salaries and benefits have risen just 2 percent, again marking the same annual pace as the previous two quarters. That's below the roughly 3.5 percent rate consistent with a healthy economy." ("Americans'' Wage Gains Remain Muted In 2015," The Associated Press, 1/29/16)

  • In A "Normal Economy" Wage Inflation Would Be Around 3.5 To 4 Percent. "Wage inflation is stuck at the same 2 percent it's been the whole recovery, well below the 3.5 to 4 percent it would be in a normal economy-the implication being that this is not one." (Matt O' Brien, "Excited About An Upcoming Raise? Don't Be." The Washington Post, 8/4/15)

The U.S. Homeownership Rate Recently Hit A 50-Year Low Under Obama

The Wall Street Journal Headline: "U.S. Homeownership Rate Falls To Five-Decade Low" (Jeffrey Sparshott, "U.S. Homeownership Rate Falls to Five-Decade Low," The Wall Street Journal, 7/28/16)

In July, The Census Bureau Said The U.S. Homeownership Rate Hit 62.9 Percent, "The Lowest Figure Since 1965." "The homeownership rate, the proportion of households that are owner-occupied, fell to 62.9%, half a percentage point lower than the second quarter of 2015 and 0.6 percentage point lower than the first quarter 2016, the Census Bureau said on Thursday. That was the lowest figure since 1965.." (Jeffrey Sparshott, "U.S. Homeownership Rate Falls to Five-Decade Low," The Wall Street Journal, 7/28/16)

  • Since Obama Took Office, The U.S. Homeownership Rate Has Dropped By More Than Four Percent, From 67.3 Percent In The First Quarter Of 2009 To 62.9 Percent In The Second Quarter Of 2016. (U.S. Census Bureau, Accessed 8/4/16)

Americans Have Seen Three Straight Quarters Of Sub-Two Percent Economic Growth

"The Economy Has Grown At Less Than A 2% Pace For Three Straight Quarters." (Eric Morath and Jeffrey Sparshott, "U.S. Economy Grew At A Disappointing 1.2% In 2nd Quarter," The Wall Street Journal, 7/29/16)

The U.S. Economy Only Grew At An Annual Rate Of 1.2 Percent In The Second Quarter Of this Year, "Well Below" The Expectations Of Economists." "Gross domestic product, the broadest measure of goods and services produced across the U.S., grew at a seasonally adjusted annual rate of 1.2% in the second quarter, the Commerce Department said Friday. The figure was well below the 2.6% growth economists surveyed by The Wall Street Journal had forecast." (Eric Morath and Jeffrey Sparshott, "U.S. Economy Grew At A Disappointing 1.2% In 2nd Quarter," The Wall Street Journal, 7/29/16)

  • Investor's Business Daily Headline: "U.S. GDP Grew Just 1.2% In Q2, Far Worse Than Expected" (Ed Carson, "U.S. GDP Grew Just 1.2% In Q2, Far Worse Than Expected," Investor's Business Daily, 7/29/16)

Revised Numbers Show That The U.S. Economy Only Grew By 0.8 Percent In The First Quarter. "The gain marks only a slight acceleration from the first quarter, when GDP advanced at a downwardly revised 0.8% pace. The first quarter was previously seen as increasing 1.1% from the prior period." (Eric Morath and Jeffrey Sparshott, "U.S. Economy Grew At A Disappointing 1.2% In 2nd Quarter," The Wall Street Journal, 7/29/16)

  • "America's Economy Didn't Bounce Back In The Spring After A Sluggish Winter." (Patrick Gillespie, "Spring Slump: U.S. Economy Only Grows 1.2%,"CNN Money, 7/29/16)

Obama Will Leave Office With One Of The Worst Track Records Of Any President For Poor Economic Growth

Obama Is On Track To "Be The Only U.S. President In History That Did Not Deliver A Single Year Of 3.0% + Economic Growth." "Right now, the nation is probably already in a recession. The BEA's first estimate of 4Q2015 RGDP growth was only 0.69%, and there is mounting evidence that this will later be revised downward. However, making the wildly optimistic assumption that 2016 RGDP growth will come in at the CBO's current forecast (2.67%), Obama will be the only U.S. president in history that did not deliver a single year of 3.0%+ economic growth." (Louis Woodhill, "Barack Obama's Sad Record On Economic Growth," RealClear Markets, 2/1/16)

Obama Could Leave Office With An Average Economic Growth In The Bottom Four Of All Presidents. "This would place his presidency fourth from the bottom of the list of 39*, above only those of Herbert Hoover (-5.65%), Andrew Johnson (-0.70%) and Theodore Roosevelt (1.41%)." (Louis Woodhill, "Barack Obama's Sad Record On Economic Growth," RealClear Markets, 2/1/16)

  • Obama May Leave Office Having Only Produced An Average Of 1.55% Economic Growth. "Again, assuming 2.67% RGDP growth for 2016, Obama will leave office having produced an average of 1.55% growth. This would place his presidency fourth from the bottom of the list of 39*, above only those of Herbert Hoover (-5.65%), Andrew Johnson (-0.70%) and Theodore Roosevelt (1.41%)." (Louis Woodhill, "Barack Obama's Sad Record On Economic Growth," RealClear Markets, 2/1/16)

Since The End Of The Recession, The Economy Has Advanced At A 2.2 Percent Annual Rate, Which Is "More Than A Half-Percentage Point Worse Than The Next-Weakest Expansion Of The Past 70 Years." "Since the recession ended in June 2009, the economy has advanced at a 2.2% annual pace through the end of last year. That's more than a half-percentage point worse than the next-weakest expansion of the past 70 years, the one from 2001 through 2007. While there have been highs and lows in individual quarters, overall the economy has failed to break out of its roughly 2% pattern for six years." (Eric Morath, "The Worst Expansion Since World War II Was Even Weaker," The Wall Street Journal , 7/30/15)

  • Annual Growth Has Averaged 2.1 Percent In The "Slowest" Economic Recovery Since World War II. "The U.S. economic expansion will celebrate its seventh birthday next month, making it the fourth longest recovery since World War II. But it has also been the slowest, averaging modest annual growth of 2.1 percent." (Martin Crutsinger, "US Economy Showing Signs Of Life After Slow Start To Year," The Associated Press, 5/27/16)

The Weak Growth Shown By The Economy Is Falling Short Of Workers Would Expect To See In The Seventh Year Of A Recovery. "But the overall gains are still likely to fall short of what many experts - not to mention ordinary workers - would hope to see as the recovery nears the end of its seventh year." (Nelson, D. Schwartz, "U.S. Economy Better Than Thought, But Still Weak," The New York Times, 5/27/16)

The National Association Of Counties Found That Under The Clinton-Obama Economy, 93 Percent Of Counties In The United States "Have Failed To Fully Recover" From The Recession. "More than six years after the economic expansion began, 93% of counties in the U.S. have failed to fully recover from the blow they suffered during the recession. Nationwide, 214 counties, or 7% of 3,069, had recovered last year to prerecession levels on four indicators: total employment, the unemployment rate, size of the economy and home values, a study from the National Association of Counties released Tuesday found." (Eric Morath, "Six Years Later, 93% Of U.S. Counties Haven't Recovered From Recession, Study Finds," The Wall Street Journal , 1/12/16)

Obama Is On Pace To Be The "$20 Trillion Man," Increasing The National Debt By 80 Percent

Under The Obama Administration, The Debt Has Increased By 80 Percent, A Total Of $8.7 Trillion, From $10.627 Trillion In 2009 To $ 19.374 Trillion As Of August 2, 2016. ("Daily History Of The Debt," U.S. Department Of Treasury, Accessed 8/4/16)

  • The Washington Times Headline: "$20 Trillion Man: National Debt Nearly Doubles During Obama Presidency" (Dave Boyer, "$20 Trillion Man: National Debt Nearly Doubles During Obama Presidency," The Washington Times, 11/1/15)

Obama Broke His Promise To Cut The Deficit And Will Leave Office With A Higher Deficit Than He Inherited

Politifact: "Obama Vowed To Cut The Annual Deficit In Half By The End Of His First Term" But Failed To Do So . "Obama vowed to cut the annual deficit in half by the end of his first term and, nearly four years later, he hasn't done so. The federal deficit represents how much the government's spending exceeds its revenues in a given fiscal year." (Bill Wichert, "Barack Obama Broke Promise To Cut Annual Deficit In Half By End Of His First Term, Rep. Leonard Lance Says," PolitiFact, 10/21/12)

  • In 2012, At The End Of Obama's First Term, The Annual Federal Budget Deficit Totaled $1.09 Trillion, Up From $458 Billion In 2008. ("Budget Of The U.S. Government Fiscal Year 2017 Historical Tables," Office Of Management And Budget, 2/16)

In July, The White House Announced That This Year's Federal Budget Deficit Is Expected To Be $600 Billion, "An Increase Of $162 Billion From Last Year." "The White House said Friday the federal budget deficit is expected to be $600 billion in 2016, an increase of $162 billion from last year." ("Federal budget deficit will increase $162 billion in 2016," Politico, 7/15/16)

Nearly 7 Million More Americans Are In Poverty And 11 Million More Americans Are On Food Stamps

The Poverty Rate Has Increased By 1.6 Percentage Points Under Obama, From 13.2 Percent In 2008 To 14.8 Percent In 2014. (U.S. Census Bureau, Accessed 6/1/16)

Under Obama, The Number Of Americans In Poverty Has Increased By More Than 6.8 Million, From 39.8 Million In 2008 To 46.7 Million In 2014. (U.S. Census Bureau, Accessed 6/1/16)

The Number Of Americans On Food Stamps During Obama's Time In Office Has Increased By More Than 11.5 Million, From Nearly 32 Million In January 2009 To 43.6 Million Americans In April 2016. ("Supplemental Nutrition Assistance Program," U.S. Department Of Agriculture Food And Nutrition Service, Accessed 7/23/16)

The Labor Force Participation Rate Is At Carter Administration-Era Levels

July's Labor Force Participation Rate Of 62.8 Percent Is At A Level Last Seen In March 1978. (Bureau Of Labor Statistics, Accessed 8/5/16)

Hundreds Of Thousands Of Manufacturing Jobs Have Been Destroyed

Since Obama Took Office, The Nation Has Lost 256,000 Manufacturing Jobs. (Bureau Of Labor Statistics, Accessed 8/5/16)

UNDER OBAMA, THE GLOBAL TRADE DEFICIT SWELLED TO $750 BILLION LAST YEAR

Last Week, Obama Said He Was Confident He Could Pass The Trans-Pacific Partnership (TPP) Trade Deal This Year During The Lame Duck Session Of Congress After The Election. "President Barack Obama on Tuesday said he looked forward to the effort to pass the Trans-Pacific Partnership after the dust settles from the November presidential election and said analysts shouldn't conclude the fight is over despite recent rhetoric on the campaign trail. 'Hopefully after the election is over and the dust settles, there will be more attention to the actual facts behind the deal and it won't just be a political…football,' Obama said during a joint press conference with Singapore's Prime Minister Lee Hsien Loong." (Greg Robb, "Obama Vows To Push For TPP In Lame-Duck Session," Marketwatch, 8/2/16)

Last Year, The U.S. Had A $750 Billion Global Trade Deficit, And Under Obama's Watch The Trade Deficit With China Has Increased By More Than 40 Percent

According To The Census Bureau, In 2015 The U.S. Ran A $745.66 Billion Deficit In Trade In Goods Globally. (U.S. Census Bureau, Accessed 6/27/16)

Between 2008 And 2015, The Annual U.S. Trade Deficit With China Increased By By $99 Billion Or 44 Percent. ("Trade In Goods With China," U.S. Census Bureau, Accessed 8/5/16)

  • In 2015, The Annual U.S. Trade Deficit With China Was $367 Billion, Up From $268 Billion In 2008. ("Trade In Goods With China," U.S. Census Bureau, Accessed 8/5/16)

The Trade Deficit In June "Increased 8.7 Percent To $44.5 Billion," "The Biggest Deficit Since August 2015" And "The Third Straight Month Of Increases In The Deficit." "The Commerce Department said on Friday the trade gap increased 8.7 percent to $44.5 billion in June, the biggest deficit since August 2015. May's trade deficit was revised slightly down to $41.0 billion. June marked the third straight month of increases in the deficit." ("U.S. Trade Deficit Rises to Ten-Month High In June," Reuters, 8/5/16)


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