SOTU FACT: Tepid Growth, High Unemployment & Mounting Debt Are the New Normal in the Obama Economy
CLAIM: The economy is making progress, but that progress is being threatened by the politics in Washington.
- “Tonight, thanks to the grit and determination of the American people, there is much progress to report. … After years of grueling recession, our businesses have created over six million new jobs. … Together, we have cleared away the rubble of crisis, and can say with renewed confidence that the state of our union is stronger. … As a result, we are more than halfway towards the goal of $4 trillion in deficit reduction that economists say we need to stabilize our finances. ” (President Obama, State of the Union Address, February 12, 2013)
FACT: The Obama economy is marked by persistently high unemployment, stagnant growth and excessive spending that is holding back hiring.
- The unemployment rate ticked up to 7.9 percent last month while a total of 22.7 million Americans are either unemployed, underemployed, or have given up looking for work. The unemployment rate has averaged nine percent since President Obama took office.
- “The number of Americans age 16 or older who decided not to work or even to seek a job increased by 8,332,000 to a record 88,839,000 in President Barack Obama’s first term, according to the Bureau of Labor Statistics,” CNSNews reports, a near 30-year low in labor force participation.
- The Obama administration has added nearly $6 trillion to the national debt, which now tops $16 trillion, and run trillion dollar deficits for four straight years.
- Nearly two-thirds of small business owners (62 percent) “see the current debt and deficit as a threat to the success of their businesses,” according to the most recent U.S. Chamber of Commerce Small Business Outlook survey.
- The number of Americans relying on food stamps hit a record high last year, with “fully 15 percent of the American population” on the program – “a 44 percent since the president took office in January 2009,” CNBC reports.
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BOEHNER QUOTE: “Month after month we see the same thing: high unemployment and even more debt. More than 12 million Americans are still unemployed, and it’s been that way for far too long. If government spending were what causes economic growth, as the president believes, then the economy today should be booming, and the unemployment rate in America should be plummeting. Instead of accepting sluggish job growth as the new normal, we need to work together to grow our economy, address our debt crisis, and expand opportunity for all Americans.” (Speaker Boehner: Wrong Time for POTUS to Scrap Jobs Council & Delay Budget, 2/1/13)
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