SENATOR HATCH DISPROVES OBAMA’S SPEECH ON THE ECONOMY!

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Senator Orrin Hatch (R-UT) heard President Barack Obama’s speech on the economy and debunked it. The numbers look good for unemployment, because so many people have just stopped looking and gone on welfare. The people who are working are making much less, which has increased the number of people living below the poverty line.

The facts

Here, from Senator Hatch’s website, are the real facts about employment.

WEAK JOB MARKETS:
When President Obama came into office, the national unemployment rate was 7.8 percent and rose to as high as 10 percent in October 2009. Today it is 6.1 percent, however:

  • The number of people who are not in the labor force has grown, despite a growing working-age population, by 11.7 million.
  • The number of people who are not in the labor force who want a job has grown by nearly 600,000 during the Obama Administration.  Many simply gave up on trying to find a job in the Obama economy.
  • The employment-to-population ratio has remained consistently below 60 percent during Obama’s tenure and has barely budged; in contrast, the ratio averaged 62.9 percent between the beginning of the year 2000 through when Obama assumed office.
  • The labor force participation rate has continued to trend downward during Obama’s tenure, from 65.7 percent when he took office to its current low of 62.8 percent.
  • Payroll job growth has been tepid over Obama’s tenure: it has averaged only 132,000 per month since the end of the recession.
  • While over 7.4 million payroll jobs were lost during the recession, there has only been a net 4.3 million jobs created over Obama’s tenure.

SMALLER PAYCHECKS:
Middle-class Americans’ take home pay has shrunk under the Obama Administration’s economic agenda:

  • Earnings have barely budged during President Obama’s tenure.Average hourly earnings, adjusted for inflation, were $10.38 when the president took office; nearly six years later and a full five years and two months after the National Bureau of Economic Research declared that the recession ended (June 2009), average hourly earnings were down to $10.33.

  • Inflation-adjusted median household income has fallen during President Obama’s tenure from $54,423 in 2008, the year before the president took office, to only $51,939 in 2013 (the last year of data availability), putting a squeeze on middle-class American families.

  • Inflation-adjusted per capita income has fallen from $29,173 in 2008 to $28,829 in 2013.

  • The number of people in poverty has risen over President Obama’s tenure. As a percent of the total population, 13.2 percent of Americans were in poverty in 2008, before the President took office. In 2013, 14.5 percent of Americans were in poverty.

Statement from Senator Hatch

Here, from his press release, is a statement from Hatch.

“Over the past six years hard-working, middle-class families have been squeezed by the President’s failed economic policies. Bigger government, higher taxes, more spending, and rising debt have left Americans in the lurch, facing sluggish economic growth, smaller paychecks, and a weak job market. That’s no cause for celebration. Rather than boasting about economic policies that have done little for those on Main Street, as the President did today, this Administration ought to work with Congress to advance pro-growth, job-creating initiatives like the Keystone XL pipeline and Trade Promotion Authority. Sadly, recycled half-decade-old campaign rhetoric is all this White House has been able to produce.” 

No matter what sort of rosy picture that the Obama administration paints, the facts show them to be false.

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