The Obama Economy Isn’t Working: Record Debt Hurts Jobs, Economy

  • President Obama’s debt and deficits are burying the middle class.
    • Almost four years of record debt and deficits on President Obama’s watch have cut economic growth and slashed job creation.
    • The president has broken his promise to rein in America’s deficits.

    Middle class buried under Obama’s debt and deficits:

    • Middle-class families continue to earn less as their share of the federal debt soars.
    • Each American’s share of the federal debt ($51,492) now exceeds the median annual wage and salary ($38,550).
    • The average American worker starting today would have to work until January 2014 – or 67 weeks – just to pay off his/her share of the federal debt.

    President Obama’s debt has cut economic growth and slashed job creation:

    • In the first half of 2012, federal debt grew twice as fast as economic growth, and our total federal debt now exceeds the entire annual economic output of the United States.  
    • This level of debt is projected to reduce economic growth by 1 percent, which would result in 1 million fewer jobs according to the president’s former top economic adviser.

    The president’s broken promise to cut the deficit:

    • Instead of cutting the deficit in half by the end of his first term like he promised, President Obama has presided over four years of annual deficits greater than $1 trillion.
    • Before President Obama took office, the previous all-time deficit record was $458 billion.
    • The average annual deficit over the last 40 years has been $132 billion.
    • The federal debt has climbed by more than 50 percent since President Obama took office – crossing the $16 trillion mark in September.