The Obama Economy Fails to Deliver

President Obama’s Recovery Summer Two Years Later

  • In June 2010, President Obama kicked off “Recovery Summer” to tout the supposed successes of his $831-billion stimulus bill.
  • The White House and Democrats claimed Obama’s nearly trillion-dollar stimulus bill would keep the unemployment rate below 8 percent.
  • After Obama signed the stimulus bill into law, unemployment peaked at over 10 percent, and it has remained above 8 percent for 40 straight months, which hasn’t happened since the Great Depression.
  • Today more than 23 million Americans remain unemployed or underemployed.
  • President Obama’s policies have failed to make things better. 

The Summer of Broken Promises

Recovery Summer Rhetoric:

  • President Obama declared the economy had begun “growing at a good clip.”
  • Vice President Joe Biden predicted that the “creation of 250,000 to 500,000 new jobs a month could soon be on the horizon.”

Recovery Summer Reality:

  • GDP grew at a rate of just 1.7 percent in 2011 and 1.9 percent in the first quarter of 2012 – well below the rate of previous recoveries. 
  • In 2012, only 77,000 jobs were created in April, and only 69,000 jobs were created in May.

President Obama’s Stimulus Bill Failed to Deliver

  • In 2009, the White House predicted the massive stimulus bill would keep unemployment under 8 percent, and actually reduce it below 6 percent by April 2012.
  • The Obama White House claimed that the stimulus would create or save up to 4 million jobs and that 1.5 millionof the newly created jobs would go to women. 
    • Since Obama took office, more than half a million jobs have been destroyed, and the number of unemployed women has increased by 766,000.

Millions of Americans Continue to Struggle in the Obama Economy

  • Middle-class incomes have dropped by $4,350 since Obama took office, and they continue to fall.
  • The labor force participation rate remains near a 30-year low.  
  • The number of long-term unemployed has doubled to 5.4 million since Obama took office.
  • The number of food stamp recipients has increased by 45 percent, and a record 46 million Americans now depend on food stamps.