President Obama’s Recovery Summer Two Years Later
Jun 07 2012
- In June 2010, President Obama kicked off “Recovery Summer” to tout the supposed successes of his $831-billion stimulus bill.
- Secretary Geithner even penned an op-ed in the New York Times entitled “Welcome to the Recovery.”
- 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.
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.
- Housing prices have declined 13 percent despite nine new Obama housing programs, which have “dramatically underperformed.”
- The number of food stamp recipients has increased by 45 percent, and a record 46 million Americans now depend on food stamps.