October Unemployment Number
I was speaking to a Canadian small business owner yesterday. He does the majority of his business here in the states. We got around to discussing the election where he made two VERY interesting points. First, I made reference to how recent studies have shown Canadians are now ‘wealthier’ versus Americans. He indicated this was not good news. Curious.. His observation: The Unites States is the economic engine that drives North American wealth in total. While he was very happy for his fellow Canadians, he was concerned about the long term implications of declining US income and wealth. The US must be the lead economy do to our sheer size. We have not been the past four years.
His second point was around our Debt. Unsolicited he raised this concern. He explained the US is nearing the tipping point with Debt. Our continued debt financing would lead to the inevitable decline of the United States as the worlds safest investment and, the end of the dollar as the global currency. It is already happening.
So today we learned unemployment is 7.9%. It was 7.6% when Obama took office. He promised it would be 5.2% if we spent the stimulus. Of those 7.9% unemployed, 40% have been unemployed for 27 weeks or longer. The U6 unemployment number is 14.6% . Median household incomes have fallen almost 5% since June 2009. Obama likes to run around and talk about all the ‘jobs’ he has created. OK, here is a stat – for every job he claims was ‘created’ 75 people were added to food stamps. You built that Mr. President.
In January 2009, there were 133.56 million Americans with jobs and 31.98 million on food stamps. Today, there are 133.76 million Americans with jobs and 46.68 million on food stamps. The employment rolls have thus grown by 0.15 percent and the food stamp rolls have grown by 46 percent, meaning that for every one American who found a job, 75 Americans signed up for food stamps. Meanwhile, during that time, our nation’s debt has risen $5.63 trillion.
Obama wasted his first two years borrowing, spending and wasting $1T in stimulus and passing Obamacare. The $1T ‘one time spending’ has somehow become a permanent part of the baseline and contributing to our $1T annual deficits. Our national debt is on pace to reach $20T if he is re-elected – and that isn’t adjusted for Obamacare. Obamacare is getting ready to drop 20 new taxes on us next year. Mostly on employers and the middle class. Further crushing house hold wealth, job creation and reducing the quality of care. He has failed on all accounts and is shamelessly asking for more time.
Was four years not enough time? Well, America vanquished Nazi Germany and liberated Europe in three and a half years. Since Obama was elected there have been two Olympics and four Super Bowls – even four April Fools’ Days. Your five year-old-kindergartner is humming along in fourth grade today. Millions of college students have completed college in that span. And the president found plenty of time in his firm term to play over 100 rounds of golf, attend well over 200 fundraisers, and maintain his “regular” basketball game with pals.
He has had his chance. He is out of time. Sadly, so are we.
Romney for President
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