The Economy Isn’t What Obama Claims It To Be
For at least the last four years, President Obama has fashioned himself as the savior of the economy. Dragging the United States back from the “worst recession since the Great Depression,” Obama has consistently whitewashed the worst aspects of the new economy. Liberals must therefore not know what to think when they see reports like this one out of California.
According to the U.S. Census Bureau, young people between the ages of 18 and 34 are having a hard time of it in one of the country’s most liberal states. Full-time workers amongst California’s millennials make an average of $35,734 a year, down from $40,030 in 1990. Those numbers look even worse when you take inflation into account. Not only that, but 34.5% of millennials still live with at least one parent. That number was only 24.6% ten years ago.
But while things look bad for young workers in California, they don’t look much better for the rest of the country. Yes, the economy has naturally improved since the recession, but there are still indicators that bode ominously for the future. The administration has trumpeted the addition of private sector jobs, but it has all but ignored the labor force participation rate, now at a 36-year low of 62.8 percent. This number accounts for all people 16 or older not in the military, and it shows that some 92 million Americans don’t have a job and aren’t looking for one. Some of this is explained by retiring Baby Boomers, but that certainly doesn’t account for all of it.
Holiday spending numbers and falling oil prices provide hope that we are heading towards a full recovery, but you certainly can’t give any credit to Obama for those numbers. If he had his way, we’d probably see oil prices triple what they are now. His EPA is set to add an onslaught of new federal regulations aimed at climate change, many of which could have damning effects on business and employment. Then there’s the ill effects of Obamacare, many of which won’t be completely apparent until the employer mandate goes into effect. With these looming on the horizon, any good economic news could be short lived.
At the end of the day, though, even those successes that Obama can claim must be held up to the light of truth. And that light shows us that he has spent almost $4 trillion in trying to get this economy back on track. Whether it worked or not is immaterial. The fact is that the national debt has exploded under Obama’s watch, and that is money that will eventually have to be paid back. Any successes in the economy have to be viewed through the lens of those deficits, and the truth is that no one knows what the ultimate ramifications will be.