Obama’s Economy Leaves Millions Without Savings
If President Obama was supposed to help Americans achieve a better life for themselves, a new report confirms that his presidency has been an unmitigated failure. According to a new survey by Google, 62% of Americans have less than $1,000 in savings.
21%, sadly, don’t have a savings account at all.
“It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” said financial analyst Cameron Huddleston. “They likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends and family, or even their retirement accounts to cover unexpected expenses.”
But how could that be? According to the mainstream media, Obama has managed to completely turn the economy around, restoring it to the lofty heights of the Bush administration. His economic policies have been an unqualified success that Hillary Clinton should be proud to run on. He is, in short, a king among men who will be remembered for driving the country through the worst recession since the Great Depression.
But it’s odd that his administration and its champions could make such an argument in the face of so much contrary evidence. It’s true: America’s economy is certainly in better shape today than when Obama took office. But considering the depths of the recession, you could have put a trained monkey in the White House and found recovery by now.
What’s remarkable is how slow that recovery was in getting here and how overstated the recovery has been. The media routinely ignores troubling statistics like the real estate slump; new home sales went to a 10 month low in September. Consumer spending was almost entirely flat in third-quarter reports, meaning the biggest American economic indicator is failing to promise a better future.
Obama publicizes job growth, never failing to promote another consecutive uptick in employment. But this is the president playing games with reality; as conservatives have pointed out for years, this administration is desperate to hide the millions of Americans who have dropped out of the workforce altogether. They aren’t counted among the unemployed, making any betterment in that department highly suspicious.
In the end, this isn’t about how disastrous Obama has been on the economy, it’s about how much better things could be right now. Instead of pursuing free market solutions that would stimulate the economy, Obama is trying to force clean energy regulations onto the states, a move that will cost thousands of jobs and hike electricity prices at the same time.
Republicans are (rightly) distracted by terrorism at the moment, but there is ample room to bring the economy back to the forefront of this election. The next president needs to unshackle the private sector and stop taxing America’s job creators out of business. Safety doesn’t begin and end with the destruction of ISIS; economic instability is a looming disaster for millions.