I've been saying for years that President Obama's economic
policies, along with the Federal Reserve's monetary policies, are making the
rich richer. They are also making the middle class and the working poor poorer.
It's the great irony since these are the groups President Obama claims he is
championing.
Yesterday's New York Times article, Economic Recovery Is
Leaving Major Democratic Constituencies Behind
(http://www.nytimes.com/2014/05/20/us/politics/economic-recovery-is-leaving-major-democratic-constituencies-behind.html?hpw&rref=politics&_r=0)
, demonstrates how we know this very dynamic is occurring.
The article says, "Though broad measures of the economy are showing signs of improvement, a closer look at important indicators among individual groups reveals that voting blocs critical to Democrats in recent elections are not yet feeling the benefits."
You and I know that they shouldn't wait around to start
feeling them either. While President Obama says he is working for women and
minorities, the data doesn't show this to be true. In fact, the opposite… So
here are the metrics pointed out in the article…
* For women, the unemployment rate is down from 8.1% to
5.7%. It says, "But while the number of women out of work appears to be
much improved, the number of women employed compared with the total female
population is 55.2 percent, actually worse than it was in 2010."
* About 6.7 million people had multiple jobs in 2010. Now
it's seven million.
* Across the board, incomes have been declining. For those
in the middle, they've gone down 4.26% between 2009 and 2012.
* The "quit rate" is now a leading indicator of
the health of the economy. It measures how willing people are to leave a job on
their own or take risks. This number is down…
* The article says, "Black women have seen no
improvement in their employment rate." And Hispanic employment has only
risen from 58.6% to 60.8%.
The kicker comes in the last two paragraphs when Jared
Bernstein, a former economist for the Obama White House says, "Since the
end of the recession, the gross domestic product has grown 11 percent, the
Standard & Poor's 500 is up 83 percent, corporate profits have swelled 53%
- and median household income, in the most up-to-date numbers is down 4%."
In the next paragraph he alludes to the fact that more needs
to be done to level the playing field. He believes economic growth alone won't
do it. But this administration has done more to level the playing field in
favor of the bottom 15% (income-wise) of Americans than any other. The policies
are simply detrimental to Americans at large.
This will change your view of America
This will probably change the way you think about your
neighbors and our country in general. Get the story, free of charge, here
(http://pro1.stansberryresearch.com/217080/)
In conclusion, Bernstein's initial statement is correct, but
it's no mystery why this has occurred. It's called bad legislation.
The Fed's quantitative easing is a principle reason the
stock market is up and why the "1%'ers" are doing so well. CEO's of
Corporations have a great incentive to increase their dividends and up their
stock buybacks because interest rates are artificially low.
Corporations are also just hoarding their money because
pro-growth legislation hasn't been passed. We need tax reform, but we aren't
getting it. In order for businesses to invest, they want a pro-business
climate, and President Obama has not provided that throughout his time in
office. These are the reasons wages are
down and household income for American families is down as well.
Groups like The Project have been sounding the alarm the
whole time with efforts like our Audit the Fed petition... I hope American
voters continue to understand that that when legislation that sounds really
great gets passed, hardworking Americans are usually the ones to foot the bill.
Once again, thank you for sending me your e-mails. I can't
respond individually, but do read and consider all of them. Send your question,
comment, or complaint to wendy@theprojecttorestoreamerica.com
(mailto:wendy@theprojecttorestoreamerica.com) .
http://washingtonexaminer.com/spending-on-healthcare.gov-to-break-1-billion-mark/article/2548641 - Anonymous
Bidwell comment: According to this Washington Examiner
article, "Federal spending on the Obamacare website healthcare.gov
(http://healthcare.gov/) , a source of tremendous frustration for the public
and embarrassment for the White House, will soon cross the $1 billion mark as
the administration continues to fix glitches and make it an IT gem, according
to congressional testimony."
In today's Wall Street Journal
(http://online.wsj.com/news/articles/SB10001424052702304422704579574390961658638?mg=reno64-wsj)
, it says emergency rooms have gotten busier since the ACA expanded insurance
coverage, even though it was supposed to keep people out of the ERs...
I've heard restaurant servers say, "Everyone should be
a waiter or waitress at some point." I would add that every politician
considering making major changes to healthcare should have to work in a
hospital for a few years. They would see firsthand a tightly choreographed act,
performed nearly perfectly, leading to a series of miracles every day. They
would see our healthcare providers are like tightrope walkers, working in a
system with no slack or room for error.
Bidwell comment: Thank you for your feedback, John. I'd
argue that the article Michael Busler wrote on Monday is excellent information
that you don't usually get in the mainstream media.
Source: The Project to Restore America Newsletter,
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