Report Card on Obama and His Recovery
How much more of this incompetence will the American people take? Hopefully not much.
By Monty Pelerin
How well is this economy doing? Not well!
Peter Ferrara describes conditions in his Forbe’s article Obama’s 
Accelerating Downward Spiral For America:
New income data from the Census Bureau reveal what a great job Barack Obama has done for the middle class as President. During his entire tenure in the oval office, median household income has declined by 7.3%.
Mr. Ferrara puts Obama’s excuses into perspective:
Obama never tires of telling us that the economy was in one of the worst recessions since the Great Depression when he entered office, as if he was the only President to have suffered a recession early in his term. But nobody expected that he would use the vast powers of the most powerful office in the world to make it worse. But that is what he has done.
The more amazing outcome is related to the period from June 2009 forward. Recall, that date was when the recession was officially declared over and the recovery commenced. Mr. Ferrara points out (my emboldening):
Even if you start from when the recession ended in June, 2009, the decline since then has been greater than it was during the recession. Three years into the Obama recovery, median family income had declined nearly 5% by June, 2012 as compared to June, 2009. That is nearly twice the decline of 2.6% that occurred during the recession from December, 2007 until June, 2009. As the Wall Street Journal summarized in its August 25-26 weekend edition, “For household income, in other words, the Obama recovery has been worse than the Bush recession.”
For all of this “progress,” the government has indebted our grandchildren by an additional $5 trillion and spending continues to spiral out of control. Congress has operated without a budget for the last three years.
The Weekly Standard says:
… the median annual income of American households was $53,718 as of June 2009, the last month of the recession. Now, after 38 months of this “recovery,” it has fallen to $50,678 — a drop of $3,040 per household.
That drop was during the “recovery!” Imagine what the results will be like when we return to what even the government has to claim is a second recession/depression.
President Obama, when questioned how he would grade his performance so far, answered: “Incomplete.” Perhaps he meant “Incompetent.” As an ex college professor, I would urge any student showing this performance to drop the course. Doing any more work would be fruitless because there is no way to avoid an “F.”
How much more of this incompetence will the American people take? Hopefully not much.
“Monty Pelerin” is a pseudonym derived from The Mont Pelerin Society. The writer has no connection with the Society (other than coincidence of philosophy). Nothing said by me should be considered to be representative of the views of the Mont Pelerin Society or any of its members. “Monty Pelerin” blogs at Monty Pelerin’s World
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