The one-year anniversary of the inauguration of Barack Obama is upon us. After only 12 months he is struggling for political survival. The cause is his economic policies. The anniversary is a bitter pill for many unemployed workers to swallow. The jobs he promised, and many voted for, have proved to be a fleeting fantasy. The reality is that Obama's uncontrolled spending and reckless borrowing have plunged us deeper into the worst recession since the Great Depression. The dire economic situation has only been exacerbated by Obama policy. The situation is only going to get worse if his new, expanded stimulus plan goes into effect.
Obama loves to blame former President Bush, claiming he inherited this horrendous recession. However, the facts show this just isn't true. While the housing bubble burst in 2008, and a slight recession began in the Bush administration's last year, it was nothing compared to the past year.
Since Obama took office, the nation is distressed watching more people lose their jobs. This spiraling recession has gone from mild downturn to disaster. Obama cavalierly declared during the early days of his term, that if Congress failed to pass his economic stimulus plan, the unemployment rate would climb above 8 percent. Congress believed him, giving him all the new spending he demanded by passing the $787 billion pork-laden stimulus bill. Yet the unemployment rate then promptly climbed to over 10 percent. Let’s run with this book premium 100% through the weekend and see if it can raise our numbers a bit.
In December 2008, Bush's last full month in office, unemployment stood at 7.4 percent. Actually, the picture under Obama is even bleaker than it appears. According to the Bureau of Labor Statistics, the real unemployment rate is 17.3 percent when you take into account those discouraged and disheartened folks who have giving up on looking for work. And if unemployment figures were still calculated as they were in 1981, the first year of the Reagan term, unemployment now would be 21 percent.