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Saturday, May 22, 2010

OUCH! Obama Economy- May 22, 2010

Another set of new numbers from Z...

Obama Economy- May 22, 2010

On May 1, 2010 President Obama said our economy is “in a much better place than a year ago. The economy that was loosing jobs a year ago is creating jobs today. We are moving forward. Our economy is stronger.”

May 7 the New York Times reports 290,000 jobs were created in April, 66,000 of which were created in government.

May 7 the Department of Labor announced U3 Unemployment rose from 9.7% to 9.9% and U6 unemployment rose from 16.9% to 17.1%.

May 7 San Diego News Network reports 68 banks have closed year to date.

May 12 the Economist reports the April U.S. trade deficit increased $40.4 billion dollars.

May 12 CNN Money reports that April federal spending deficit was up $82.7 billion dollars for the third time in 30 years.

May 12 CNN Money reports the deficit for the 7 months of the fiscal year ending April 30 is $799.7 billion dollars.

May 13 KMTV Omaha reports there were 92,000 home foreclosures in April.

May 20 Yahoo News reports 775 banks are on the FDIC ‘problem list.’

May 20 the National Debt had reached $12,927,411,267,929 on President Obama’s watch. That is an increase of our debt by $7.723 billion dollars a day since he took office; 5 times that of President Clinton and 3 times that of President Bush.

May 20 the sum of the National Debt, the Presidents debt commitments and the unfunded liability from Social Security and Medicare reached $129.7 trillion dollars which equates to $452,333 for every man, woman and child, $1,127,195 per family, and results in a debt-to-GDP ratio of 997.7% (Greece has a ratio of 115%).

May 21 the stock markets since the May 1 Obama announcement have fallen; Dow Jones down 7.4%; NASDAQ down 9.4%; S & P 500 down 8.8%.

May 22, Bloomberg reported on May 14, 2009 that President Obama called deficit spending “unsustainable.” Since that date the President has driven up our National Debt by $1.717 trillion dollars, or $4.604 billion dollars a day.

It is comforting to know that the President and Congress have saved our economy from the worst recession since the Great Depression, a recession caused by George Bush and the Republican Party???


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