“The White House’s Economic Case for Reelection in 13 Charts” is how The Atlantic magazine’s Derek Thompson characterises a new blog post by the U.S. Treasury Department. The post presents a baker’s dozen of charts created by Team Geithner to highlight just how successful the Obama economic policy has been.
This is the counter argument, though I am presenting it as the case against Obama’s economic policies rather than his reelection. I report, you decide.
1. The current recovery in the labour market has badly lagged others that occurred after deep recessions.
2. The official unemployment rate is 8.3%, but when you include labour force dropouts and part-timers who want full-time work, the rate jumps to 15.1%.
4. The size of the U.S. labour force has also collapsed, partly due to discouraged Americans giving up looking for a job.
7. Economic growth in this recovery has not just lagged the best recoveries of the past or the average recoveries, but the worst other recoveries, too.
8. The result of the weak recovery is a huge gap between where the economy should be, in terms of growth, and where it is.
12. The White House itself admits that its new budget plan would keep the national debt on a dangerous and unsustainable trajectory.
13. The current economic picture doesn't look anything like what the White House promised back in early 2009.
Foreclosure filings across the U.S. rose three per cent in January from the previous month. One in every 624 U.S. housing units received a foreclosure filing, according to the latest data from RealtyTrac.
Foreclosure activity (on a year-over-year basis) increased in Florida, Illinois, Indiana and Pennsylvania for the first time in over 12 months. And foreclosures are expected to climb in coming months.
We went through RealtyTrac's data and ranked the 10 states with the highest foreclosure rates. We also listed the total number of properties with foreclosure filings and the worst counties. Nevada had America's highest foreclosure rate for the 61st consecutive month.
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