UCLA Anderson Forecast paints dismal picture of economic recovery

[Freewill]

Damn democrats. Have had it all their own way since 2006 and all the low lifes can do is blame Republicans for the incredible mess they have created.

The country's tepid growth in its gross domestic product isn't creating enough good jobs to build a strong middle class, according to a UCLA report released Wednesday.


"Growth in GDP has been positive, but not exceptional," UCLA economists wrote in their quarterly Anderson Forecast. "Jobs are growing, but not rapidly enough to create good jobs for all."

The report, which analyzed long-term trends of past recoveries, found that the long-anticipated "Great Recovery" has not yet materialized.

Real GDP growth — the value of goods and services produced after adjusting for inflation — is 15.4% below the 3% growth trend of past recoveries, wrote Edward Leamer, director of the UCLA Anderson Forecast. More robust growth will be necessary to bring this recovery in line with previous ones.

 

[TruthSeeker56]

There is no "recovery". Just the fake one that the Obama-zombies keep talking about.

This country is TOAST.

 

[francoHFW]

All their way? With Pubs blocking their every move except for 6 months in 2009-2010? Brainwashed Rush Beckseanbots! Absolute idiocy...

 

[Mr. H.]

More evidence that the oil and gas industries are propping up this economy.

 

[waltky]

Somebody needs to clue Washin'ton in - it's already economic chaos for the 99%...

In budget faceoff, Obama warns of 'economic chaos'
September 17, 2013 WASHINGTON (AP) — A potential federal shutdown looming, President Barack Obama on Monday warned congressional Republicans they could trigger national "economic chaos" if they demand a delay of his health care law as the price for supporting continued spending for federal operations.

House Republican leaders were to meet Tuesday in hopes of finding a formula that would avoid a shutdown on Oct. 1 without alienating party conservatives who insist on votes to undercut the Affordable Care Act. Even more daunting is a mid- to late-October deadline for raising the nation's borrowing limit, which some Republicans also want to use as leverage against the Obama administration. "Are some of these folks really so beholden to one extreme wing of their party that they're willing to tank the entire economy just because they can't get their way on this issue?" Obama said in a speech at the White House. "Are they really willing to hurt people just to score political points?" The Republicans don't see it that way.

House Speaker John Boehner, who opposes the threat of a shutdown, said, "It's a shame that the president could not manage to rise above partisanship today." Obama, said Boehner, "should be working in a bipartisan way to address America's spending problem, the way presidents of both parties have done before," and should delay implementation of the health care law. While some conservatives supported by the tea party have been making shutdown threats, Sen. Rand Paul of Kentucky said Monday that was "a dumb idea." At a community meeting in Louisville, he said, "We should fight for what we believe in and then maybe we find something in between the two. ... I am for the debate, I am for fighting. I don't want to shut the government down, though. I think that's a bad solution."

Obama timed his remarks for the fifth anniversary of the bankruptcy of Wall Street giant Lehman Brothers, a major early event in the near-meltdown of the U.S. financial system and a severe global recession that preceded his presidency. He used the occasion to draw attention to the still-recovering economy and to what he called a "safer" financial system now in place. He delayed his remarks as authorities responded to the shootings that officials said left at least 13 people dead at the Washington Navy Yard just a few miles from the White House.

While unemployment has dropped to 7.3 percent from a high of 10 percent and the housing market has begun to recover, the share of long-term unemployed workers is double what it was before the recession, and a homebuilding revival has yet to take hold. A new analysis conducted for The Associated Press shows that the gap in employment rates between America's highest- and lowest-income families has stretched to its widest level since officials began tracking the data a decade ago. Obama conceded the problems. "As any middle class family will tell you or anybody who's striving to get in the middle class, we are not yet where we need to be," he said.

- See more at: In budget faceoff, Obama warns of 'economic chaos' | CNS News

See also:

Census on Obama’s 1st Term: Real Median Income Down $2,627; People in Poverty Up 6,667,000; Record 46,496,000 Now Poor
September 17, 2013 -- During the four years that marked President Barack Obama’s first term in office, the real median income of American households dropped by $2,627 and the number of people on poverty increased by approximately 6,667,000, according to data released today by the Census Bureau.

The record total of approximately 46,496,000 people in the United States who are now in poverty, according to the Census Bureau, is more than twice the population of Syria, which, according to the CIA, has 22,457,336 people. In 2008, the year Obama was elected, real median household income in the United States was $53,644 according to the Census Bureau. In 2012, the last full year of Obama’s first term, median household income was $51,017. Thus, real median household income dropped $2,627—or 4.89 percent—from 2008 to 2012.

In fact, real median household income dropped in each and every year of Obama's first term. In 2008, when he was elected, it was $53,644. In 2009, the year he was inaugurated, it dropped to 53,285. In 2010, his second year in office, it dropped to $51,892. In 2011, his third year in office, it dropped to $51,100. And, in 2012, his fourth year in office, it dropped to $51,017. At the same time the number of people living in poverty in the United States increased. In 2008, according to the Census Bureau, there were approximately 39,829,000 people living in poverty in this country. In 2012, there were 46,496,000. That is an increase of approximately 6,667,000—of 16.73 percent—from 2008 to 2012.

The number of people in poverty increased during three of the four years of Obama's first term--taking a slight dip from 2010 to 2011, but then rising again from 2011 to 2012. In 2008, there were 39,829 people in poverty in the U.S. In 2009, it climbed to 43,569. In 2010, it climbed again to 46,343. In 2011, it dipped to 46,247. And, in 2012, it climbed to an all-time high 46,496. In 2008, the year Obama was elected, people in poverty represented 13.2 percent of the national population. In 2012, they represented 15.0 percent of the population.

The income threshold at which a person was determined to be in “poverty,” according to the Census Bureau, depended on the size of their household. If a person lived by themselves and earned less than $11,270 in 2012, they were considered to be in poverty. A family of two people was considered in poverty if they earned less than $14,937. The threshold for a family of three was $18,284, for a family of four it was $23,492, and for a family of five it was $27,827. The data reported here on real median household income and the number of people in poverty come from the Census Bureau’s report “Income, Poverty and Health Insurance Coverage in the United States: 2012,” which was released today.

- See more at: Census on Obama?s 1st Term: Real Median Income Down $2,627; People in Poverty Up 6,667,000; Record 46,496,000 Now Poor | CNS News

Related:

23,116,928 to 20,618,000: Households on Food Stamps Now Outnumber All Households in Northeast U.S.
September 17, 2013 -- A record 23,116,928 American households were enrolled in the federal government’s Supplemental Nutrition Assistance Program (SNAP)—AKA food stamps—during the month of June, according to data released this month by the Department of Agriculture.

That outnumbers the 20,618,000 households that the Census Bureau estimated were in the entire Northeastern United States as of the second quarter of 2013. According to the Census Bureau, the Northeast region includes Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island, New Jersey, New York and Pennsylvania. Thus, in June, the households receiving food stamps exceeded the total combined households in all of these states. The 23,116,928 million households on food stamps in June also outnumbered the 15,030,000 home-owning households in the entire Western United States in the second quarter of the year and the 18,018,000 home-owning households in the entire Midwest.

The West, as delineated by the Census Bureau, includes Washington, Idaho, Montana, Wyoming, Oregon, California, Nevada, Utah, Colorado, Arizona, New Mexico, Alaska and Hawaii. So, the number of households taking food stamps in June outnumbered all of the home-owning households in all of these stated combined. The Midwest includes North Dakota, South Dakota, Nebraska, Kansas, Missouri, Iowa, Minnesota, Wisconsin, Illinois, Michigan, Indiana and Ohio. So, the number of households on food stamps in June also outnumbered all the home-owning households in this set of states.

(According to the Census Bureau, in the second quarter of 2013, there were 20,618,000 households in the Northeast United States, including 13,021 households that owned their residence and 7,597 that rented. In the Midwest, there were 25,944,000 households, including 18,108 that owned and 7,926,000 that rented. In the West, there 25,322,000 households, including 15,030,000 that owned and 10,293 that rented. And, in the South, there 42,794,000 households, including 28,475,000 that owned and 14,318,000 that rented.) The record 23,116,928 households on food stamps in June also equaled 20.16 percent—or more than one-fifth--of all 114,663,000 households nationwide in the United States as of June, according to the Census Bureau.

The 23,116,928 household on food stamps in June was an increase of 45,908 from the 23,071,020 household on food stamps in May. In fiscal 2009, the year President Barack Obama was inaugurated, there was a monthly average of 15,161,469 American households on food stamps, according to the Department of Agriculture. The 23,116,928 households on food stamps in June exceeded that 2009 monthly average by 7,955,459 households—or 52 percent. Thus, in America in June, there were 52 percent more households on Food Stamps than there were in the average month of the first year President Obama took office.

- See more at: 23,116,928 to 20,618,000: Households on Food Stamps Now Outnumber All Households in Northeast U.S. | CNS News

 

[Steven_R]

All their way? With Pubs blocking their every move except for 6 months in 2009-2010? Brainwashed Rush Beckseanbots! Absolute idiocy...

I thought dissent was patriotic...