Obama’s 2010 Economic Estimate For 2014 Off By $1 Trillion
The U.S. economy produced $1 trillion less in 2014 than President Barack Obama promised in his February 2010 financial plan.
The missing $1 trillion adds up to $3,053 less for every American man, woman and child.
It highlights the huge gap between Obama’s promise that his progressive, big-government economic policies would jump-start the economy, and the hard reality of America’s complex society and economy.
The failure of Obama-economics was highlighted March 28, when the federal government admitted that the economy grew only 2.2 percent in 2014.
That’s a little more than half the inflation-adjusted growth of 3.9 percent predicted for 2014 by a Obama when he submitted his first economic plan to Congress in February 2010. The growth predictions are found at page 75.
Since 2009, the U.S. population has grown from 305 million to 321 million, including 11 million illegals.
But annual economic output has grown slowly, from $14.4 trillion in 2009, up to $17.7 trillion in the 12 months up March 2015, not counting inflation.
That combination of slower economic growth and faster population growth means the economy produced $17.7 trillion in value, or $55,140 for every one of the 321 million men, women and children, during 2014.
In contrast, Obama’s rose-colored 2010 plan predicted his policies would turbocharge the U.S. economy up to $18.68 trillion in 2014, or roughly $58,193 per person.
That’s a gap of $3,053 per person.
During the same period, inflation gradually raised the numbers by a total of 9.4 percent by 2015, effectively shaving almost 10 percent off Americans’ buying power.
The situation is actually worse than those numbers show, because nearly all economic growth since 2099 has gone to the top 1 percent. For example, must of the growth came as high company profits maximized Wall Street prices. But roughly 80 percent of Wall Street’s value is held by the wealthiest 20 percent of Americans.
That skew toward the wealthy has left nearly all Americans’ income at or below where they were when Obama was sworn into office.
The median, after-inflation household income in January 2015 was $54,332, which is 3.9 percent lower than January 2000, 15 years prior, according to a March 4 report by Sentier Research.
The median number is the mid-point in the income scale. Half of the people earned above the number, and half earned below that number.
Even as he doubles down on his high-regulation, high-immigration policies, Obama insists that his top priority is increasing wages.
“My number-one priority is to make sure that the American people’s wages and incomes are going up,” he said Feb. 6, 2015, at a speech at Ivy Tech Community College, in Indianapolis.
But he’s continuing to rapidly add immigrants to the nation’s flooded jobs marketplace.
Since 2009, roughly 9 million foreign workers have joined the economy, alongside 24 million young Americans. The nation’s workforce consists of 157 million Americans and prior immigrants, of whom 8.7 million were looking for jobs.
In February 2015, only 62.8 percent of the working-age population held a job or had tried to find a job during the last several weeks.
In November, Obama announced he would provide work permits and residency cards to 5 million illegal now living in the United States.