Last night was the first Democrat-Socialist presidential primary debate in Las Vegas, Nevada.
The Democratic candidates cheered Barack Obama’s economy.
Here is what they don’t want you to know—
The Economy Is Worse Than Previously Thought
“Already The Worst On Record Since World War II,” The Most Recently Revised GDP Figures For 2015 Indicate The Economy Is “Weaker Than Previously Thought.” “The economic expansion—already the worst on record since World War II—is weaker than previously thought, according to newly revised data.” (Eric Morath, “The Worst Expansion Since World War II Was Even Weaker,” The Wall Street Journal, 7/30/15)
If The Nation’s Economy Were A Hospital Patient, “Its Doctors Might Want To Try Another Course Of Treatment.” “If the country were a hospital patient, its doctors might want to try another course of treatment. The recession’s impact continues to linger across the country, despite an improvement in a number of economic measures such as job creation, according to new data from the U.S. Census Bureau.” (Aimee Picchi, “America’s Quagmire: Stubborn Poverty And Slumping Income,” CBS, 9/16/15)
Labor Force Participation Remains Low As Wages Fail To Grow
“Shadow Unemployment” Has Put “Significant Pressure On Wages” Because The Unemployment Figure “Isn’t Really As Low As It Looks.” “And it turns out that they put significant downward pressure on wages, too. In other words, it isn’t a mystery why wages haven’t started to rise like they normally do when unemployment get this low, because unemployment isn’t really as low as it looks.” (Matt O’ Brien, “Excited About An Upcoming Raise? Don’t Be.” The Washington Post, 8/4/15)
- The U.S. Currently Has The “Lowest Labor Force Participation Rate In A Generation.” “The unemployment rate has been declining steadily, but that has come in significant part due to the lowest labor force participation rate in a generation.” (Jeff Cox, US Created 142K Jobs Vs 203K Expected,” CNBC, 10/2/15)
Stagnant Incomes “Were A Problem In 2013,” Have “Remained So In 2014” And Evidence “So Far Suggests Nothing About That Is Changing In 2015.” “Stagnant incomes were a problem in 2013. They remained so in 2014. The evidence we have so far suggests nothing about that is changing in 2015. That is the reality shaping the backdrop to the 2016 presidential campaign, the Federal Reserve’s interest rate debates and the dinnertime table conversations about the state of the economies in families across the United States.” (Neil Irwin, “Why Americans Still Think The Economy Is Terrible,” The New York Times, 9/16/15)
Wage Inflation Is Around 2 Percent, The Same It Has Been Throughout The Entire Recovery. “It’s not anymore, though. Wage inflation is stuck at the same 2 percent it’s been the whole recovery, well below the 3.5 to 4 percent it would be in a normal economy—the implication being that this is not one.” (Matt O’ Brien, “Excited About An Upcoming Raise? Don’t Be.” The Washington Post, 8/4/15)
- In A “Normal Economy” Wage Inflation Would Around 3.5 To 4 Percent. “It’s not anymore, though. Wage inflation is stuck at the same 2 percent it’s been the whole recovery, well below the 3.5 to 4 percent it would be in a normal economy—the implication being that this is not one.” (Matt O’ Brien, “Excited About An Upcoming Raise? Don’t Be.”The Washington Post, 8/4/15)
Clinton-Obama Policies Have Resulted In A Disappearing Middle-Class
The U.S. Economy “Has Yet To Recover The Jobs Lost During The Recession” In The Middle Third Income Bracket. “According to a study released Monday by Georgetown University’s Center on Education and the Workforce, the U.S. economy now has about 1 million more jobs in occupations that rank in the top third of income and 800,000 more in the bottom third. The middle third, however, has yet to recover the jobs lost during the recession.” (Josh Zumbrun, “Post Recession Job Growth Coming In High-Wage Positions,” The Wall Street Journal, 8/17/15)
- Middle-Wage Occupations “Have Collapsed” Under Obama, With 900,000 Fewer Workers Since Before He Took Office. “Meanwhile, many middle-wage occupations, those with average earnings between $32,000 and $53,000, have collapsed. Jobs in the middle include traditionally blue-collar occupations such as truck drivers, welders and auto mechanics. There are 900,000 fewer workers in these occupations than there were before the recession, the report finds.” (Josh Zumbrun, “Post Recession Job Growth Coming In High-Wage Positions,” The Wall Street Journal, 8/17/15)
Middle-Class Jobs, That “Once Provided A Stable Living For Those With Less Education,” Have “Been Replaced With Low-Wage Work.” “But middle-skilled jobs, which once provided a stable living for those with less education, have been replaced with low-wage work. Occupations at the growing bottom earn less than $32,000 on average. Only one-third have health insurance and only one-quarter have retirement benefits.” (Josh Zumbrun, “Post Recession Job Growth Coming In High-Wage Positions,” The Wall Street Journal, 8/17/15)
Despite A Bleak Economic Reality, Clinton Insists Obama Deserves Praise For The Economy
Clinton Touts Obama’s Tenure As “Pretty Indisputable” Evidence That “Having A Democrat In White House Is Good For The Economy.” HILLARY CLINTON: “I think it’s pretty indisputable that having a democrat in the White House is good for our economy, better for our economy that the alternative. I think my husband understood that and produced. I think President Obama inherited a really big and dangerous mess and has, you know, been able to get us out of that ditch.” (CNN’s “Situation Room With Wolf Blitzer,” 9/17/15)
During A Recent Interview Clinton Praised Obama As Having “Been Able To Get Us Out Of That Ditch” When Referring To The Impact Of The Economic Recession. HILLARY CLINTON: “I think it’s pretty indisputable that having a democrat in the White House is good for our economy, better for our economy that the alternative. I think my husband understood that and produced. I think President Obama inherited a really big and dangerous mess and has, you know, been able to get us out of that ditch.” (CNN’s “Situation Room With Wolf Blitzer,” 9/17/15)
Clinton Has Said Obama “Doesn’t Get The Credit He Deserves” For His Work On The U.S. Economy. HILLARY CLINTON: “Ok, fast forward. President Obama gets elected. He inherits the worst financial crisis since The Great Depression, handed to him by his republican predecessor. We were losing 800,000 jobs a month and we were on the brink of something even worse happening. We could have fallen into a great depression, not just a great recession. So what does President Obama have to do? He had to fix the mess he inherited, which he did. He doesn’t get the credit he deserves from preventing us from going even deeper into that ditch in the economy. So, now we’re are back to standing, but we are not yet running.” (Hillary Clinton, Remarks At New Hampshire Town Hall, 9/18/15)
However, Clinton’s Advisers Are “Well Aware” That Clinton Cannot Base Her Campaign On “Good Feelings About The Obama Economy.” “Clinton’s advisers are well aware that they will not be able to base their campaign on good feelings about the Obama economy. Instead, they plan to highlight the president’s achievements – an unemployment rate of 5.3% and a modest recovery from the worst financial crisis since the Great Depression – while offering a package of policies aimed at addressing voters’ fears about the nation’s current direction.” (Ben White, “So-So Economy Dogs Hillary Clinton’s Campaign,” Politico, 7/30/15)
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