U.S. jobless claims came in at 360,000, beating economist’s projections by 20,000. Continuing unemployment claims were higher than the projection of 2.955 million, with a total of 2.977 million. Bloomberg explained it away as a seasonal re-tooling in the automotive industry, and noted that import prices were declining. Nothing to see here, folks, because Bernanke isn’t in any real hurry to taper off QE. The stock market certainly hopes so!
State personal income declined in the first quarter of 2013 by 1.2 percent, after a pickup in the fourth quarter of 2012. The U.S. net international investment position, which is the measure of foreign owned assets in the U.S. versus U.S. owned assets abroad, was negative $4.277 trillion, as the value of foreign-owned U.S. assets grew by $394.2 billion, while U.S. owned foreign assets declined by $19 billion.
Zero Hedge has a chilling article reviewing 75 Economic Numbers from 2012. Here are the highlights:
#2 In the 1970s, one out of every 50 Americans was on food stamps. Today, one out of every 6.5 Americans is on food stamps.
#5 More than one million public school students are homeless, and that’s a 57% increase since the 2006-07 school year. A for effort, federal government, A for effort.
#8 The percentage of working age Americans without a job has been under 59% for 39 months in a row, which means that we’ve had more than 41% of working age Americans struggling with unemployment for over three years.
#9 September 2009: 58.7% of all working age Americans are employed. November 2012: 58.7% of all working age Americans are employed. Hope, if not change, guides our leadership, people.
#13 U.S. share of global GDP in 2001: 31.8%. U.S. share of global GDP in 2012: 21.6%.
#30 Electricity bills in the United States have risen faster than inflation for five years in a row.
#31 According to USA Today, many Americans have seen their water bills triple over the past 12 years.
#43 53% of all Americans under the age of 25 with a bachelor’s degree are unemployed.
#37 Student loan debt has passed the $1 trillion mark.
#33 25 million American adults are living with their parents.
#57 The wealthiest 1% of Americans have more wealth than the bottom 95% combined.
#62 Today, 22% of all federal workers make over $100,000 a year, up from just 12% in 2006.
#63 77,000 federal workers make more than the governors of their states do.
#74 In four years, President Obama grew the national debt by as much as every president from Washington to Clinton combined.
Forget the civil liberties violations, including the NSA spying, the IRS targeting of political groups seeking 501(c)(4) status, and the Obama Administration’s blatant illegal suspension of the employer mandate as well as any other laws they don’t like enough to implement…our economy alone is justification for his immediate removal from office. The above statistics represent a human tragedy that is unthinkable as a reality in the richest country on the planet.
That’s our review of life in Obama’s America.