US long term GDP growth, excluding periods of recession, has averaged 4 percent over the past 200 years. But since Obama took office, GDP growth has averaged 1.42 percent, about a third of what one would expect. IHS Global Insight predicts that the economy will be at 2.1 percent GDP growth by July, 2012. BusinessWire predicts US GDP growth of 2.3 percent for 2013-2016 because of Obama's plan for huge tax increases and with new regulations scheduled to take effect after the 2012 election.
Under Obama, those who are still employed have seen median incomes decline by $3000. The lost income would amount to $1.575 trillion if it had gone into the economy over the last three and a half years. That's even more than Obama squandered on the stimulus in 2009. Obama is so unbelievably arrogant, so detached, that the widespread suffering of ordinary people, as a consequence of his jobs and economic policies, makes no impression on him. He has not even acknowledged the suffering of every American worker whose income is $3,000 less than it was when he took office.
Let's see. In August, 2011, Obama said it was his economy. So after 39 months we Americans are still waiting for his economy to recover. And because consumer spending is slowing, the US is probably going into a yet another recession. So much for economic recovery.
Why should we believe anything Obama says as he campaigns for reelection? He has been truthful on only one promise: his "...presidency would 'be a one-term proposition' if he didn't have the economy fixed in 'three years'."
But that's just my opinion.