As President Barack Obama gave his annual State of the Union speech on February 12, the U.S. economy experienced negative growth rates in the latest Gross Domestic Product report and is suffering the effects of persistently high unemployment that hovers slightly above where it was when the president first took office in 2009.
After four years of President Barack Obama’s economic policies, the Census Bureau reports 49.7 million people are living in poverty with another 30 million Americans living only one paycheck away from the poverty line.
In total, nearly 80 million people are enduring lifestyles of painful austerity and hunger in a difficult struggle to survive in America during the Obama era. The tragedy is often discussed, yet few Americans would even recognize the grinding, nearly inhumane conditions that those enduring the struggle grapple with on the streets of the nation's second largest city. To many it seems more like a surreal manifestation of an impoverished Third World country instead of the once glorious and glittering city depicted in Hollywood films.
President Barack Obama signed a massive $787 billion economic stimulus bill only one month after his first inauguration in 2009. The entire stimulus was funded through deficit spending, meaning that with interest payments included, the final bill will cost American taxpayers more than $1 trillion.
With a 7.9 percent unemployment rate and declining GDP, President Barack Obama’s results speak for themselves.
In fact, out of all of President Obama’s unfulfilled promises, his performance on the economy and jobs remains his clearest vulnerability, which explains the president’s habit of deflecting blame and unwillingness to accept responsibility as the nation’s chief executive.