While the president claims his “Middle Class Economics” is working, economist Stephen Moore lists “a dirty bunch of hidden indicators pointing to an American economy that may be in a lot worse shape than Washington is telling us,” especially for the middle class families.
- It’s been 10 years since Americans in the middle class got a pay raise that kept pace with inflation.
- Food, energy, tuition and health care prices have been running two to three times the official inflation rate.
- Income inequality worsened in each of Obama’s first four years in office, breaking all-time highs in both 2011 and 2012.
- Small business creation hasn’t been this low since 2001.
- The national debt has grown by $7.3 trillion. Total debt was $11 trillion when Obama took office; today it’s $18 trillion, and additional $120,000 of debt for each U.S. worker.
- The percentage of Americans under 25 who are in the workforce is at its lowest level since the early 1970s.
- Entitlement spending on Social Security, Medicare, Medicaid and Obamacare is expected to nearly double in 2024 compared to 2013.
Read full article, Obama’s Illusory Economic Recovery: Official Statistics Ignore the Real Hardships Families Face, by Stephen Moore