40 Statistics That Will (but shouldn’t) Absolutely Shock You.

Posted: September 7, 2012 in Economics

This list appeared on the blog “The Economic Collapse”, link (here).
I am going to use this list as inspiration for coming posts. Although many of these are self explanatory there are some that need to be expanded on.

The following are 40 statistics that will absolutely shock you….

#1 During the time Barack Obama has been in the White House, median household income has fallen by 7.3 percent.

#2 Back in 2007, 19.2 percent of all American families had a net worth of zero or less than zero.  By 2010, that figure had soared to 32.5 percent.

#3 According to the Federal Reserve, the median net worth of American families dropped “from $126,400 in 2007 to $77,300 in 2010“.

#4 According to the Pew Research Center, 61 percent of all Americans were “middle income” back in 1971.  Today, only 51 percent of all Americans are “middle income”.

#5 Back in 1970, middle income Americans brought home 62 percent of all income in the United States.  In 2010, middle income Americans only brought home 45 percent of all income.

#6 The unemployment rate in the United States has been above 8 percent for 42 straight months.

#7 The percentage of working age Americans with a job has been below 59 percent for 35 months in a row.

#8 In June, the number of Americans added to the food stamp rolls was nearly three times larger than the number of jobs added to the U.S. economy.

#9 Approximately 53 percent of all U.S. college graduates under the age of 25 were either unemployed or underemployed last year.

#10 Since Barack Obama entered the White House, the number of long-term unemployed Americans has risen from 2.7 million to 5.2 million.

#11 Today, the average duration of unemployment in the United States is about three times as long as it was back in the year 2000.

#12 According to a report that has just been released by the National Employment Law Project, 58 percent of the jobs that have been created since the end of the recession have been low paying jobs.

#13 According to the Center for Economic and Policy Research, only 24.6 percent of all of the jobs in the United States are “good jobs”.

#14 In 2010, the number of jobs created at new businesses in the United States was less than half of what it was back in the year 2000.

#15 The average pay for self-employed Americans fell by $3,721 between 2006 and 2010.

#16 According to U.S. Representative Betty Sutton, America has lost an average of 15 manufacturing facilities a day over the last 10 years.  During 2010 it got even worse.  That year, an average of 23 manufacturing facilities a day shut down in the United States.

#17 At this point, one out of every four American workers has a job that pays $10 an hour or less.

#18 While Barack Obama has been president the velocity of money has plunged to a post-World War II low.

#19 According to one recent survey, 85 percent of middle class Americans say that it is harder to maintain a middle class standard of living today compared with 10 years ago.

#20 Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.

#21 There are now 20.2 million Americans that spend more than half of their incomes on housing.  That represents a 46 percent increase from 2001.

#22 Over the past decade, health insurance premiums have risen three times faster than wages have in the United States.

#23 Health insurance costs have risen by 23 percent since Barack Obama became president.

#24 As I wrote about yesterday, back in 1980 less than 10 percent of U.S. GDP was spent on health care but now about 18 percent of U.S. GDP goes toward health care.

#25 In a previous article, I noted that 62 percent of all middle class Americans say that they have had to reduce household spending over the past year.

#26 Family budgets in America are being stretched to the breaking point.  Today, 77 percent of all Americans live paycheck to paycheck at least part of the time.

#27 While Barack Obama has been president, U.S. home values have fallen by another 11 percent.

#28 More than three times as many new homes were sold in the United States in 2005 as will be sold in 2012.

#29 The United States was once ranked #1 in the world in GDP per capita.  Today we have slipped to #11.

#30 Since Barack Obama became president, the number of Americans living in poverty has risen by 6.4 million.

#31 The number of Americans on food stamps has grown from about 17 million in the year 2000 to 31.9 million when Barack Obama entered the White House to 46.7 million today.

#32 Approximately one-fourth of all U.S. children are enrolled in the food stamp program at this point.

#33 It is being projected that half of all American children will be on food stamps at least once before they turn 18 years of age.

#34 It is estimated that child homelessness in the United States has risen by 33 percent since 2007.

#35 Back in 1965, only one out of every 50 Americans was on Medicaid.  Today, approximately one out of every 6 Americans is on Medicaid.

#36 As I wrote about the other day, it is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls.

#37 It is being projected that the number of Americans on Medicare will grow from 50.7 million in 2012 to 73.2 million in 2025.

#38 The number of Americans receiving federal housing assistance increased by a whopping 42 percent between 2006 and 2010.

#39 At this point, well over 100 million Americans are enrolled in at least one welfare program run by the federal government.

#40 Amazingly, more than half of all Americans are now at least partially financially dependent on the government.

OBAMA 2012! FORWARD!

Comments
  1. Billy Bob says:

    Now come on buddy, you can’t be serious with this. I find it interesting that almost all of these either quote years from 2006 or 2007 to 2010, or they use the phrase ‘since Barack Obama became President.’ While I’m not going to continue to blame Bush for the problems now that we’re four years in, you HAVE to understand and agree that the first year and a half to two years of Obama’s Presidency was damage control. Of course unemployment is still above 8 percent. That’s because it escalated to 10% in 2010 and is now slowly creeping back down. Of course family net worths escalated by incredible numbers by 2010. That’s when things were at their worst! Of course home values fell ‘since Barack Obama has been President.’ They fell drastically. And now, after he’s had time to implement his policies, things are starting to get better. I just read an article yesterday about how home values have risen recently, indicating a recovering housing industry. If you compare 2008 to 2012, a lot of these values haven’t gotten drastically better. I agree. But that’s because first they inflated tremendously. If a snow ball is rolling down hill, you first have to stop it before you can send it back in the other direction. If you compare now with 2010, you would see much different results. To compare now to 2008 or 2009 is unfair; things completely tanked 4 months into his Presidency. You can’t seriously argue that a President ruins things in his first four months in office; things tanked because of the 8 years before him. Just look at private sector job growth. We were losing 800,000 jobs a month when Obama took over. We continued to operate in the red for almost a year before we’ve now experienced 30 straight months of positive growth.

    Like I said, I won’t blame Bush for anything beyond the first couple of years. But oddly enough, his tax cuts are STILL in place, because President Obama has had to be cautious about increasing taxes on ANYONE during a recession. It’s taken all of four years just to get his own policies in place and they are finally set to expire (hopefully) in January. So 90% of these statistics are horribly misleading.

    See, now that I don’t have a blog anymore, I can spend my time voicing my opinion through yours 🙂 Hope you guys are doing well. Glad you’re back.

    • I see what you’re saying about the age of the stats and hopefully this doesn’t come across as an excuse but I know from doing research for my own posts it is incredibly difficult if not impossible to find some of these statistics for the last year and a half to two years.

      With that said, the purpose of sharing those statistics wasn’t to stick the entirety of it on Obama, I haven’t ever been blatantly critical of Bush on this blog but the guy was a screw up and I’m afraid that whether or not it is acceptable for an Obama supporter to admit it Obama is very similar to Bush economically, actually worse in many ways.

      If it hasn’t become clear yet that I am highly critical of both parties and their policies then I need to work on expressing that more obviously.

      I found that some of the stats in that list needed further examination, which I think I said. But as a whole they show trends and yes some of those trends date back before Obama was in office. That doesn’t excuse his actions in office which have extended and exacerbated those problems.

      A temporary rise in home prices is obviously not a sign of recovery, when it goes on at a sustainable pace for several years I will be ready to say the housing market is recovering. Similar to the stock market there are peaks and valleys in day to day trading, but unlike the stock market the housing market is more of a realistic measure of economic prosperity, we don’t want to see sharp increases or sharp decreases we want to see long term trends. Unfortunately the long term trend has not been good. I hope the housing market is recovering, I hate the idea that so many people have lost their homes and are struggling to make ends meet.

      Also, I frequently discuss the effects that quantitative easing and artificially low interest rates have on the economy. With the amount of easy money being pumped into the system by the Federal Reserve we should see some stabilization in markets (although it is false and unsustainable which will lead to another bursting bubble), we will also see prices rise due to monetary inflation. This is where it gets tricky, just because home prices are rising that doesn’t mean they are more valuable….they might just cost more dollars because the dollar is less valuable. I assume you drink milk, have you noticed in the last couple of years it has risen in cost drastically? It’s not all from the price of fuel…and cows aren’t demanding higher wages….its that invisible tax called, inflation!

      I also have talked before about the unemployment numbers and how the statistics are manipulated. Ive talked about how beginning under Reagan the official unemployment formula was manipulated to exclude the long term unemployed. When we have systemic long term unemployment the government can save face by being able to exclude the long term unemployed and as a result as long as the economy isn’t severely hemorrhaging more jobs each month than those that are being excluded from the figure the rate will continue to go down. The numbers are rigged pure and simple.

      As far as the beginning of Obamas term being damage control….I equate his brand of damage control to someone in credit card debt and unable to pay their bills. So this person gets more credit cards at higher rates and charges his outstanding balances to these new cards. The new cards have higher limits so he goes out and gives his buddies a shit load of money and etc., etc. He may not have collections after him yet, and he may not have lost everything yet…but its definitely coming.

      Whew!

      The goal isn’t to entirely blame Obama. No, it is to expose these economic falsehoods that are being thrown around to prove his success.

      • Billy Bob says:

        Wow! That was a lot! haha

        You’re correct, it’s impossible to find data from say late 2010 until now. I just keep seeing news networks talking about ‘since he’s been in office’ and I find that to be unfair. Like I said, at least a portion of his term was out of control and I feel he has helped to stabilize things. You and I may never agree on that, but that’s what makes the world turn. I definitely know that you aren’t high on either major party, and I respect that, because it means you’re knowledgeable and form your own opinions. It’s easy to just pick right or left, and to be honest, while I clearly pick ‘left,’ I don’t think everything has been hunky-dory under President Obama (stealing the term ‘hunky-dory’ from my friend Bill Clinton!). I just think the Democratic Party is the lesser of two evils and I feel like they get more done, and I agree with many more of their views than the other way around. So I will almost always support their candidate.

        Now the stock market has indeed shown a ‘long term trend’ of increasing. The Dow closed at it’s highest point since 2007 recently and with a couple of minor hiccups, has been on a steady rise for a couple of years now. Even if it’s not the best news – as you mentioned, we’d all like to see the housing market show steady recovery – it’s positive. And naturally, not shared in this article of 40 facts. I truly think that Bill Clinton was right when he said at the DNC how people may not be feeling the effects of recovery yet, but they will. That’s one of many reasons I still stand by what I said in 2008 – President Obama deserves 8 years to try and dig out of this. If the American people voted for him in 2008 and think realistically that we should be experiencing the same type of economic boom that we did in the late 90s by now, they are being irrational. I truly believe by the end of 2016, we will be back into a more comfortable state. Not booming, but comfortable. Just because he ran a very good campaign in ’08, I think people expected it to happen in the first four years.

        I see your comparison to Obama and the credit cards, but I disagree with the outcome. He had to implement some spending to help with the recovery efforts. And the fact of the matter is, most of our current national debt problems, long term, would come from bush-era tax cuts (if they weren’t rolled back) and the war we’re still in. Check out this graph from the Congressional Budget Office.

        http://www.cjr.org/the_audit/audit_notes_the_national_debt.php

        The recovery measures, TARP and other debt will level out and actually decrease over time. And is very minimal, compared to the issues left in Obama’s hands that amount to huge debt levels if left in place.

        He hasn’t been perfect, but he hasn’t been the failure that Mittens is trying to make him out to be. Not even when you consider the downhill snowball that was barreling his way. He’s just getting that ball rolling in the other direction. And I think, given a full two terms, we’ll look back on him as one of the best leaders our country has had in years.

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