#1. Real household median income never returned to levels prior to 2008; thus, American remain worse off than prior to the financial crisis. In 2007, the median household income was $57,000. Today, however, it is only $53,700. Worse, that is a decrease from $54,500 the year prior (2013).
#2. The unemployed are struggling more than ever; nearly a quarter of those without work have been unemployed for more than 27 weeks. It has been four nears since the recession technically ended, yet, the long-term unemployment levels remain at historic highs.
#3. According to the Congressional Research Service (CRS), President Obama’s economic recovery has been one of the worst recorded in history. Although CRS concludes that the economy has been expanding, they find that “overall gains have been relatively small.” President Obama’s record shows the economy has grown by 2 percent, whereas the average previous expansions were more than double, or 4.3 percent.
Almost 48 million Americans were collecting food stamps.
#4. Prior to the financial crisis, less than 27 million Americans required welfare assistance like food stamps. During the recession, the number of individuals seeking such assistance grew by nearly 80 percent. At its peak, almost 48 million Americans were collecting food stamps. Yet, even after Obama’s “recovery” those seeking help has barely budged; and the country is nowhere near returning to pre-recession levels.
#5. The financial crisis resulted in Americans relying on a standard of living predicated on debt. The economy reacted and quickly cut back on the loads of household debt. Yet, Obama’s economic policies have encouraged – perhaps even necessitated – a spike in Americans as indebted in credit card debt as ever before.