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#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). 

Households are Poorer Today

#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. 

As I wrote previously, an Urban Institute study highlights the serious impact of long-term unemployment on society:

Being out of work for six months or more is associated with lower well-being among the long-term unemployed, their families, and their communities.  Each week out of work means more lost income.  The long-term unemployed also tend to earn less once they find new jobs.  They tend to be in poorer health and have children with worse academic performance than similar workers who avoided unemployment.  Communities with a higher share of long-term unemployed also tend to have higher rates of crime and violence. 

Unemployed Struggling 

#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.

Economic Recovery

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.

More Americans Living on Welfare

#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.

Credit Card Debt

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