Barack Obama became President of the United States, when American was facing its worst financial crisis back in 2008. He weathered the storm and was elected the President for a second term. Here’s a look at how the US fared economically under his leadership:
1) When Obama became the President 60.6% percent of people in the US had a job, but now that figure has dwindled to 58.7%
2) The average duration of time it took to search for a job and eventually find one before Obama took over was 19.8 weeks and now under his leadership that number has swelled to 36.6 weeks.
3) Another figure that isn’t too flattering is the number of people in the US who do not want to look for work. It presently stands at 8,332,000.
4) In 2008 the trade deficit with China was $268 billion, but by 2012 that number rose to $315 billion.
5) Another discouraging statistic pertains to home ownership. When Obama took over the reins it stood at 67.5%, but that has now dipped to 65%
6) During the first term of his presidency itself the household income in the US fell by more than $4 million.
7) When Obama was elected President the cost of fuel was $1.85 and today it has nearly doubled and stands at $3.53
8) Another worrying fact is that electricity bills in the past 5 years grew more rapidly that the rate of inflation did.
9) The cost of healthcare too has taken a hit since Obama was elected to office. It has risen by a whopping 29%. Seems like Obamacare hasn’t really done the wonders that were being hoped for.
10) Lastly, American families now receive more money from the federal budget that they pay in taxes, this again is a worrying sign
Besides the ones we have mentioned above there are a number of other facts and statistics about the American economy that point towards the fact that the US economy under Obama has taken a turn for the worse.