08/09/16 Struggling Economy
I have bad economic news.
Here’s what’s happening behind the headlines.
The U.S. is at historical low points in several categories.
We’re in the midst of the worst economic recovery since the end of World War II.
The White House has forecasted 2016 will have less than 2% GDP growth. Barack Obama will be the only president in history who didn’t deliver a single year of at least 3% economic growth.
It gets worse. The Commerce Department acknowledges that previous announcements of GDP growth have been over-stated by more than $300 billion in the past several years.
The percentage of people in the labor force is the lowest in four decades. Nearly 95 million people aren’t working. This is 11 million worse than the lowest point in 2009.
Starting in 2008, more small businesses disappear each year than are created. The result: fewer jobs.
The middle class has gotten smaller. It’s shrunk in 9 of 10 cities.
And home ownership has fallen to a 50-year low. Less than 63% of Americans own their own home. More people are now renting or living with relatives.
But we have nothing to worry about. The National Bureau of Economic Research said the recession ended in June 2009.
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