On the Forbes.com blog, Peter Ferrara points out that the first five years of the Obama Administration have been the worst five years since the Great Depression. Here's a summary:
- 3 million fewer Americans working since January 2008 even though the working age population has increased by 12 million
- If the labor force participation rate would have been in December 2012 what it was in 2008, the unemployment rate would have been 11.4%
- Black unemployment- 13.8%
- Hispanic unemployment- 9.6%
- Teenage unemployment- 23.4%
- Black teenage unemployment- 37.8%
- U6 unemployment rate (people who are working part-time because they cannot find full-time work and others marginally attached to the workforce)- 14.4%
- Median household income down 9%
- Commodity price index rose 20%
- 31% increase in the poverty rate to 49.7 million Americans
- 80% increase in food stamp participation to 47.7 million Americans
- The economy has grown on average at 0.6%
- Federal spending has increased by 41%
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