Us economic recessions dating
Net interest payments consumed 6.4 percent of all federal spending in the fiscal year that ended Sept. And the nonpartisan Congressional Budget Office officially projects that interest payments will gobble up an even bigger share of federal spending in the future. Obama, Barack “Remarks by the President in State of the Union Address.” White House Office of the Press Secretary.
“CBO expects interest rates to rebound in coming years from their current unusually low levels, sharply raising the government’s cost of borrowing,” CBO said in its most recent long-term budget outlook document.
The average time that an unemployed person in December had been looking for work was 37 weeks, nearly double the average at the time Obama entered the White House.
Another troubling jobs statistic is the civilian labor force participation rate, which has now declined by 2.9 percentage points since Obama became president, to the lowest point since 1978.
CMS officials also published their findings in a Jan. But the nonpartisan number-crunchers at CMS said in their authors suggested the slowdown in health spending may only be temporary, as has been the case after past recessions. Department of Agriculture, Food and Nutrition Service. “Corporate Profits After Tax (without IVA and CCAdj) (CP).” Data extracted .
Health care spending consumed a record 17.4 percent of the nation’s entire economic output in the recession-plagued year of 2009. “Time Series: Seasonally Adjusted Home Ownership Rate.” Data extracted . “Supplemental Nutrition Assistance Program (Data as of January 10, 2014).” Data extracted . “Food stamps will get cut by billion this week — and more cuts could follow.” Washington Post Wonkblog.
That figure now stands at .3 trillion, an increase of 95 percent under Obama.
At the current rate it will surely rise to a doubling during Obama’s presidency — possibly by the time of our next update three months hence. Regular All Formulations Retail Gasoline Prices.” Data extracted .
But at the current rate he won’t come close to meeting his original goal of doubling exports by the end of 2014. Total federal debt now stands at nearly .3 trillion, which is 63 percent higher than when Obama took office. “China’s Stocks Fall to Five-Month Low on Economic Growth Concern.” Bloomberg News.
While cash-strapped state and local governments have been laying off teachers, firefighters, police and other workers, the federal government has increased the number of its employees under Obama.
The most recent figures from the Bureau of Labor Statistics show that as of December, workers on the federal payroll (excluding postal workers) numbered more than 2.1 million, up 3.2 percent since January 2009. “Remarks by the President in the State of the Union.” . “Consumer Price Index – All Urban Consumers.” Data extracted .
They also include disabled workers gaining Social Security disability benefits (a number that has doubled in the past 17 years, and is up 20 percent just since Obama took office).
There’s a lively debate among economists about the causes — and implications — of the shrinking participation rate, which started long before Obama took office.
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To conclude that the slowdown is permanent, they said, would require “more historical evidence.” Other costs have risen even more slowly under Obama. “Employment, Hours, and Earnings from the Current Employment Statistics survey (National); Government, Federal, except U. Postal Service, Seasonally Adjusted.” Data extracted . “Employment, Hours, and Earnings from the Current Employment Statistics survey (National); Government, State Government, Seasonally Adjusted.” Data extracted . “Employment, Hours, and Earnings from the Current Employment Statistics survey (National); Government, Local Government, Seasonally Adjusted.” Data extracted . “Remarks by the President on Economic Mobility.” White House Office of the Press Secretary.