The Pardu

The Pardu
Watchful eyes and ears feed the brain, thus nourishing the brain cells.

Saturday, September 17, 2016

The GOP/RNC And One Presidential Candidate: "The Economic Horror Of Obama"


Despite no mention of the US economy as we move to the fall elections, we insist on providing information for readers who use reliable data for voting-related decision-making. US media is simply too busy seeking ratings and revenue related viewing while "chasing the Trump dragon" to disseminate such information related t the US economy. we often hear conservative pundits and surrogates railing about horrific economic growth over the past seven years. Their words are perfect examples of: "If you tell the lie often enough people will believe it." 

Image result for joseph goebbels quotes


Another example of a cogent quote regarding GOP lying and politicking is "It isn't a lie if people believe it" (Seinfeld).

While we have grown to anticipate and actually expect politicians to as a minimum stretch the truth (to keep it clean), GOP mantra regarding the US economy and its nascent party leader Donald Trump), continue to feed America lies about the horrors of the Obama economy. How often do we hear about the "sluggish" US economy? The rhetoric is pure political mantra.  

The Economic Policy Institute (EPI)  has a credible reputation or publishing information about the US Economy. I early August  the EPI published a detailed report on our "sluggish" economy with direct attribution to the GOP as the underlying reason for the sluggishness. A key takeaway from the report; it is critical to understand and accept the past reality of the depths of the Bush Recession. 

Jobs as the Bush Years came to an end.
Image result for how bad was the bush great recession



Let's set the August report aside and take a quick peep at data (charts and graphs) which show the Democratic Party is by far more effective and trustworthy with the US economy than the GOP.

   Image result for US economy DEM VS GOP
Image result for US economy best with DEM or GOP  Image result for US economy best with DEM or GOP
job creation by presidency
________________________________

The Obama economy four months from the end of his term.


We more often hear GOP politicians railing about US poverty and its devastating impact on minority communities. Actually, poverty by the sheer numbers affects more white families than black or Latino families. The impact takes on a different light when we consider the proportional impact of poverty on a per capita basis. In simple terms, there are fewer African-Americans and Latinos. When we review poverty with per capita considerations, yes the impact seems dire.  Hence the reason we have a higher Food Aid participation rate in the black community vs that of white America. Is it possible that reality has anything to do with a population demographic which has been denied full opportunity to leverage America's greatness? 

Let's review a set of recently published data from the US Census Bureau via the White House Economic Team. It seems the Obama years have contrary to popular rhetoric, have been good for economic growth in black and Latino communities. 


Summary: 

In 2015, household income grew at the fastest rate on record, the poverty rate fell faster than at any point since 1968, and the uninsured rate continued to fall.

Watch as President Obama discusses the remarkable progress today's Census report laid out with the Chairman of his Council of Economic Advisers, Jason Furman. 
President Obama is briefed on the economy by Advisor Jason Furman

SIX KEY POINTS IN TODAY’S REPORT FROM THE CENSUS BUREAU

(Charts and graph and relevant explanation of each chart is available via the linked article title above.)

Change in Real Median Household Income, 1968-2015


Change in Poverty Rate, 1960-2015

Growth in Real Household Income by Percentile, 2014-2015


Changes in Income and Poverty by Race/Ethnicity, 2014 to 2015

A bit more from the New York Times




Recovering From Recession

Household income rose significantly last year, but it is still slightly lower than it was before the last two recessions. The rate of those living in poverty fell to its lowest level since the Great Recession, but, as with income, the rate is higher than it was before.


Median
household income
$60
thousand a year
55
’99
$57,900
’07
$57,400
’15
$56,500
50
RECESSIONS
45
’90
’95
’00
’05
’10
’15
Poverty rate
20
%
15
’05
13.5%
10
’06
12.3%
’00
11.3%
5
’90
’95
’00
’05
’10
’15

We can assume a McCain or even a Romney win in 2008 and 2012 respectively would have shepherded in economic policy and initiatives quite the opposite of Obama's team.  Thus, we can assume the gains via the Obama years may not have materialized via Republican economic leadership. Especially true if we accept GOP economic policy  is first of all based on cutting taxes which benefit the wealthy (Trickle-down economics). 

The Center for Budget and Policy Prioritizes (CBPP) published a chart book in September 2016, which addressed where we are in relation to the depths of our task in 2009.

As we close the piece I offer an opportunity to visit with Milt Shook and his running archiving of President Obama accomplishments.
THE List of 386 Obama Accomplishments so far, With Citations https://t.co/1l1SxgphAK Updates, expanded and citations checked.— (((Milt Shook))) (@MiltShook) September 14, 2016

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