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January 8, 2014

Obamanomics Update: 'Poverty level under Obama breaks 50-year record'

Topics: Political News and commentaries

More proof Obamanomics doesn't work:

Excerpts from The Washington Times:

[...] Fifty years after President Johnson started a $20 trillion taxpayer-funded war on poverty, the overall percentage of impoverished people in the U.S. has declined only slightly and the poor have lost ground under President Obama.

[...] Although the president often rails against income inequality in America, his policies have had little impact overall on poverty. A record 47 million Americans receive food stamps, about 13 million more than when he took office.

The poverty rate has stood at 15 percent for three consecutive years, the first time that has happened since the mid-1960s. The poverty rate in 1965 was 17.3 percent; it was 12.5 percent in 2007, before the Great Recession.

About 50 million Americans live below the poverty line, which the federal government defined in 2012 as an annual income of $23,492 for a family of four.

President Obama's anti-poverty efforts "are basically to give more people more free stuff," said Robert Rector, a specialist on welfare and poverty at the conservative Heritage Foundation.

"That's exactly the opposite of what Johnson said," Mr. Rector said. "Johnson's goal was to make people prosperous and self-sufficient."

Read more here ...

In other words, Obama's economic program of tax, spend, and regulate has been a dismal failure. While I'm certainly no expert on the economy, it doesn't take one to realize that Obama and his Keynesian-subscribing advisers continue to be oblivious to the fact that obtaining more jobs depends on achieving 'true' economic growth ... and Obamanomics' ever-increasing uncertainty about future taxes and ever-increasing regulations are enemy No. 1 to such economic growth.

Related:
Deconstructing Obamanomics: What Is The Real Goal?
Obama Logic: 'Paying People Not to Work (Somehow) Creates Jobs'

Posted by Richard at January 8, 2014 2:55 PM



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