The Economic "Recovery" Isn't So Great
January 29, 2015
Is America in recovery? President Obama called the State of the Union "strong" during his address last week, but Stephen Moore, economist at the Heritage Foundation, says that, despite some improvement, the economy is still struggling:
- America has not seen an economic recovery as slow as today's in the last five decades. Had America's economy improved at the same rate as an average recovery, American families would have $10,000 more in income, on average.
- Median household income is $1,500 below what it was when the recession ended -- pay raises are not keeping up with inflation.
- Business creation in the United States in 2013 was at its lowest rate since 2001.
- Just 34 percent of Americans believe their children will be better off than they are now.
- The national debt has risen from $11 trillion to over $18 trillion under President Obama's watch.
- When you take into account the people who have given up looking for work, Moore says the unemployment rate is closer to 10 percent.
- Children in single-mother homes are three times more likely to live in poverty than children in two-parent homes. More than 25 percent of children live in single-parent households today, up from 12 percent in 1970.
And despite President Obama's focus on income inequality, Moore says that inequality has actually gone up under President Obama, rising during each year of his first term in office.
Source: Stephen Moore, "Obama's illusory economic recovery," Washington Times, January 25, 2015.
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