Nearing the end of his presidency, glorious leader Obama came out today in what was hailed his "economic victory lap."
So 8 years after his election into office and after the worst financial crisis in history, Obama comes out to tell us everything is great and better because of him. Well, apparently he and his team of propaganda artists have yet to look at any actual economic data to see how the U.S. economy and the average American have fared during his tenure. 8 Years after the crisis and after his election, the U.S. Federal Funds rate is sitting at 0.25bps, with a Federal Reserve who has recreated asset price bubbles in home values, stocks, art and in many other asset classes, and who is afraid to hike by a measly .25bps. The average american has fared far worse than what economists and even our president tells us. With the middle class fast becoming a relic, spending thousands on home rent a month because they can't afford to buy a home, leasing cars with sub-prime terms of up to 72 months, who have little to no savings and who are not experiencing wage growth to compete with the rise in costs of everyday items. Meanwhile thanks to the last 8 years of disastrous policies, from the Federal Reserve and from the Obama regime, income inequality is at a record. There have been a few articles just this year that really should make ones eyes pop out of their heads. The first was from the WSJ in January, where it said that a $500 car repair bill would send most Americans scrambling. The article went on to say that only 37% of adults would have the necessary savings to cover a $500 car repair or a $1000 emergency room bill. Another article from the Associated Press in May, said that two-thirds of Americans would struggle to cover a $1000 crisis. What was most disturbing about this article, was that it said that even among the wealthiest 20% of Americans (making more than $100K/Year), 38% of them said they would have a difficult time coming up with $1000! The latest disturbing article came just last week, where it was said that more young Americans (age 18-34) are now living with their parents that at any other time since the Great Depression. And people wonder why millennials are not getting married at the same rate as previous generations, and are so pessimistic on their outlook. They are graduating college into arguably the worst economic conditions in U.S. history. They are going to school and getting pointless degrees while saddling themselves in tens of thousands of dollars in student loans, only to end up working as a waiter or bartender. So below are just a few charts that show the true state of the U.S. economy and how the average American is feeling: