Tuesday, May 7, 2013

How Obama Conned His Own Voters

"President Obama is brewing his own beer at the White House. Actually, the White House beer is a lot like the Obama administration--great buzz, weak finish." Leno

All politicians make promises. And many of those promises are broken. However,  President Obama made breaking promises an art form. Unfortunately, about half the country believed in his promises even though his track record during his first term was pathetic. It still amazes me, as well as many others, how the GOP blew this one. But we do know this: Republicans have this unfortunate knack for fumbling the football five yards from the goal line.

This piece is not about Republicans. It's about the Obama administration's con job on their own voters (those who didn't vote for him recognized the con in 2008). We're all too familiar with the conspicuous failures of this administration from a weak economy to on-going failures in foreign policy. Let's look at the key demographics of most of those who voted for Pres. Obama and how they are faring:

  • Black unemployment is now at 13.2%. For black youth, it's over 40% nationally. In some cities it's over 50% for black working-age adults.
  • The unemployment rate for Hispanics is about 9.2%. (Keep in mind, for both blacks and Hispanics, the real unemployment rate--U-6 that also includes underemployment---is much higher. Last February, the U-6 stood at 14% for all unemployed + underemployed).

  • Over 42  million Americans now live in poverty or 1-4. In fact, poverty rates have also climbed in the suburbs.
  • Almost 44% of people living in America today have no savings.
  • Almost 46 million Americans now live on food stamps.
  • 49 million Americans under the age of 65 have no health insurance. Nearly 80 million Americans did not seek health care because they could not afford it. In fact, 28% of those with health insurance did not seek health care because it was too expensive.

  • In the last 4 years, the middle-class lost 40% of its wealth.
  • More than 1 million Baby Boomers are secretly unemployed. The financial crisis forced many to retire early.
  • The number of discouraged workers---those who just stopped looking for work because of poor job prospects---is at approximately 800,000. Over 3 million are considered just hopelessly unemployed. These are people who have just completely given up looking for work.

  • The dark side of the current unemployment picture? There was a big drop in hours worked in the last month.

  • Over 40% of recent graduates are underemployed. Those grads who do have work, 41% are overqualified for the jobs they currently have.
  • Unions have lost big under Obama.
  • Taxes raised on everyone including those who voted for Obama.
Some might argue that Obama has done some things right like ObamaCare. However, it appears the promises made regarding ObamaCare like reducing costs, not losing your current health insurance and more do not appear to be panning out.

As I have in the past, I will give him some credit for using drones to whack many terrorists and ordering the hit on Osama.

Note: Since this was written 6 months ago, we now know the Obama administration lied about losing health insurance. To date, several million have been dropped from their health insurance too. In addition, we now know that Obama administration policies have hurt Blacks, single women and Hispanics the most---the very people who supported him twice.

Postscript: The 2014 elections showed that the Obama administration was caught in playing this con game. It appears more Americans finally learned the game is rigged.

Sources: US Census, CNN Money, AOL Jobs, Market Watch