Tuesday, January 24, 2012

Obamanomics Vision of Economic Prosperity

President Barack Obama is expected to lay out his vision for economic prosperity while focusing on equality of opportunity and a return to American values in his State of the Union address.

The U.S. has lost 2.2 million jobs since President Barack Obama took office.

The economy has remained weak. Unemployment is still high, consumer confidence is still low and banks are still hesitant to lend.

Of the 120,000 new jobs created in January 2012, 50,000 were in the retail sector.  Most of them minimum-wage positions, many of them temporary holiday hires. The "leisure and hospitality" sector, which includes jobs in the food service industry, accounted for 22,000 of that total.  Low paying jobs have replaced the higher paying ones at a much  faster pace, many paying even less than they used to. Low-wage occupations saw job growth of 3.2 percent from the beginning of 2010 to the beginning of 2011, while mid-wage jobs only grew by 1.2 percent.

The number of research workers for U.S.-based multinationals working overseas has more than doubled. The number of high-tech manufacturing jobs in the United States has declined by 687,000.

The Obama Administration wasted billions of taxpayer dollars without helping the vast majority of struggling homeowners through a government program that was supposed to help them, but only leaving them in a bigger financial hole.

The rest of us are taxed into nothingness, while $18 trillion dollars are stashed in offshore banks by the global elite, with the U.S. government missing out on $100 billion a year because of offshore banks.

If his future vision of economic prosperity is any indication of his past vision we are all in for a heap of trouble.

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