Last week, the Employment Report was issued and an anemic 156,000 jobs were created when 176,000 were expected. The President immediately decided to put some lipstick on that pig of a number by claiming that he had created 15 million new jobs. Thus, the economy is doing great.
The problem with that 15 million number is that it ignores the first 13 months of his first term in office, when a total of 4.3 million jobs were lost. Something that was not supposed to happen because of his stimulus package. But it did, and now Obama doesn't want it on his record.
However, what is on his record is slow wage recovery. That was born out in a recently released polling report that states 7 out of 10 Americans have less than $1,000 in their savings accounts. This follows an earlier poll that found that 63% of Americans would be unable to handle a surprise bill of just $500.
The bottom line is that America is broke and living paycheck to paycheck. That is the real state of the economy President Obama will be leaving us with.
References:
US created 156,000 jobs in Sept vs. 176,000 jobs expected - CNBC.com: http://www.cnbc.com/2016/10/07/nonfarm-payrolls-sept-2016.html
The Obama economy has now created 15 million jobs: http://money.cnn.com/2016/10/07/news/economy/obama-15-million-jobs/
Nearly 7 in 10 Americans have less than $1,000 in savings: http://www.usatoday.com/story/money/personalfinance/2016/10/09/savings-study/91083712/
Most Americans can't handle a $500 surprise bill: http://www.cbsnews.com/news/most-americans-cant-handle-a-500-surprise-bill/
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