Economically speaking, this is the disaster that the next president will inherit
09/26/2016 / By JD Heyes
Now that the first presidential debate between Democratic nominee Hillary Clinton and GOP nominee Donald Trump is over, it is appropriate to take a look at some economic realities that one or the other will inherit if they win in November. In bringing you these economic facts, which are extremely bad, we hope that you’ll use them to help you realize which nominee has the financial acumen to bring America back from the economic brink (hint: it’s not the one who has spent a lifetime as a politician).
In no particular order, per The Economic Collapse Blog:
— When Barack Obama entered office, the U.S. national debt was about $10.6 trillion (a large figure, to be sure), a figure that Obama called “unpatriotic.” Today, that figure is nearly double and likely will be by the time Obama leaves office.
— In addition, corporate debt has nearly doubled since the end of 2007.
— Corporate debt default rates are higher now than when Lehman Bros. collapsed in 2008.
— The rate of new business formation really dropped after the Great Recession and now hovers around at the new lower level.
— There is a study that found median household incomes have tanked some 80 percent in metropolitan areas since the year 2000, so clearly that figure is trending the wrong way.
— The labor force participation rate peaked during the latter years of the first Clinton administration, when Bill Clinton shared economic gains with a Republican Congress. It has been falling steadily ever since and now, after nearly eight years of Obama, one-third of the country is out of the labor force, a record.
— More than half of all Americans – 51 percent – make less than $30,000 a year.
— A recent survey found that nearly two-thirds of Americans, or about 62 percent, did not have more than $1,000 in savings, meaning one minor financial emergency would wipe them out.
There are more facts and figures and you can read them here. What’s clear is that America – and Americans – are suffering economically. While there are pockets of growth and prosperity for some, neither is widespread.
The next president should have enough business and economic acumen to reverse these trends before the bottom falls out completely.
Sources:
Tagged Under: 2016 election, economic disaster, financial collapse
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