SPECIAL POLITICAL FOCUS
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Obama's economy
Presidential election, cont ...Published: October 01, 2012
Unemployment
The unemployment
rate surged to 10 percent in Obama’s first year in office and has
fallen gradually since then, landing at 8.2 percent as of June. Part of
the decline has come as some Americans have gone back to work, but also
because many workers have dropped out of the labor force.
Economic growth
During
the first three months of 2009, the economy slumped at an annual rate
of 6.7 percent. Since then the GDP has been growing and slowly
recovering, but the rebound has been a lackluster one compared to those
following prior recessions.
Inflation
Gas
and food prices have had a few temporary growth spurts in the past few
years, but overall, inflation has remained relatively low, held back by
falling home prices and stagnant wages.
WEB EXCLUSIVE: Orange County faces a number of key proposals, measures and local elections next month. Learn about them here.
Consumer spending
Amid
slumping home prices and rising unemployment, consumers pulled back on
their spending during the recession. Stimulus programs temporarily
boosted auto sales and home purchases in 2009, but since then, spending
has picked up only gradually. Consumers are focusing on paying down debt
instead.
Foreclosures
More
than 3 million Americans have lost their homes to foreclosure since
early 2009, but bank repossessions have fallen in half since they peaked
in September 2010.
National debt
The
financial crisis of 2008 spurred spending increases and tax cuts.
That’s a key reason why debt held by the public has increased since
2008. That jump will have to be paid off with interest. Much of those
emergency measures will end, so for the next decade, annual deficits
should be much lower than they’ve been recently. But over the long run,
debt is still projected to grow faster than the economy.
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The unemployment rate surged to 10 percent in Obama’s first year in office and has fallen gradually since then, landing at 8.2 percent as of June. Part of the decline has come as some Americans have gone back to work, but also because many workers have dropped out of the labor force. Economic growth During the first three months of 2009, the economy slumped at an annual rate of 6.7 percent. Since then the GDP has been growing and slowly recovering, but the rebound has been a lackluster one compared to those following prior recessions. Inflation Gas
and food prices have had a few temporary growth spurts in the past few
years, but overall, inflation has remained relatively low, held back by
falling home prices and stagnant wages. WEB EXCLUSIVE: Orange County faces a number of key proposals, measures and local elections next month. Learn about them here. Consumer spending Amid
slumping home prices and rising unemployment, consumers pulled back on
their spending during the recession. Stimulus programs temporarily
boosted auto sales and home purchases in 2009, but since then, spending
has picked up only gradually. Consumers are focusing on paying down debt
instead.Foreclosures More than 3 million Americans have lost their homes to foreclosure since early 2009, but bank repossessions have fallen in half since they peaked in September 2010. National debt The financial crisis of 2008 spurred spending increases and tax cuts. That’s a key reason why debt held by the public has increased since 2008. That jump will have to be paid off with interest. Much of those emergency measures will end, so for the next decade, annual deficits should be much lower than they’ve been recently. But over the long run, debt is still projected to grow faster than the economy. |
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