• May 2015
Add an event

Untitled Page

Obama's economy

Presidential election, cont ...Published: October 01, 2012

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.

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.

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.

While you're here, check out:
OC METRO magazine's current issue and past issues


* First Name
* Last Name
* Email
Visual verification

Readers Feedback:

That's an inventive answer to an inetrsentig question
Comment at 5/31/2013
NO NO NO NO.. DON'T DO IT!Ok, I'm a financial aosvidr.. so here goes.Your credit card company wont tell you this, but if you are late.. even a day over, they can punch your rate up to 30% or whatever they want. Also, say you pay it on time and they simply don't get it hello 30%. No excuses. You pay.Now you don't want to get stuck with a 30-100k bill at 30%. Now that this horrrible administration has taken out the personal joe's ability to declare bankruptcy and that credit cards are changing minimum payment laws so that minimum payments will be much higher.. I advise you to stear clear of this. Hope that when you get done you can get into a program (they are out there) that will allow you to drop your interest rate by 1% after 24 months of ontime payments and another .25% if you make it auto pay Look, some of the lowest rates you'll see should be on student loan rates. When I went rates were at 8%. That's not so bad..The only reason I'd say to pay it off is if you can secure it to a lower secured credit line like a home equity loan (if rates dump again). But since student loans are federally guaranteed, you should be able to defer or forbear most if you decide to go back to school later, or get that degree you thought you wouldn't need. If you switch this principle amount out of a guarenteed student' loan, that money is no longer eligible for a forbearance or deferance.Good question Hey here's a thought though if you ever plan on having a home of your own.. get a credit card, but KEEP YOUR PRINCIPLE DOWN BELOW 30%.. in other words, if your limit is 1000 bucks, never use more than $330. Why? Because the credit agencies will see you as being desperate for money and will drop your score if you use more than that. Keep in mind that you want to build up your score now so that when you want a good credit card, or low mortgage rate on a home.Good luck!!Jason
Comment at 11/6/2013