Sunday, June 5, 2016
As regular readers know, one of our favorite chartpacks to show "Obama's recovery" is the one below, presented most recently just two days ago during Obama's now almost weekly televised sermon of how the economy is great and anyone who disagrees is "peddling fiction", which using simple Bloomerg data, summarize recent changes in key economic indicators including soaring federal debt and government dependency via food stamp use, surging healthcare costs and social inequality, plunging homeownership, income, and labor force participation, and - of course - driving it all, none of the president's or Congress' actions, but the Fed's balance sheet, something even major banks admit is better known as "printing money" - money that ends up blowing one after another asset bubble unable to finds its way into the broader economy - a stigma that is now gone in a world in which helicopter money is seriously considered by lunatics in power.
To be sure, the charts do not in any way imply that Obama started any of these disastrous trends (with a few exceptions); they do however make it very clear that more than 7 years under president Obama, these same trends have not changed.
This means that while Obama may have inherited a bad economy, contrary to the endless propaganda, the economy has only gotten worse. One needs only to go on a very short drive through any of the neighborhoods of Obama's native Chicago to get a clear realization of this sad fact (while wearing a bulletproof vest).
Credit to Zero Hedge