Obama’s Economic Legacy: Thirdworldizing America
by Stephen Lendman
The New York Times
colluded with Obama, presenting the illusion of economic recovery, twisting reality, ignoring cold hard facts.
Interviewed by its financial columnist Andrew Sorkin, a false picture of his economic record was presented.
America’s 1% never had things better. Protracted Main Street Depression conditions affect most others.
One out of four working-age Americans have no jobs. Most others lucky to have work are underemployed - stuck in rotten part-time, low-pay, poor-or-no-benefit temp or part-time positions, one missed paycheck away from homelessness, hunger and desperation.
Economist John Williams says “(e)conomic activity is deteriorating rapidly, not improving.” Q I “GDP growth of 0.5% was absolute nonsense…Meaningful downside revisions loom…”
Housing starts, industrial production, retail sales, and durable goods orders are down. “US economic reality remains (protracted) non-recovery and renewed downturn,” Williams explained.
Economic conditions for ordinary Americans are dismal with no prospect in sight for improvement. Independent historians one day will explain how Obama hastened the nation’s transformation into an oligarch-run kleptocracy, a banana republic.
Inside the bubble, it’s paradise for the privileged few. Outside it’s dystopian hell. Sorkin let Obama get away with repeated lies and distortions, failing to responsibly challenge him responsibly.
“(W)e probably managed (the economic crisis) better than any large economy on earth in modern history,” Obama claimed. Truth is polar opposite.
Recovery never occurred. Crisis conditions remain. Obama’s legacy reflects the worst economic management in US history - enriching the few, harming most others, waging endless wars on humanity, letting Wall Street and war-profiteers benefit hugely.
Trump is right calling America “a third world nation.” Obama claiming the US economy is in much better shape than the public appreciates is belied by growing millions impoverished, Depression-level unemployment, record levels of hunger and homelessness - unreported crisis conditions going unaddressed.
Inequality soared during Obama’s tenure. Wealth redistribution from ordinary Americans to its privileged class remains unprecedented.
Inflation-adjusted median household income plunged. A 2013 Federal Reserve Survey of Consumer Finances explained it declined 12% ($6,400) between 2007 and 2013.
Between 2010 and 2013, it fell 5%. Most Americans believe the nation remains mired in recession for good reason. They’re struggling daily to get by.
Suicides and mortality rates are up, life expectancy lower for the most disadvantaged, social justice fast eroding, on the chopping block for elimination altogether.
Throughout his tenure, Obama did nothing to help growing millions, suffering through America’s second Great Depression.
The true measure of the man and his administration is disgraceful - serving the privileged few exclusively, contemptuous of most others.
Stephen Lendman lives in Chicago. He can be reached at firstname.lastname@example.org.
His new book as editor and contributor is titled "Flashpoint in Ukraine: US Drive for Hegemony Risks WW III."
Visit his blog site at sjlendman.blogspot.com.
Listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network.