Another Casualty of Obama's Economy: The American Family
Less income, more debt, fewer kids.
Thanks to Barack Obama’s long, slow recovery, the average American household takes home less inflation-adjusted income today than it did when Obama first took office. That’s just one example of the way Obama’s economic policies have left American families less prepared for the future. As Daniel Mitchell points out, the long-term health of the economy is affected because the percentage of Americans at work has declined steadily since 2008. Wages remain stagnant.
In addition to the hit many Americans are taking, the U.S. Department of Treasury broke a record in the first eight months of the 2016 fiscal year because it raked in over $2 trillion in revenue — an increase of $15 billion in the amount it collected the year before. And while the government is taking an increasingly bigger slice of the pie, it still ran a deficit of $407 billion. Any chance the average American can budget better than that?
Meanwhile, the Obama economy also affected fertility rates. If Americans got pregnant at the same rate they did back in 2007, there would have been 3.4 million more births in this nation between 2008 and now. “The Great Recession sent an economic shock through American society that reached far beyond the stock and housing markets,” the study from the University of New Hampshire said. “More than five years after economists announced the end of the recession, fertility levels have still not recovered.” In short, the Left has waged both a culture and economic war against the family unit — and there will be economic ramifications in the future.