Obama said in his State Of The Union Address, “Anyone claiming that America’s economy is in decline, is peddling fiction.” And he didn’t stop there. Watch this video, in which he pontificates how well our economy is doing.
SEE THE VIDEO HERE ON CNN! It will make you sick, so be warned.
The world is in the midst of extraordinary change that is reshaping the way people live and can either “broaden opportunity or widen inequality,” Obama said.
He named inequality as the first of four “big questions” facing the country.
“How do we give everyone a fair shot at opportunity and security in this new economy?” Obama asked.
Strengthening the middle class and reducing income inequality have been among Obama’s top priorities during his two terms. He did not get much of what he wanted, but used Tuesday’s address to list some of his accomplishments.
- More than 14 million new jobs were created and the unemployment rate cut in half.
- Bipartisan reform of No Child Left Behind and both early childhood education and high school graduation rates increased.
- Student loan payments were reduced to 10% of a borrower’s income.
- Health care coverage expanded to nearly 18 million people under the Affordable Care Act and the rate of health care inflation was reduced.
While he defended the strength of the American economy, Obama said that global forces have squeezed workers.
So, since then and as recently in the past as last week, the stock market has been plunging in a drastic downward spiral. Today Walmart announced it will be closing more than 26o stores, world wide and at least 150 of those stores will be in the United States. If Walmart is faltering, I think that’s a pretty good indicator of a failing economy. Do ya think it had anything to do with raising their employee minimum wage?
CNBC: Wal-Mart said Friday it will close 269 stores across the globe, including 154 in the U.S. The world’s largest retailer also will open as many as 405 stores globally in the coming fiscal year, as it shifts its focus toward Supercenters and Neighborhood Markets in profitable locations.
In all, 16,000 employees will be impacted by the store closings, about 10,000 of whom are in the U.S.
Also, in the same day, the price of Oil fell below $30 per gallon, as reported by the Wall Street Journal.
Oil prices tumbled below $30 a barrel on Friday, with daily losses rivaling their biggest of the winter as flailing Chinese markets and the soon-coming increase of Iranian exports adds to concerns that the global glut will linger.
Interestingly enough, oil has not been this low since December of 2001, when it was $25.96 a barrel, and in February of 2002 it was $27.69.
How does that translate to price at the pump? In February 2002 gasoline was $1.10 and gasbuddy.com reports gas is at $1.91 per gallon. Hmmmmmm. Nearly 80cents higher for the same oil price per barrel. Inflation?
Regardless all is not sunshine and kittens as far as the economy goes and if Obama thinks the American public is gonna believe that as health insurance costs are rising, and people are unemployed or under employed, he’s got another thing coming. This has only got to fuel the fire against the establishment Republicans and Democrats in the coming election. And that may be the only thing Americans have to keep them warm this winter.