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Mesaros Alexandra
University of Bucharest
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Camelia Voinea
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The number of long-term unemployed Americans has dropped by 614,000 under Obama,
but it is still 761,000 higher than at the start of the Great Recession.
Corporate profits are up 166 percent; real weekly wages are up 3.4 percent.
There are 15 million fewer people who lack health insurance.
Wind and solar power have nearly tripled, and now account for more than 5 percent of
U.S. electricity.
The federal debt has more than doubled rising 116 percent and big annual deficits
have continued.
Those are just some of our findings in our latest installment of Obamas Numbers.
The number hit a record of nearly 14.8 million in 2013 which was an increase of 65 percent
over 2008.
The NSSF figures are the closest approximation we have to current sales figures. The NSSF
adjusts the FBIs monthly statistics to remove background checks requested for concealed-carry
permits, which are not related to sales. However, not all background checks are followed by a
sale, and an unknown number of private sales take place without any requirement for a
background check.
The figures cover all kinds of firearms, including handguns, rifles and shotguns.
Jobs & Unemployment
Number of Jobs The economy has added 851,000 jobs since we published our last report. As
of December, the number of total nonfarm jobs stands 9,265,000 higher than when Obama first
took office.
That compares with the nearly 23 million jobs gained during the booming years of Bill Clintons
presidency, and the fewer than 1.3 million added during President George W. Bushs eight years,
which were plagued by two recessions.
Unemployment Rate Meanwhile the unemployment rate went down again, to 5.0 percent.
Its now 2.8 percentage points lower than it was in January 2009, when the president first took
office in the midst of the worst economic downturn since the Great Depression.
Historically, the jobless rate is significantly lower than it has been most of the time since 1948.
The historical median is 5.6 percent.
Long-term Unemployment The number of long-term unemployed those who have been
looking for work for 27 weeks or longer has dropped further since our last report. The number
went down to less than 2.1 million in December, which is 614,000 fewer than when the president
first took office. But it is still 761,000 higher than it was in December 2007, at the start of the
Great Recession.
Labor Participation Rate The labor force participation rate, which is the portion of the
civilian population that is either employed or currently looking for work, ticked upward since our
last report, to 62.6 percent in December. But it is still 3.1 percentage points lower than when
Obama took office.
Contrary to many of Obamas critics, however, that decline is due mostly to factors outside the
control of any president factors such as the post-World War II baby boomers reaching
retirement age. Survey data published by the Bureau of Labor Statistics in December show that
those outside the labor force in 2014 said their reasons for not working were retirement (44
percent), illness or disability (19 percent), school attendance (18 percent) or home
responsibilities (15 percent). Only 3 percent said they couldnt find a job, or gave some other
reason.
Job Openings The number of job openings has declined only slightly since our last report,
when it had peaked at the highest level in the 15 years that the Bureau of Labor Statistics has
been tracking it.
The latest figures from the BLS show there were 5,431,000 jobs open in November, down 4
percent from the revised peak figure recorded in July, but still up 97 percent over the month
Obama took office. The number of job openings now has exceeded 5 million for 10 consecutive
months, after being below 5 million every month since January 2001.
Profits & Markets
Corporate Profits Corporate profits have soared under Obama. After-tax profits were
running at an annual rate of just under $1.8 trillion in the July-October quarter of last year, the
most recent figures available. Thats down somewhat from the previous quarter which was a
record. But still 166 percent higher than in the quarter just before Obama entered office.
That quarters profits were unusually low, ravaged by the Great Recession. But even compared
with the best quarter prior to his taking office, which was the third quarter of 2006, after-tax
profits are up 27 percent.
Stock Markets Stock prices have declined sharply since our last report. The first week of 2016
was the worst opening to a new year on record.
But despite recent losses, stockholders have done quite well under Obama. The Standard &
Poors 500-stock index was 139 percent higher at the close on Jan. 11 than it was the day Obama
took office. Other stock indexes show similarly robust gains. The Dow Jones Industrial
Average has also more than doubled, rising 106 percent during Obamas tenure, and
the NASDAQ Composite index has tripled, rising 222 percent.
Health Insurance
The number of people lacking health insurance continued to decline since our last report,
according to the most recent data from the National Health Interview Survey conducted by the
Centers for Disease Control and Prevention.
During the first six months of 2015, about 28.5 million people of all ages reported being without
coverage at the time they were interviewed, the CDC reported in its most recentquarterly report.
Thats down from 43.8 million during all of 2008 (see Table 1.1a), a drop of 15.3 million
people since Obama first took office.
As a percentage of all U.S. residents, the uninsured have dropped to 9 percent of the population
in the first half of last year, from 14.7 percent in 2008.
Home Ownership
The home ownership rate ticked upward since our last report, with 63.7 percent of households
owning their own home in the third quarter of 2015, according to the latest Census Bureau
figures.
Thats 0.3 percentage points higher than the previous quarter, when the rate hit the lowest point
in more than half a century. But that gain may be illusory due to normal seasonal variations.
And it is still 3.8 percentage points lower than it was when Obama first took office.
Using seasonally adjusted figures, the rate was unchanged from the previous quarter, and still the
lowest since Census began issuing such figures in 1980.
The unadjusted rate peaked at 69.2 percent in the second quarter of 2004, and has declined 5.5
percentage points since then. Most of the decline has taken place since Obama first took office.
Energy
U.S. Crude Oil Production Despite recent declines, U.S. crude oil production has nearly
doubled under Obama.
A plunge in the price of crude oil from more than $100 a barrel last year to $36.81 last
week has led to less drilling and fewer new oil wells being completed, and to a decline in U.S.
production in recent months.
Nevertheless, in the fourth quarter of last year, the U.S. produced 87 percent more crude oilthan
it did in the three months before Obama began his presidency.
Oil Imports & Dependency Meanwhile, U.S. reliance on imported oil has been cut by more
than half. Under Obama, as of the fourth quarter of 2015, net imports were down 62 percent.
And in the first 11 months of last year, the U.S. imported only 24.3 percent of the petroleum and
refined products that it consumed. Thats the lowest annual level of dependency on imports since
before the first Arab oil embargo of 1973.
The U.S. oil boom is due mainly to advances in drilling technology rather than to any change in
government policy. The decline in dependency on imports actually began in 2006, after peaking
at 60.3 percent the year before. But the trend has continued under Obama.
Wind & Solar Electricity generated by large-scale wind and solar power in the most recent 12
months on record (ending in October) was 273 percent higher than the total for 2008.
The increase in solar power in particular has been spectacular. The U.S. generated 29 times more
electricity from solar power in the most recent 12 months than it did in the year before Obama
took office. However, wind and solar still accounted for only 5.1 percent of total large-scale
generation in the most recent 12 months, up from 1.4 percent in 2008.
That actually understates the change to some degree. We have used only the EIAs figures for
utility scale electric generation. But in 2014, EIA also began tracking small-scale (under 1
megawatt) distributed solar voltaic generation, such as the power produced by rooftop systems
installed by homeowners. Wind and solar now account for 5.9 percent of the combined total of
utility-scale power and distributed solar power.
Federal Debt, Deficits and Spending
Debt The U.S. governments debt owed to the public has more than doubled. It is now more
than $13.6 trillion, an increase of 116 percent since Obama first took office.
And the debt also has grown dramatically even when measured as a percentage of the growing
economy, from 52 percent of gross domestic product at the end of fiscal year 2009 to just under
74 percent at the end of fiscal 2015, according to the most recent estimate by the nonpartisan
Congressional Budget Office.
Spending Federal spending, however, has increased much less. Total federal outlays in the
fiscal year that ended Sept. 30 last year totaled just under $3.69 trillion, according to finalU.S.
Treasury figures. Thats just 4.8 percent above the total outlays for fiscal 2009, which was well
underway when Obama took office.
To be sure, Obama was responsible for some of the FY 2009 spending, but as weve shown in
detail elsewhere, his early spending initiatives added at most $203 billion to the fiscal year
2009 spending levels that were set before he took office. Even attributing that extra FY 2009
spending to Obama brings the total increase in outlays since he took office to 11.3 percent over
the level he inherited.
Massive federal deficits continue: The final figure for FY 2015 was $438.9 billion. That was
about $44.5 billion less than the shortfall in fiscal year 2014, but CBO projects that without
further spending cuts or revenue increases, deficits will soon be growing larger again, and will
top $1 trillion in FY 2025.
Total debt, counting money the government owes to itself, currently stands at nearly $18.9
trillion, up nearly 78 percent under Obama.
Unfulfilled Promises
Exports Exports have slid since our last report, leaving them even further short of a promise
Obama made in his 2010 State of the Union address to double our exports over the next five
years. The clock ran out on that goal at the end of 2014.
As of the third quarter of this year, according to the most recent quarterly report of the
Commerce Departments Bureau of Economic Analysis, U.S. exports of goods and services have
gone up by only 31.2 percent since Obama took office.
Furthermore, third-quarter exports were 5.1 percent lower than the same quarter in 2014.
Car Mileage Progress has also gone into reverse when it comes to Obamas goal of doubling
the fuel efficiency of new cars and light trucks by 2025.
The average EPA city/highway sticker mileage of light duty vehicles sold in December was24.9
miles per gallon, according to the Transportation Research Institute of the University of
Michigan. Thats 0.3 lower than the September figure we cited in our last report. It is down 0.9
mpg since peaking in August 2014.
The president boasted in 2013 that we have doubled the distance our cars will go on a gallon of
gas. What he meant was that the administration was putting in place governmentrequirements
that cars and light trucks average 54.5 mpg by model year 2025. But falling gasoline prices have
given consumers other ideas. Sales of big pickup trucks are up; sales of thriftier vehicles such as
the Honda Accord, Ford Fusion and Chevrolet Cruz are down.
Even with the recent backsliding, new car mpg was 19 percent higher in December than it was in
the month that Obama took office.
Guantanamo Since our last report, 11 more prisoners have been released from the military
detention camp for suspected terrorists in Guantanamo Bay, Cuba. But 103 remain at the facility,
which Obama ordered to be closed within a year just after taking office. In the more than sixand-a-half years since then, the population has been reduced by 57 percent.
More are expected to be released soon. The president said in a December 18 news conferencethat
he expects the number to drop below 100 by early in 2016. And we will continue to steadily
chip away at the numbers in Guantanamo, he added.
War Deaths
Since our last report, another nine U.S. service members have died supporting continuing U.S.
operations in Afghanistan, including six killed by a suicide bomb attack Dec. 21 and two who
died in a helicopter crash in October. In addition, an Army staff sergeant was killed earlier this
year in fighting near the city of Marjah, in Afghanistans southern Helmand province.
Those bring the total killed in the Afghan conflict to 1,749 since Obama took office.
Two more also have died in the Iraq conflict: An Army sergeant killed in October during a
mission to rescue Islamic State prisoners near the town of Hawija, and an Army private killed in
what officials described as a non-combat incident at the Al Asad Air Base.
Those deaths bring the Iraq total to 273 since Obama became commander in chief.