If you think that Barack Obama has been good for the poor and middle class, forget it! The US poverty rate has risen again this past year, has it has every year since Obama took office. The poverty rate jumped from 15.1% in 2010 to 15.7% in 2011, the highest level since the 1960s. Chronically high unemployment and an increasingly stagnant economy, already poised for a double-dip recession have impacted a wide range of socioeconomic groups, including not only inner city residents, but also those who live in the suburbs of major urban areas. By comparison, during the Internet boom years of the 1990s, the poverty rate still did not break the all-time low of 11.1% in 1973.
So despite trillions of dollars spent by the Obama administration on stimulus, and expansion of government assistance programs like food stamps, the situation is getting worse, not better for American families. The notion promoted by many Liberal Democrats that food stamps and unemployment checks are themselves stimulus is proven to be a lie. The sharp increase in the size of government by Obama, expanding to a stifling 24% of the nation′s GDP is actually choking off capital and investment, therefore business growth and job creation.
Not the least of our worries is the never ending additions of federal regulations making starting and running a business more difficult. As you may recall way back in 2008-09 during the Congressional hearings on bailing out the auto industry, the point was made that the single largest expense to manufacturers was not labor costs but compliance with government regulations. Many entrepreneurs of successful businesses, like Staples and Home Depot, have gone on the record to say that in today′s regulatory environment, they could never have started their companies.
So the anti-business policies of Barack Obama have continued to push the US poverty rate higher. The Obama administration has now raised the poverty rate to 15.7%, up from 15.1% in 2010, the highest level since the 1960s. One more reason for the poor and middle class not to vote to reelect Obama in November.