We probably don’t need to worry about the long term effect of Obamacare. America is dying under Obama.
Manufacturing is slowing to a crawl.
NEW YORK (CNNMoney) — U.S. manufacturing slowed sharply in June to a level that indicates the sector is now contracting, marking the end of almost three years of growth in domestic manufacturing.
The Institute for Supply Management reported Monday that its monthly index fell to 49.7 in June from a 53.5 reading in May. Any reading below 50 indicates contraction in the sector.
The report is a worrying sign for the economy. Manufacturing had been something of a bright spot during the recovery, and the sector had expanded for 34 months in a row before June.
The index came in below the expectations of economists surveyed by Briefing.com, who forecast it would fall to 52.2.
The index’s new orders component, a forward-looking indicator, was particularly hard hit. It fell 12.3 percentage points in June to 47.8 — the first contraction in new orders since April 2009.
Sam Bullard, a senior economist at Wells Fargo, said that manufacturers are reacting to significant global headwinds.
“The deepening of the eurozone recession and the slowing of China’s economy is really having an impact on manufacturers,” Bullard said.
The GDP has dropped to 1.9%
The gross domestic product (GDP) dropped from last quarter’s 3.0 percent to an anemic 1.9 percent. Over half of first-quarter growth came from automobile sales. When automobiles are removed from the calculation, the GDP grew at just 0.7 percent.
Second-quarter growth estimates of 2.0 percent growth, therefore, may be overly optimistic.
The government lowered its previous forecasts for consumer spending and export growth, suggesting the economy had a bit less momentum as it entered the second quarter than previously thought.
Consumer spending, which accounts for about 70 percent of U.S. economic activity, increased at a 2.5 percent rate in the first quarter, rather than the previously reported 2.7 percent pace.
With retail sales falling in April and May, consumer spending for the second quarter may prove softer.
The number of Americans receiving benefits under regular state programs after an initial week of aid stands at 3.3 million, a decline of just 15,000 individuals.
The U.S. Department of Commerce defines the gross domestic product as “the output of goods and services produced by labor and property located in the United States.”
Obama continues to try to make the US a Food Stamp nation:
While spending on the food stamp program has increased 100 percent under President Barack Obama, the government continues to push more Americans to enroll in the welfare program.
The United States Department of Agriculture (USDA) has embraced entire promotional campaigns designed to encourage eligible Americans to participate in the Supplemental Nutrition Assistance Program (SNAP), or food stamps.
A pamphlet currently posted at the USDA website encourages local SNAP offices to throw parties as one way to get potentially eligible seniors to enroll in the program.
“Throw a Great Party. Host social events where people mix and mingle,” the agency advises. “Make it fun by having activities, games, food, and entertainment, and provide information about SNAP. Putting SNAP information in a game format like BINGO, crossword puzzles, or even a ‘true/false’ quiz is fun and helps get your message across in a memorable way.”
The agency’s most recent outreach effort targets California, Texas, North Carolina, South Carolina, Ohio and the New York metro area with radio ads.
A record of 8,733,461 workers took federal disability insurance payments in June 2012, according to the Social Security Administration. That was up from 8,707,185 in May.
It also exceeds the entire population of New York City, which according to the Census Bureau’s latest estimate hit 8,244,910 in July 2011.
There has been a dramatic shrinkage in the United States over the past 20 years in the number of workers actually employed and earning paychecks per worker who is not employed and is taking federal disability insurance payments.
In June 1992, according to the Bureau of Labor Statistics, there were 118,419,000 people employed in the United States, and, according to the Social Security Administration, there were 3,334,333 workers taking federal disability payments. That equaled about 1 person taking disability payments for each 35.5 people actually working.
When President Barack Obama was inaugurated in January 2009, there were 142,187,000 people employed and 7,442,377 workers taking federal disability payments. That equaled about 1 person taking disability payments for each 19.1 people actually working.
In May of this year, there were 142,287,000 people employed, and 8,707,185 workers taking federal disability payments. That equaled 1 worker taking disability payments for each 16.3 people working.
The federal disability payments made to the record 8,733,461 workers in June averaged $1,111.42.
And we haven’t even gotten to Taxmageddon. It might be a good time to think about stocking up on non-perishables. We cannot survive another four years of Barack Obama.