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The Incredible, Shrinking Presidency of Barack Obama

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"According to the Federal Reserve, household financial assets, which exclude homes, dropped from a peak of $57 trillion in the third quarter of 2007 to just over $49 trillion in the fourth quarter of last year, the latest period for which data is available.

"A survey to be released this summer by the Public Policy Institute of AARP, an advocacy group for older Americans, found a quarter of Americans 50 years and older used up all their savings during the 2007-09 recession. About 43 percent of the 5,000 respondents who took part in the survey said their savings had not recovered." ("Unemployed Baby Boomers Are Getting Hired By Going Back To School", Business Insider)

Sure they're going back to work. What do you expect them to do? They're broke! They got wiped out in Wall Street's mortgage laundering scam and they're still behind the eightball five years later. And what's left of the money they set aside for retirement is yielding a big zilch thanks to the Fed's zero rate policy which is forcing people back into another decade of penal servitude at minimum wage. That's why you see so many hunched over graybeards in red vests with "Happy to Serve You" splattered on their chests lugging shopping bags out to the cars for old ladies. Because they're broke and out of options. Everyone knows someone like this unless, of course, they're one of the fortunate few who make up the Nobel 1%; aka -- The Job Cremators. Then they don't have to fret about that sort of thing.

Here's another gem you might not have seen in USA Today a few months back:

"Four out of 5 U.S. adults struggle with joblessness, near-poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream.

"Survey data exclusive to The Associated Press points to an increasingly globalized U.S. economy, the widening gap between rich and poor, and the loss of good-paying manufacturing jobs as reasons for the trend.

"Hardship is particularly growing among whites, based on several measures. Pessimism among that racial group about their families' economic futures has climbed to the highest point since at least 1987. In the most recent AP-GfK poll, 63% of whites called the economy 'poor.'

"'I think it's going to get worse,' said Irene Salyers, 52, of Buchanan County, Va., a declining coal region in Appalachia. Married and divorced three times, Salyers now helps run a fruit and vegetable stand with her boyfriend, but it doesn't generate much income.

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"Nationwide, the count of America's poor remains stuck at a record number: 46.2 million, or 15% of the population, due in part to lingering high unemployment following the recession. While poverty rates for blacks and Hispanics are nearly three times higher, by absolute numbers the predominant face of the poor is white...

"'Poverty is no longer an issue of 'them', it's an issue of 'us,' says Mark Rank, a professor at Washington University in St. Louis who calculated the numbers. 'Only when poverty is thought of as a mainstream event, rather than a fringe experience that just affects blacks and Hispanics, can we really begin to build broader support for programs that lift people in need.'"  ("4 in 5 in USA face near-poverty, no work", USA Today)

Does Obama have any idea of the damage he's doing with his Rich-First policies? The country is in a terrible state and yet Obama continues to approve bills that throw millions of people off unemployment benefits, sharply cut government spending, or undermine vital safety-net programs that keep the sick and the elderly from dying on the streets. It's like he's trying to reduce 300 million Americans to grinding third-world poverty in his short eight-year term. Is that the goal?

Did you know that -- according to Gallup -- 20.0% of all Americans did not have enough money to buy food that they or their families needed at some point over the past year? Or that -- according to a Feeding America hunger study -- more than 37 million people are now using food pantries and soup kitchens? Or that one out of six Americans is now living in poverty which is the highest level since the 1960s? Or that the gap between the rich and poor is greater than any in history?

Everything has gotten worse under Obama. Everything. And, not once, in his five years as president, has this gifted and charismatic leader ever lifted a finger to help the millions of people who supported him, who believed in him, and who voted him into office.

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These latest poll results indicate that many of those same people are beginning to wake up and see what Obama is really all about.

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Mike is a freelance writer living in Washington state.

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NAFTA... by Teddi Curtis on Saturday, Dec 21, 2013 at 12:06:06 PM
What a strong, fully-supported indictment, the off... by Robert S. Becker on Saturday, Dec 21, 2013 at 12:14:07 PM
Is there any responsibility left for the individua... by Lee Beacham on Saturday, Dec 21, 2013 at 12:38:43 PM
We became a welfare state when the corportions and... by kappie on Saturday, Dec 21, 2013 at 1:20:14 PM
I never mentioned corporations. The y do operate w... by Lee Beacham on Saturday, Dec 21, 2013 at 3:35:02 PM
So, you think we spend ONE trillion dollars on wel... by Robert S. Becker on Saturday, Dec 21, 2013 at 1:26:25 PM
Robert, we can agree to disagree but t would help ... by Lee Beacham on Saturday, Dec 21, 2013 at 4:04:22 PM
The trillion dollar distortion is utterly bogus, s... by Robert S. Becker on Saturday, Dec 21, 2013 at 4:21:28 PM
Yes indeed, we have our national priorities headed... by Daniel Geery on Sunday, Dec 22, 2013 at 1:06:07 PM
Just for balance, while everyone is piling on Obam... by Robert S. Becker on Saturday, Dec 21, 2013 at 3:44:26 PM
Thank you, Robert!  You just saved me the emb... by Mary Pitt on Saturday, Dec 21, 2013 at 4:33:05 PM
Sounds like are promoting the idea on a Monarch? F... by Lee Beacham on Saturday, Dec 21, 2013 at 4:59:58 PM
Right, the shutdown started and ended solely by th... by Robert S. Becker on Saturday, Dec 21, 2013 at 6:03:51 PM
You don't have to "look for" those who are doing w... by Mary Pitt on Saturday, Dec 21, 2013 at 9:30:38 PM
No, the idea of being a "monarch" was George Bush'... by Mary Pitt on Saturday, Dec 21, 2013 at 9:33:58 PM
Mary and Lee: I see, Lee, from your bio that you b... by Daniel Geery on Sunday, Dec 22, 2013 at 1:14:50 PM
Wow. The only way you can feel good about America ... by Lee Beacham on Saturday, Dec 21, 2013 at 4:49:40 PM
So you think you're going to retire soon, huh (you... by Kim Cassidy on Sunday, Dec 22, 2013 at 12:23:20 AM
Besides being abandoned by a father at 15, quit sc... by Lee Beacham on Sunday, Dec 22, 2013 at 10:32:01 AM (and you alone) have lived a per... by Judy Palmer on Sunday, Dec 22, 2013 at 11:00:53 PM
When berating Obama entirely accurately in this fa... by George Flower on Saturday, Dec 21, 2013 at 5:05:36 PM
Money in politics is the fuel for corruption. If o... by Lee Beacham on Sunday, Dec 22, 2013 at 8:59:57 AM
This is ad hominem attack for which you have no ev... by Robert S. Becker on Sunday, Dec 22, 2013 at 12:01:48 PM
Women's studies, Black studies; a well know waste ... by Lee Beacham on Sunday, Dec 22, 2013 at 3:22:15 PM
Of course, you would find no reason to ever study ... by Mary Pitt on Sunday, Dec 22, 2013 at 5:07:33 PM
And you proved you apparently never studied logica... by Robert S. Becker on Sunday, Dec 22, 2013 at 5:25:10 PM
Lee, I am the ONE who gave you the thumb up, not b... by Kim Cassidy on Monday, Dec 23, 2013 at 12:06:14 AM
We don't owe the Democrats a damn thing. Don't kid... by Nick van Nes on Saturday, Dec 21, 2013 at 9:33:52 PM
Better yet, vote for the person! As much as possib... by Mary Pitt on Sunday, Dec 22, 2013 at 11:57:23 AM
Mr. Whitney says in unblunted terms exactly what s... by John Rachel on Sunday, Dec 22, 2013 at 4:51:08 PM
As I recall, Bush's ratings of approval hovered in... by Michael Shaw on Sunday, Dec 22, 2013 at 5:02:31 PM
But, let's face it; no one really gives a rip abou... by Michael Dewey on Sunday, Dec 22, 2013 at 5:42:31 PM
Would you rather have had Romney? LOL. I consider ... by Bob Davey on Sunday, Dec 22, 2013 at 9:25:40 PM