Five Reasons the Economy Remains in the Obama Depression

The funny thing is, President Obama still tries to blame President Bush for the current and ongoing malaise. But everyone knows that Obama had Congressional super-majorities of Democrats for his first two years in office. And they implemented every single progressive wet-dream possible, from Obamacare, to Cash-for-Clunkers, to various mortgage programs, to "Financial Reform", to green energy scams, and heaven knows what else.

And what did we get for that five or six trillion in additional Democrat debt?

• 1Q GDP was revised down to 1.9% from 2.2%. The previous four GDP quarters of Obama recovery: 0.4%, 1.3%, 1.8%, 3.0%. Keep in mind that research from the Federal Reserve finds that that since 1947, when two-quarter annualized real GDP growth falls below 2 percent, recession follows within a year 48 percent of the time...

• Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 383,000. Claims have now risen in seven of the past eight weeks. The four-week moving average for new claims increased 3,750 to 374,500.

• ADP said 133,000 private-sector jobs were created in May vs. analyst expectations of 150,000.

• Job cuts jumped by 53% in May from April... according to a report by consultancy firm Challenger, Gray & Christmas. CNBC also notes that “employers announced plans to cut 61,887 staff from their payrolls in May, 67 percent more than in the same month of last year. The figure represents the most job cuts since last September.”

• The Rasmussen Consumer Index find that 59% think the U.S. is currently in a recession.

James Pethokoukis includes the accompanying chart in his piece, which tracks President Obama's Intrade reelection odds. While they're dropping, they remain over 50 percent.

Which means all of us have much more work to do: educating our friends, neighbors, coworkers, and family members.

We have a society to save.