President Obama spent much of Tuesday’s farewell address boasting about his success, but the facts paint a much different picture. The truth is, he oversaw the precipitous decline of the American economy, rammed through a disastrous health care law and presided over a thoroughly failed foreign policy.
The last eight years have brought the lowest labor participation rates since the 1970s, with 95 million Americans out of the labor force. The so-called recovery has been the weakest one since the 1940s. We have the lowest home ownership rate in 51 years – despite mortgage rates artificially kept at record lows. Over 11 million more Americans are on food stamps since he became president and more than 43 million Americans now live in poverty. One of every six men between 18 and 34 are either in prison or out of work.
And by the time he leaves office, President Obama will have added more to our national debt that all the other presidents before him combined. When President Obama finally leaves office, the national debt will be almost $20 trillion. Prior to taking office, the man who has tacked on $9.3 trillion to what our children and grandchildren owe once said the then $9 trillion national debt was “unpatriotic.”
Then, of course, there’s President Obama’s assault on the business community through his burdensome regulations. Consider this: The estimated cost of regulations under Obama is a staggering $873 billion. That includes a shocking $344 billion cost in Environmental Protection Agency regulations alone. All told, the number of new regulations that been finalized under President Obama checks in at almost 3,000.