The coming political year, with presidential, House and Senate elections, will be one of the most interesting (and important) ones we have seen in a long while. The main challenge President Obama faces is persuading voters to re-elect him in spite of the disastrous results of his economic policies.
The declining economy has hit people on both ends of the economic spectrum, with the number of taxpayers with more than $1 million of income declining from from 400,000 back in 2007 to just 235,000 in 2009, and the number of people 16 older who have been unemployed over a year going from an average of 1.3 million in the last three recessions to 4.3 million in 2010. The Obama economy is the worst America has seen in four decades, with payroll employment today 5% lower than it was 41 months ago. Over the past three years, federal spending as a percentage of gross domestic product has been higher than at any time since World War II, adding $4 trillion to our national debt.