The economic news today, although overshadowed by the continuing unrest that is threatening American security at U.S. embassies throughout the Muslim world, is all bad news for President Obama.
To start, the Census Bureau has released annual data showing a 1.5 percent drop from 2010-2011 in the median income of all U.S. households, to $50,054. This is a full 4.1 percent lower than when Obama took office. Not to mention, according to the Financial Times, the real median household income has not been below $50,000 since 1995.
And while the median income is falling, gasoline prices continue to rise. The national average is currently $3.87, up almost 17 cents from one month ago and almost five cents from just one week ago. A barrel of crude oil is up 1.16 percent from yesterday, trading today at $98.13 a barrel. And remember, Obama wants higher energy prices.
The onslaught of economic news doesn’t stop there. The Federal Reserve is reportedly moving to QE3, focusing on buying $85 billion in bonds every month through the rest of the year. Plus, they are simultaneously lowering their quarterly growth forecasts for the remainder of 2012.
As I’ve said in the past, the Obama campaign is all about distraction, so that voters don’t make their decision based on a realistic picture of the economy. Well, maybe the national security disaster that we are now facing is a short-term distraction that suits Obama’s political needs. However, it looks like the story could be turning, where Obama is seen more as the problem rather than as the solution. He can’t count on the smoke from burning embassies to hide the growing economic disaster over which he presides here in America.