Capitol Building

Morning Action: Obama’s Effect on Wealth, Debt

OBAMA.  President Obama has been touting the fact that under his presidency, household wealth has gone up substantially.  He fails to mention, however, that the debt has also dramatically increased (sub. req’d):

Household wealth has soared by trillions since Obama’s inauguration. And it’s now at an all-time high.

In 2008 alone, the total net worth of households and nonprofit organizations plummeted by more than $10 trillion to $57.2 trillion, according to Federal Reserve data. Since then wealth has soared more than $23 trillion to $80.7 trillion at the end of 2013. (See page 108, Line 42).

That’s $13 trillion above the pre-Obama yearly all-time high of $67.7 trillion at the end of 2007. Net worth now amounts to about $250,000 per U.S. resident.

Nearly $10 trillion of that improvement in net worth came just in 2013.

What Obama doesn’t mention is that federal debt has also soared since he took office. The national debt is now close to $17.5 trillion — up nearly $7 trillion — or $22,000 per U.S. resident — since he took office.

AFGHANISTAN.  President Obama wants to keep troops in Afghanistan after 2014 (sub. req’d):

President Barack Obama is fond of saying the war in Afghanistan will “end” this year, but he still plans to keep troops in the country indefinitely.

During his surprise four-hour visit to Afghanistan this weekend — under cover of darkness and with no prior notice and no visit with outgoing President Hamid Karzai — Obama suggested he’d still like to keep troops in that country.

“I’ve made it clear that we’re prepared to continue cooperating with our Afghan partners on two security missions — training and equipping Afghan forces and targeting . . . al Qaeda,” Obama told the troops.

IMMIGRATION.  Threats of unilateral action on immigration reform from President Obama are likely to make the GOP less inclined to pursue immigration reform now:

In recent days, Democrats have threatened that President Obama may take unilateral action on immigration if Republicans fail to pass a comprehensive bill by the end of the summer.

But if the goal is to pressure the Ohio Republican to put legislation up for a vote, the threats actually make that less likely to happen, GOP insiders say.

Boehner is probably as publicly supportive of overhauling U.S. immigration law as proponents could hope to find in a Republican congressional leader. But Boehner cannot afford to act on such a sensitive issue if the public perception is that he buckled.

UI.  Sen. Rob Portman (R-OH) 30% has been a prominent proponent of extending unemployment insurance, explained why he did not push House Speaker John Boehner to extend UI (sub. req’d):

Rob Portman, who provided the key vote to pass an unemployment extension in the Senate, never pressed Speaker John A. Boehner to hold a vote on it in the House.

Portman told Gannett he didn’t try to press Boehner, his fellow Ohio Republican, to put the bill on the House floor because it wouldn’t have been a productive move.

“He’s hearing it from all sides within his own conference, which he has to keep together,” Portman said. “And that’s got to be his priority.”

 

 

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