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ECONOMY: Obama shows he’s out of touch

Letter by Jim Bjorkman, Puyallup on June 21, 2012 at 12:55 pm | 40 Comments »
June 21, 2012 1:31 pm

Since President Obama stated that “the private sector is doing fine,” we private-sector people have learned:

• The Federal Reserve states that unemployment will continue over 8 percent through 2013 and that gross domestic product will be lower than previously forecast.

• Home prices fall 30 percent in Pierce County in the last four years.

• Net worth of average Americans falls 40 percent in the last four years.

• State and federal unemployment rates go up. The number of jobs advertised drops, and the number of unemployment claims rise.

• Health insurance premiums will rise 15 percent.

• U.S. industrial production fell unexpectedly in May. U.S. retail sales fall again.

If this is doing fine, we are in trouble and this shows how out of touch the president is with the private sector.

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