The third Monday of January is often labeled “Blue Monday” to supposedly denote the most depressing day of the year. Although widely considered to be pseudoscience, Barack Obama’s inauguration to officially begin his second term as president might just give the phrase a new truthful meaning.
Why so depressing? Barack Obama’s average job approval rating during his first term as president was 49% according to Gallup, among the worst of any post-World War II president. Only Jimmy Carter and Gerald Ford saw lower approval ratings through their first terms in office.
During Obama’s first term, the national debt increased by nearly $6 trillion dollars, or $50,521 per American household according to numbers published by the Census Bureau. This number exceeds the combined debt increases from George Washington through Bill Clinton. Today, the national debt sits at $16.4 trillion.
During Obama’s first term, food stamp recipients skyrocketed nearly $16 million, bringing the number of Americans who receive food stamps up to more than 47.5 million. According to the Department of Agriculture, that amounts to an additional 11,133 participants everyday.
During Obama’s first term, the number of Americans receiving disability insurance increased nearly 1.4 million, bringing the total up to 8,827,795. Today, one out of every 13 people working full-time is on disability and receiving taxpayer funded government checks.
Unemployment went nowhere during Obama’s first term – percentage-wise, it’s exactly the same (7.9%). 654 new bills were signed into law. The president spent 72 days at Camp David, went golfing 113 times and addressed the nation on 8 different occasions. The president made 22 pardons, visited 44 states and held 58 town hall meetings.
As Obamacare slowly becomes enforced during Obama’s second term, taxes for nearly all productive Americans will increase. January 1st of 2013 ushered in the first set of increases, mainly for more wealthy Americans and the healthcare industry in general (read: increasing the cost of healthcare for everybody). New taxes on medical devices and the elimination of several health-related deductions will hit companies beginning this year.
The maximum income tax rate is set to go up on Americans, bringing the new percentage to 39.6% (up from 35% in 2012). Capital gains tax rates will increase from 15% to 20% along with a new Medicare wage tax of 0.9%. A slew of other tax increases will hit all Americans during Obama’s second term, such as the payroll tax, gift tax, estate tax and GST (Generation-skipping Transfer) tax.
There is good reason to be blue.
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