Here are a few charts that go some way to explain why Barak Obama did so badly in the mid-term elections.
US Gross Domestic Product has slowed down to 0.5% in the last quarter. In other words, by next Summer the economy could officially be in recession again.
The US unemployment rate is currently 9.6% and it doesn’t look like it will be coming down any time soon.
US national debt is currently above 14,000 Billion Dollars and rising or more than 98% of GDP.
The US House Price Index is bumping along the bottom and new builds are at a new low.
Now the Democrats are likely to stop President Obama from passing any of his planned legislation. So, what will happen?
Prospective Leader of the House John Boehner has already said “This is not a time to compromise and I can tell you, we will not compromise our principles”. He has aligned himself with the more aggressive Republican members of the House and is in not mood to work hand-in-glove with the current administration. With their current strength, they have the power to block any proposed legislation that they do not like and that is about everything the President would like to do.
It is not in their political interest to help him achieve anything at the moment but as the Republicans standing in the opinion polls is low, a negative, obstructive stance may well alienate an already disillusioned public. Where will that leave the American people?
President Obama will be living in interesting times for the next two-years.