Because of President Obama’s reckless economic policies — out-of-control spending, a regulatory surge, the threat of a trillion-dollar tax hike, ObamaCare and $5 trillion in new debt — we’re in deep trouble.
The damage can be seen in a little-watched measure known as “potential real GDP” put out by the Congressional Budget Office. It’s what GDP would be if the economy were firing on all cylinders.
According to the CBO, potential GDP annualized in the second quarter was $14.415 trillion. But the Obama economy produced just $13.549 trillion. So we’ve lost $866 billion in output — a decline of about $2,800 in every American’s standard of living. That’s Obamanomics’ real cost.