In 2009, President Obama predicted his policies would produce 4.2 percent growth in 2013—more than double the actual, anemic growth rate of 1.9 percent. Since making that projection, President Obama has had much of his economic agenda implemented: the $870 billion stimulus bill, Dodd-Frank financial regulations, Obamacare, restrictions on American energy, $1.7 trillion in higher taxes, unfettered regulation, etc. Our debt has soared from $10.6 trillion to $17.5 trillion on the promise that this would stimulate the economy and produce prosperity, yet now we’re left with none of the prosperity and all of the debt," the Republican side of the Senate Budget Committee says.
But this was not a one-time error used to sell bad policies. For 2013, the average of all four white House budget projections from 2009–2012 was 3.9 percent—still almost double the actual growth rate. These are not just academic figures—weakened growth means millions of lost jobs and reduced incomes. While debt has grown 64 percent since 2009, median household income has declined 4.5 percent—or $2,268 per household.