Is my laptop specs really bad?

Well, you get what you pay for, and for $300 you can't really expect anything but a computer that allows you to do some web browsing and reading email.
You can play some flash games and maybe even some 3D games from a decade or more ago. Anything more recent will feel slow and laggy.

If you want to play games on a computer, you're looking at spending $500 and more for a desktop and $600 and more for a laptop.
Otherwise, buy yourself a console for around $300 and see the rest of your wallet get drained each time you buy some games.

You have an entry level laptop with basic word processor & web browsing capabilities. Do not expect a gaming experience.