In the last 70 years, post WW II, there have been 11 recessions with subsequent job losses. Recessions are as inevitable as the sun rising, and as shown by the chart, we are due for another one shortly. No matter who is president, left or right footed.
As measured by months to regain jobs lost during a recession, President Obama’s record is the worst, George W. Bush second worst. This is not surprising considering their similar “progressive” and interventionist view of the state. George Bush stated he had to abandon free market principles, to save the free market. Sheesh.
Since 2008, the start of our most recent recession which ended in June 2009, our Federal government, we the people, through our elected Representatives, has easily “invested” $3-5 trillion to “stimulate” the economy. Borrowed about $7 trillion in the process to be paid for by future generations. So how is this centrally planned economic and jobs stimulus working out for us, we the people?
Today, less than 63% of eligible workers are employed. That is, 94 million eligible workers are not working, not looking for work. This is the lowest workforce participation rate since Jimmy Carter, almost 40 years ago. One of president Obama’s historical achievements and not very “progressive”.
Factually, the 2008 recession is the worst jobs recovery in over 40 years, taking 76 months to achieve pre-recession job levels. The previous 10 recessions recovered jobs on average in 24 months. This means President Obama’s brilliance oversaw a jobs recovery that took three times longer than the average of all other recessions post WW II. This dismal performance was funded by $3-5 trillion of stimulus, $7 trillion in new debt, massive printing of money via Quantitative Easing, and interests rates at or near zero since 2009. All historic government measures, and “progressive” solutions.
After an orgy of spending and borrowing, President Obama brags, touts, 76 months of continuous job growth as a feature of his presidency. In today’s age of ignorance, taking three times longer to recover jobs is a success. A feature, not a bug. Oddly, for a “progressive”, it is better to recover jobs slowly, not as soon as possible.
Consider economic growth. From the end of WW II through 2005, the economy grew at an average annual rate of 3.5%. So 3+% growth was normal. Since 2005, the U.S. economy has not had a single year of economic growth that exceeded 3%. Apparently, President Obama’s 2.2% annual growth is the new normal, the new level of success as determined by the MSM. Again, not very progressive.
What about wages. From 2008, household income is down about 5% from a high of about $56,500 in 2008, to about $53,500 in 2015. Down 5% is not very “progressive” when you are the president for 7 years.
So, there are historically fewer people working, and they do so at lower wages. Economic growth is best described as stagnant, and just this side of a recession.
It is called the worst economic recovery from a recession since WW II because it is.