The Worst Recovery Ever

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Last Friday another dismal jobs reports was released. Non-farm payrolls rose by just 80,000 in June, coming in lower than even the more pessimistic “expert” prediction of 90,000. Unemployment stayed steady at 8.2 percent, a number that obscures the reality that many people who have given up looking for work are no longer counted. Yet president Obama remains remarkably sanguine. Speaking to a crowd in the battleground state of Ohio, he characterized the latest numbers as “a step in the right direction.” For those Americans determined to continue believing a president who plays it fast and loose with the facts, perhaps such “steps” are comforting. Yet the actual facts tell another story: president Obama has presided over the weakest recovery on record.

The stats are daunting. The unemployment rate has been above 8 percent for 41 consecutive months, yet as cited above, that number only reflects those people participating in the labor force. The labor force participation rate was 63.8 percent last month, one of the lowest percentages on record. If not for that convenient anomaly, unemployment would be 11 percent. Chronic unemployment, which reflects the length of time people remain out of work, rose to 39.9 weeks in June. That number is sixteen weeks higher than the number in June 2009, when the recession “officially” ended. And despite the president’s assertion that “businesses have created 4.4 million new jobs over the past 28 months, including 500,000 new manufacturing jobs,” the nation has endured a net decline of roughly half a million jobs during the president’s tenure in office.

Yet jobs tell only part of the story. 2011 was the worst sales year ever recorded for housing, and home values remain nearly 35 percent lower than they were five years ago. The decline in Americans’ standard of living is the steepest since government began keeping records 50 ago, and family income has declined more post-recession than it did in the actual recession itself. In addition, record numbers of Americans are living on food stamps and a record number are living in poverty. Thus it is no surprise that overall government dependency, defined as the percentage of persons receiving one or more federal benefit payments, is the highest in American history.

Economist Michael Boskin reveals a list of other dubious, post-WW II records set by this administration. They include federal spending as a percentage of GDP at 25 percent, federal debt as a percentage of GDP at 67 percent, and a budget deficit as a percentage of GDP at 10 percent. President Obama has also amassed more debt ($5 trillion since January 2009) faster than any president in the history of the nation, including the submission of four budgets with trillion dollar plus deficits. This marks the first time any president has submitted even a single budget above the trillion dollar mark. Add a first quarter economic growth rate revised downward to from 2.2 to 1.9 percent, a manufacturing decline for the first time in three years, and unemployment rates of 14.4 percent for black Americans, 11 percent for Hispanics and 23.7 percent for 16- to 19-year-olds, and it’s no surprise that Obama presided over another dubious milestone: for the first time ever, America’s credit rating was downgraded.

Context must be added to these numbers. For example, they have been calculated before the $1.76 trillion, 10-year cost of the Supreme Court-sanctioned Affordable Heath Care Act is added to the the national debt, and after the $787 billion American Recovery and Reinvestment Act was passed. That measure was supposed to keep unemployment below 8 percent, according to a report released by the administration.

Moreover, the former number represents the first of what is likely to be a series of revisions regarding the true cost of Obamacare. For perspective’s sake it should be noted that in 1967, the House Ways and Means Committee estimated that Medicare would cost $12 billion in 1990. The actual cost? $98 billion. Thus, even if the cost projections of Obamacare are only off by a small percentage of that miscalculation, Americans could be looking at hundreds of billions of dollars in additional–and unaffordable–outlays added to the national debt. As for the latter number, we now know that nearly a trillion dollars in Keynesian-inspired, prime-the-pump “stimulus” was an abject failure, highlighted by the president’s own admission a year later that “shovel-ready projects” didn’t exist.

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  • Asher

    If you talk to people across the country they give you quite a different story on the so called shovel ready jobs, and creation of jobs. Listening to Obama and Debbie Wasserman Schutz is like an instant replay of the same ole deception…it never changes despite the true figures, even they don't believe it, learn to read faces and expressions…people are not buying their rhetoric.

  • http://apollospaeks.blogtownhall.com/ ApolloSpeaks

    THE WORST RECOVERY EVER

    by the 4th greatest president never whose poor leadership and big government policies are a wet blanket on the economy and national/entrepreneurial spirit.

  • Ar'nun

    I'm here behind enemy lines in Massachusetts. And yes, the Liberals and Progressives actual believe the bull coming out of Obama's mouth.

    • fiddler

      Okay, WHY? Don't they believe facts, or do MIT grads reserve mathematics just to get their degrees and not to assess what is really going on in the world? Is something in the water there, or does the president have a spell cast upon them?

  • Steve Chavez

    Obama will JOKE his way through the campaign. He's getting the best joke writers from Letterman, Leno, Stewart, and all for free. His speeches dismiss every one of these dismal numbers with a JOKE. "He's so funny. I'm voting for him."

    His campaign, instead of trying to come up with positive solutions, COME UP WITH SLOGANS. In fact, his first meeting of the day is with his Slogan and Talking Points Department and after his approval, their tweets make it to the morning shows and within an hour, even the Yanomami in the jungles of Brazil are repeating them.

    Below is from this author's "25 Reasons: Time for a Switch" which is a play on Obama's own slogan, "Time for a Change." Switch Party's or at least their vote.

    1. If you think your Party has been taken over by Far-Left Progressives, and beyond, then it’s TIME FOR A SWITCH! (Reagan did.)
    2. If your moderate views are not being heard by those who have closed their ears, but they're still wanting you to open your wallets, then it’s TIME FOR A SWITCH! (Reagan did.)
    3. If you were fooled and tricked by empty promises, fancy language, and catchy slogans repeated so many times that you actually believed them, then it’s TIME FOR A SWITCH! (Reagan did!)

    Americans are realizing that the Democrats are the Party of extremists and they will SWITCH but many others need to woken up and these "Reasons" will help them.

  • kong.ming

    Obama's next scheme awaits in portraying hiking taxes on small businesses as a tax cut by extending Bush's policy for one year, coincidentally ending after the election. What a strong advocate for the Washington bureaucratic who desperately need $30 for a muffin and a million dollars for clown shows and rap videos.

  • tagalog

    Do you remember the ongoing complaints during the administration of George W. Bush, that the unemployment figures on his watch were just so UNBEARABLY high, at what? About 4.5%, 5.5%, something like that?

    And that he should be held accountable for that? Do you remember?

    Where are those people now?

  • tagalog

    Speaking of denial, I notice that the Republicans, who fought valiantly to maintain the Bush tax "cuts" have now sold President Obama, who is attempting to make hay out of the Republicans trying to maintain the tax "cuts" for ALL Americans by calling his insistence of limiting those cuts to Americans who make less than a certain amount of money per year the kind of "compromise" that Republicans should embrace, and characterizing the Obama limitation as a tax cut on the middle-class. That's rich.

  • HPD

    Even if we somehow rid ourselves of the Obama nightmare, we still have to deal with the mentality that elected him in the first place.
    These obamaton voters are in EVERY American family, their blind stubbornness causing friction and discord at most EVERY family event…

    Not sure what the answer is, but boycotting public (mis)-education, supporting local conservative business whenever possible, electing the most conservative candidate running and shunning the MSM…

    When obama is gone you can look your "family member" in the eye, and tell them, honestly, this is for your own good…(and the good of the nation)