President [Barack] Obama used Labor Day to tout the country’s economic gains under his leadership….
Let’s look at those gains.
- he’s increased the national debt in his six years by 70%—it stood at $10 trillion at the end of 2008; it’s now over $17 trillion
- median income has fallen—it stands now at $53,900 compared with $56,700 in December 2007 at the start of the current economic dislocation
- job creation is only just back to pre-Panic levels, 6 years into his administration, compared with normal economic recovery needing only 2-3 years to get to this point
- unemployment rate now stands at 6.2%, dropping 1.1 points over the past year—still 20% above full employment, and again years behind schedule
- labor force participation rate is at an historic low
- GDP growth remains anemic at 1.5%-2.5% year on year (with this year’s growth rate projected to be in the 2.5% range) compared to a normal economic recovery growth rate in the 4.5%-6.5% range.
And this graph sums it all up:
Obama, in the same appearance, also claimed that “higher wages and other progress for workers can only be achieved through a Democrat-controlled Congress.”
Really? Can our country afford more of this Progressive progress?
The graph is extremely telling to me – as we have “done more” to recover, we’ve recovered less over longer periods. Will we cast back and think about these results? Ain’t holding my breath …
Again, I ask, as I have done so many times: how does the Depression of 1920-1921, with minimal government intervention compare with the Great Depression of 1932-1940 and the Panic of 2008, with significant government intervention?
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