For a record 39th consecutive month, unemployment has exceeded the 8% level that the Obama Administration said we’d never reach in the first place under his government spending “stimulus.”
Compounding that misery, the nation added only 115,000 jobs last month according to this morning’s monthly Labor Department report. That’s far fewer than the consensus prediction of 163,000 new jobs, which itself is far below the 200,000 needed each month to keep pace with population growth and substantively reduce the unemployment rate. The Obama Administration claims that the last recession was “the worst since the Great Depression,” but that’s false. The early-1980s recession conquered by Ronald Reagan’s economic policies was substantially worse – higher unemployment, higher inflation and higher interest rates. Under Reagan, however, unemployment plummeted from 10.4% to 6.7% in the three years following the effective date of his tax cuts in January 1983. Obama, in contrast, didn’t face “the worst recession since the Great Depression,” but his agenda of massive spending, regulation and deficits has given us the worst recovery since the Great Depression.