Forbes: Worst Economic Recovery Since The Great Depression
Read carefully!
The National Bureau of Economic Research scored the recession as ending in June, 2009. Yet, today, in the 49th month since the recession started, there has still been no real recovery, like recoveries from previous recessions in America.
Unemployment actually rose after June, 2009, and did not fall back down below that level until 18 months later in December, 2010. Instead of a recovery, America has suffered the longest period of unemployment near 9% or above since the Great Depression, under President Obama’s public policy malpractice. Even today, 49 months after the recession started, the U6 unemployment rate counting the unemployed, underemployed and discouraged workers is still 15.2%. And that doesn’t include all the workers who have fled the workforce under Obama’s economic oppression. The unemployment rate with the full measure of discouraged workers is reported at www.shadowstats.com as about 23%, which is depression level unemployment.
Today, over 4 years since the recession started, there are still almost 25 million Americans unemployed or underemployed. That includes 5.6 million who are long-term unemployed for 27 weeks, or more than 6 months. Under President Obama, America has suffered the longest period with so many in such long-term unemployment since the Great Depression.
Notably, blacks have been suffering another depression under Obama, with unemployment today, 49 months after the recession started, still at 15.8%. Black unemployment has been over 15% for 2 ½ years under Obama. Black teenage unemployment today is over 40%, where it has persisted for over 2 years as well.
Hispanics have also been suffering a depression under Obama, with unemployment today still in double digits at 11%. Hispanic unemployment has been in double digits for three years under President Obama. Over one fourth of Hispanic youths remain unemployed today, which also has persisted for years.
The Census Bureau reported in September that more Americans are in poverty today than at any time in the entire history of Census tracking poverty. Americans dependent on food stamps are at an all time high as well.
Real wages and incomes have been falling so steadily under Obama and his confused, throwback, Keynesian/neo-Marxist Obamanomics, that the Census Bureau also reported that real median family income in America has fallen all the way back to 1996 levels.
Compare Obama’s lack of a recovery 2 ½ years after the recession ended with the first 2 ½ years of the Reagan recovery. In those years under Reagan, the American economy created 8 million new jobs, the unemployment rate fell by 3.6 percentage points, real wages and incomes were jumping, and poverty had reversed an upsurge started under Carter, beginning a long term decline.
While Obama crows about 200,000 jobs created last month, the most for a month during his entire Administration, in September, 1983 the Reagan recovery less than a year after it began created 1.1 million jobs in that one month alone. Under Obama, we are still almost 6 million jobs below the peak before the recession started over 4 years ago! In the second year of the Reagan recovery, real economic growth boomed by 6.8%, the highest in 50 years.
The chief excuse of the Obama apologists is that what we have suffered was not just a recession, but a financial crisis, and, they argue, recovery from a financial crisis takes a lot longer than recovery from a recession. But that is not the experience of the American, free market, capitalist economy.
The experience of the American economy is reported in full at the National Bureau of Economic Research, as cited above – recessions since the Great Depression previously have lasted an average of 10 months, with the longest previously 16 months, and the deeper the recession the stronger the recovery. That is the standard by which the performance of Obamanomics is to be judged. Which of those American recessions was a “financial crisis” that breaks the pattern?
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