Forbes: "Obama's Unemployment 'New Normal' Foretells A 'Lost Decade'"

Obama thinks he had something to do with President Trump's record setting economy!






Obama's Unemployment 'New Normal' Foretells A 'Lost Decade'

A quick look at the BLS Household Survey showed that, rather than being bad, December was actually a better-than-average month in President Obama’s “new normal” economy. This is not a huge accomplishment, given that “Obama’s new normal” comprises slow GDP growth, a stagnant jobs market, and falling real household incomes.


However, the nation moved 133,000 jobs closer to full-time-equivalent* (FTE) full employment during December, while during the average month during Obama’s so-called “economic recovery,” we moved 25,000 jobs farther away. So, December, as bad as it was in many respects, was better than average for Obama.


Since the economic recovery began 52 months ago, the “headline” U-3 unemployment rate has fallen from 9.5% to 6.7%. However, more than 100% of this decline was the result of 7.4 million potential workers fleeing the labor force. Adjusted to the labor force participation when George W. Bush left office, the unemployment rate has actually increased, from 9.7% to 10.9%, since the recovery began.

Here’s another way to look at it. During the past 8 years, America’s working-age population has gone up by 19.3 million, while the number of full-time-equivalent* (FTE) jobs has increased by only 0.4 million. Can you say, “lost decade?”



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