Saturday, September 27, 2014

The Unemployed States of America

President Barack Obama has achieved the dubious distinction of being a sitting president with the highest unemployment rate ever,

We take him at his word that he loves the poor (we know this because he has created so many of them).

Humor aside, the only things booming in this country under Obamanomics are poverty and health insurance premium rates.

The history behind this sad pass is pretty clear…

Save Jersey has tracked the building unemployment and underemployment disaster for years now. We’ve never seen anything like it in U.S. History.

President Ronald Reagan suffered a severe recession starting in 1981, but all the job losses of that recession were recovered after 28 months. Reagan’s recovery was fueled by traditional pro-growth policies.

Under Obama, by April, 2013, a full 64 months after the prior jobs peak or almost 5½ years later, we still had not recovered all of the recession’s job losses.

By contrast, during the Reagan recovery, 64 months after the recession started, the raw number of jobs grew to a level 9.5% higher than where it stood before the recession started representing an increase of about 10 million more jobs.

In April, 2013, jobs in the Obama recovery were still about 2% below where they were when the recession started, about 2 ½ million less, or a shortfall of about 10 million jobs.

Even former president Jimmy Carter produced 4 times as much economic growth during his one term as Obama did during his entire first term . . . yikes! It’s pretty bad when a peanut farmer from Georgia is “happier than a pig on an acorn” having been surpassed for the title of worst president in our lifetime. But that’s where we’re at today, folks.

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