Has The Obama Administration Really Done Wonders For This Economy?by Gerri Willis
I’ve told you how Michele Obama referred to the economy as being in a "huge" recovery, and last night, the president made the same point.
“We were losing 800,000 jobs a month when I started, but we had been digging our way out of policies that were misplaced and focused on the top doing very well and middle class folks not doing well. Now, we've seen 30 consecutive-31 consecutive months of job growth; 5.2 million new jobs created and the plans that I talked about will create even more."
I have to tell you, that's not enough job creation. We need more. I can think of no credible economist who believes that our economy is thriving.
Here's why: when you compare this recovery, the one that started in June 2009, with every recovery since World War II, this recovery is well, stinko.
Last night, Romney compared Obama's track record in the recovery to that of Ronald Reagan's, who faced a monster of a recession when he entered office in 1981: out-of-control inflation, high unemployment, and sky-high interest rates.
“You might say, ‘Well, you got an example of one that worked better?’ Yeah, in the Reagan recession where unemployment hit 10.8%. Between that period, the end of that recession, and the equivalent of time to today, Ronald Reagan's recovery created twice as many jobs as this president's recovery. Five million jobs doesn't even keep up with our population growth and the only reason the unemployment rate seems a little lower today is because of all the people that have dropped out of the workforce.
Investor’s Business Daily compared the Obama recovery with the Reagan recovery. Here's what they found: household income, payroll jobs, long-term unemployment, food-stamp enrollment, and GDP growth.
So, you see when Romney says we don't have to settle for this punk economy, the sky high unemployment, huge debt and deficits, well, he's right.
There is another way out. Reagan showed us that cutting taxes, lifting regulations, and cutting federal spending, not raising it, could propel growth.
We don't have to settle for this. America's best days are not behind her.