Obama's Policies Are Gutting the Middle Class
We've had a chance to see what the policies Obama said would work will continue to bring us if sustained. It has not been pretty, especially when compared to the analogous Reagan-era time period:
- In the 29 months since the recession ended in June 2009, the economy has added a bit less than 2 million seasonally adjusted private-sector jobs. Federal government employment is virtually unchanged despite substantial job losses at the postal service, while previously bloated state and local governments have shed over 550,000 jobs. During the first 29 months after the last full quarter of the Reagan-era recession when the workforce was about 25% smaller, what "doesn't work" brought us over 7.3 million additional jobs, including more than 400,000 in the public sector.
- During the nine quarters after the most recent recession ended, the economy has grown by 5.5%. During the analogous nine quarters under Reagan, what "has never worked" caused the economy to grow by 14%, a full 2-1/2 times faster.
- The seasonally adjusted unemployment rate since the most recent recession ended has gone from 9.5% to 8.6% -- and November's reading had many disturbing "going Galt" elements underlying it. The comparable drop during the Reagan era? From 10.1% to 7.2%, over three times greater.
- The economy's cadre of temporary, seasonal, and part-time workers continues to swell. Incredibly, the economy had only 417,000 more full-time workers in November than it did at the end of the recession. The comparable Reagan-era period saw 6.9 million full-timers added. Employers are avoiding and will continue to avoid adding full-time help as long as they can until they see whether the malaise known as Obamanomics will get another four-year run, and whether the monstrosity known as ObamaCare survives court challenges.
Slow growth, out-of-control regulation, and chronic uncertainty have caused millions of the unemployed to stay that way, making them even more unemployable with each passing day. Millions of others are seeing their skills underutilized. Team Obama's gutting of the middle class thus far has been quite effective. Give 'em four more years, and they might just finish the job, all the while pretending to be the average American's best friend.
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