February 17, 2012

ON THE THREE-YEAR ANNIVERSARY OF OBAMA’S STIMULUS, WHAT HAS IT ACHIEVED? “The jobless rate is unchanged from February 2009 to January 2012, the latest month for which we have data. Both stood at 8.3%, according to the Bureau of Labor Statistics. Obama’s economists had initially predicted that with the stimulus, unemployment would stay below 8%.” But wait, there’s more:

The number of workers who have been unable to find a job in 27 months or more has shot up 83%, with their ranks now at 5.5 million.

Civilian labor force: It has shrunk by 126,000. In past recoveries, the labor force climbed an average of more than 3 million over comparable time periods.

Labor force participation: The share of adults in the labor force — either looking or working — has dropped 3% — also highly unusual in a recovery. At 63.7%, labor force participation is at a low not seen since the middle of the very deep 1981-82 recession, when fewer women were in the work force. A lower participation rate makes the unemployment rate look better.

Household income: Median annual household income is about 7% below where it was in February 2009, according to the Sentier Research Household Income Index.

Read the whole thing.

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