Saturday, August 31, 2013

In the Fifth Year of the “Obama Recovery,” Another Discouraging Labor Day for American Workers

Economists say the 2007-09 recession officially ended in June 2009. Yet, as the fifth year of the “Obama Recovery” begins, American workers are facing another discouraging Labor Day. Let’s take a look at some of the hallmarks of the “Obama Recovery”:
  1. Worst jobs recovery ever;
  2. Rising part-time employment;
  3. Declining wages;
  4. Growing workforce dropouts; and,
  5. Rapid rise in adult children living with their parents.
These data show an economy still struggling to get back on its feet, despite the President’s jobs road show, trillion-dollar stimulus plan, and continued promises that Obamacare and related policies will finally yield government-led prosperity. Given these continued disappointments now into the fifth year of the “Obama Recovery,” it is time for real solutions to stoke the engine of the U.S. economy, such as comprehensive tax reform which will strengthen our economy, create jobs, and increase wages.
1. Worst Jobs Recovery Ever
The Obama Administration promised in 2009 that their trillion-dollar stimulus plan would create 3.5 million jobs and reduce unemployment to 5 percent by now. Then in 2010, then-Speaker Nancy Pelosi promised that Obamacare would create another 4 million jobs, declaring it “a jobs bill.” Unfortunately for the American people, none of that has actually happened. Instead, the U.S. economy continues to experience the worst jobs recovery ever – and the only one in which all the jobs lost during the recession had not been restored by this point in the recovery.

Source: Calculated Risk Blog, Percent Job Losses During Recessions.

No comments:

Popular Posts