Quote of the Day

From Louis Wood­hill, a con­trib­u­tor to Forbes:

 

So, how were the Decem­ber employ­ment num­bers? They were ter­ri­ble. Decem­ber was an awful month, cap­ping a hor­ren­dous first Obama term in office. The cur­rent jobs sit­u­a­tion could only be seen “good”, or even “OK”, by some­one drunk on Obama’s “new normal”.

Decem­ber, America’s working-age pop­u­la­tion went up by 176,000. On the mar­gin, only 15.9% of these peo­ple found jobs. For Obama’s first term as a whole, our adult pop­u­la­tion increased by 9.3 mil­lion, and (incre­men­tally) not one of these new poten­tial work­ers found a job. In fact, total employ­ment actu­ally declined by 64,000 over the past four years.

In America’s entire post-war his­tory, noth­ing like this had ever hap­pened before. The record for the fewest jobs cre­ated in a pres­i­den­tial term had been held by Bush 43. In his first term in office, total employ­ment rose by only 1.82%. Dur­ing Obama’s first term, the total num­ber of jobs fell by 0.04%.

Yes, Obama inher­ited a severe reces­sion. But so did Ronald Rea­gan, and total employ­ment increased by 6.61% dur­ing Reagan’s first term.

It doesn’t really get more sim­plis­tic an expla­na­tion than this, espe­cially in this economy.

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