The Great Obama Economy. It created more than 11 million jobs.
The final tally is in: 11.3 million new jobs were created under President Obama.
The president is claiming a big victory on getting Americans back to work again.
“Businesses that were bleeding jobs unleashed the longest streak of job creation on record,” Obama wrote in a letter to the American people this week.
It makes one wonder why people are so unhappy with the state of the labor market if there are so many damn jobs out there. Why aren’t wages going up?
How can we even be producing so many jobs if the economy is in a Depression.
The hard fact is that the past decade’s $10 trillion in deficit spending has produced the worst economic growth as measured by Gross Domestic Product in our nation’s history. You read that right, in the past decade our nation’s economy grew slower than even during the Great Depression. This stagnant, new normal, low-growth economy is leaving millions of working age people behind who have given up even trying to participate, and has led to a malaise where many doubt that the American dream is attainable.
Whoa! That can’t be right, can it?
The following are U.S. GDP growth rates for every year during the 1930s…
When you average all of those years together, you get an average rate of economic growth of 1.33 percent.
That is really bad, but it is the kind of number that one would expect from “the Great Depression”.
So then I looked up the numbers for the last ten years…
When you average these years together, you get an average rate of economic growth of 1.33 percent.
That’s both stunning and completely unsurprising. If the joke we have for a news media wasn’t so pathetic, they would be using the term “Depression”.