Remember When 7.8% Unemployment Was “Inheriting The Worst Economy Since The Great Depression?

obama bush

“If you think things are lousy now, just wait four years.”

After four years of Obama, the (allegedly) 7.8 percent unemployment rate is the best news ever!

The Natural Truth is, as I pointed out in the Boston Herald today, not nearly so good:

The Obama administration started with this word problem: If a president gets elected and spends a trillion dollars we don’t have, on government programs we can’t afford, then promises to spend trillions more on a brand-new government health-care program, how many net new jobs will he create?

The Obama answer: Millions. The actual answer? Zero.

According to the Bureau of Labor Statistics, there are still fewer Americans working today than when Obama took office. Obama said, “Let me spend the stimulus and unemployment will never reach 8 percent.” He spent it, and unemployment has yet to come down to 8 percent.

Until today, when unemployment supposedly came down below 8 percent.  That number will almost certainly be revised (upward) in a few weeks, but the brutal facts won’t change: This has been the worst “recovery” ever.

How bad? Check out this chart on the jobs gap:

chart jobs gap 2012

From MKM Partners:

The U.S. lost 8.87 million private sector jobs during the Great Recession; since job growth resumed in March 2010, 4.73 million private sector jobs have been created, just more than half of the job losses suffered

As economist James Pethokoukis pointed out today, if the same number of people were looking for work today as when President Obama took office, the unemployment rate would be about 11 percent.  But they’ve given up and dropped out.

Why stay in when the job gap keeps growing?

Michael Graham
Radio talk show host, columnist for the Boston Herald, stand-up comic and former GOP political consultant. Learn more about Michael here.

Natural Truth of the Day

For several months now, whenever the topic of enrollment in the Affordable Care Act came up, I've been saying that it was too soon to tell its ultimate effects. We don't know how many people have paid for their new insurance policies, or how many of those who bought policies were previously uninsured. For that, I said, we will have to wait for Census Bureau data, which offer the best assessment of the insurance status of the whole population... I stand corrected: These data won't be available at all. Ever.-- Megan McArdle, Bloomberg View.