Confirmed: Obama Could Already Be the Nation’s Worst Economic President Ever
According to the Bureau of Labor Statistics, Obama has the worst jobs record of any President in the last 60 years. From 1948 until January 2009 when Obama took office, there has been a combined 39 months of unemployment above 8 percent. Since Obama took office we endured 43 consecutive months of unemployment above 8 percent and no end in sight!
Now there is further evidence that Barack Obama is already the nation’s worst economic president.
Peter Ferrara at Forbes reported:
The right measure and comparison for Obama’s record is not to compare the recovery to the recession, but to compare Obama’s recovery with other recoveries from other recessions since the Great Depression. By that measure, what is clear is that Obamanomics has produced the worst recovery from a recession since the Great Depression, worse than what every other President who has faced a recession has achieved since the Great Depression.
In the 10 previous recessions since the Great Depression, prior to this last recession, the economy recovered all jobs lost during the recession after an average of 25 months after the prior jobs peak (when the recession began), according to the records kept by the Federal Reserve Bank of Minneapolis. So the job effects of prior post Depression recessions have lasted an average of about 2 years. But under President Obama, by April, 2013, 64 months after the prior jobs peak, almost 5½ years, we still have not recovered all of the recession’s job losses. In April, 2013, there were an estimated 135.474 million American workers employed, still down about 2.6 million jobs from the prior peak of 138.056 million in January, 2008…
…Moreover, that U3 unemployment rate does not count the millions who have dropped out of the labor force during the recession and President Obama’s worst recovery since the Great Depression, who are not counted as unemployed because they are not considered in the work force. Even though the employment age population has increased by 12 million since the recession began, only 1 million more Americans are counted as in the labor force. With normal labor force participation rates, that implies another 7.3 million missing U.S. jobs, on top of the 2 ½ million missing jobs we are still short from when the recession began, for a total of about 10 million missing jobs.
If America enjoyed the same labor force participation rate as in 2008, the unemployment rate in December, 2012 would have been about 11% , compared to the monthly low of 4.4% in December, 2007, under President George Bush and his “failed” economic policies of the past. We will not see 4.4% unemployment again, without another fundamental transformation of America’s economic policies.
Read the rest here.
Here’s a few more items on Obama’s reign of terror.
Barack Obama has a record four straight years of trillion dollar deficits.
Barack Obama is the worst jobs president since the Great Depression.
Barack Obama is the only president to preside over the downgrade of the US economy.
Barack Obama blew a trillion dollars on a failed ‘stimulus’ plan.
Barack Obama owns one-third of the national debt.
Barack Obama added $5.8 trillion to the national debt.
Barack Obama is the food stamp president.
Barack Obama added more people to disability than any president.
Barack Obama’s failed policies caused average income to fall $5,000 per household.
Barack Obama watched as the Middle East fell under the control of radical Islam.
Barack Obama’s foreign policy includes a resurgence of Al-Qaeda.
Barack Obama lost Afghanistan.
And we still have three more years to go!