In the beginning of Obama’s presidency, it was more difficult to conclusively identify certain journalists and economists who were ignoring data and instead just shilling for Obama. Sure I had my suspicions of the usual suspects and people like Paul Krugman were a given but no respectable person considers those Leftists objective.
The economy was so horrible and the “Blame Bush” meme was fresh and easier to swallow coming off the heels of a terrible recession so many who supported Obama’s yet to be enacted plans could’ve been supporting them on the theory they’d work. In 2009/2010 we couldn’t conclude these supporters were just Obama cheerleaders who were only interested in spinning the data to further Leftist propaganda.
But not now – We have 4 years of Obama plans/legislation that has failed miserably so anyone supporting Obama now can’t be taken seriously in the future.
On Friday we saw another lack luster Jobs Report from the BLS and Jim Pethokoukis’ (@JimPethokoukis) blog post describes how life under Obamanomics is nothing like was advertised.
“The January jobs report provides a sober reminder that the US labor market, while recovering, remains extraordinarily weak. The official unemployment rate ticked up to 7.9% as 157,000 net new jobs were created, according to the Labor Department.”
“To provide some context, recall that back in January 2009 Team Obama economists Jared Bernstein and Christina Romer predicted the unemployment rate by 2013 would be closing in on 5%. (Of course, Obama’s economists also thought we’d be in a mini-boom of 4%-plus economic growth. That hasn’t happened either.) Oh, and at the January pace of job creation, we won’t return to pre-Great Recession employment levels until after 2025, according to the Hamilton Project’s Jobs Gap calculator.”
The Hamilton Project’s Jobs Gap calculator does indeed show that if future months look like January 2013 (157,000 net jobs added) then we won’t close the jobs gap until 2025.
Any sane person who understands even a little about economics would conclude that the past 4 years of Obamanomics has not produced the recovery that the US is accustomed to following a deep recession. But there is at least one economics professor who disagrees and proves that he falls into the Obama shill category!
Justin Wolfers (@JustinWolfers), an economics professor at the University of Michigan, sent out this tweet after the BLS jobs data was released.
“This recovery is humming along.” Amazing…..
To prove how our current ‘recovery’ is not what is expected, I grabbed GDP data from the BEA website going back to 1947 and there are a few graphs that I’d like to share.
First, here is the graph of quarterly GDP percent changes from 1947 to 2012Q4.
Notice how the long term GDP growth rate is around 5% except for those bars to the far right? In case you couldn’t figure it out from the graph, those GDP growth rates are the ones under Obama’s leadership!
Now let’s zoom in and compare recoveries under two different Presidents who came into office after massive recessions – Reagan and Obama.
This graph below shows the economic recovery under Reagan and notice that GDP growth rates were around 7.5% during the four years after the recession.
But under the Obama regime we see that GDP growth rates after our most recent recession were only around 2.5%.
History has shown that when the US comes out of a deep recession, the recovery is very robust (Quarterly GDP growth rates >5%) but that has not been the case under Obama.
Only a person who shills for Obama would claim “this recovery is humming along” and economics students at the University of Michigan should petition for a refund of their tuition.
Keep an eye out for other journalists and economists who continue to ignore the failed policies of the Obama regime and take their reports/opinions with a huge Leftist grain of salt in the future. No person who supports Liberty and the Free Market can support Obama now. They are the enemy and this is War!
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