The Homa Files

Punch line: Obama inherited a bad situation and made it worse.

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Excerpted from Forbes:
President Obama’s Economic Recovery That Isn’t

At the end of this month, President Obama’s economic recovery will be two years old.

In terms of employment the Obama recovery has been catastrophic

• Total employment (BLS household survey) will be 0.3 million lower than it was at the start of Obama’s “recovery”, two years earlier.
• The unemployment rate will have fallen from 9.5% to 9.1%, but only because 3.6 million people became discouraged and stopped looking for work.
• If the rate of labor force participation in June 2011 were the same as it was in June 2009 (65.7%), the reported unemployment rate would be 11.2% rather than 9.1%.

While employment the Obama recovery has been catastrophic,  economic growth  has been merely disastrous.

• Real annual GDP growth during the first two years of the Obama recovery should average 2.69% … about half of what is normal for the start of an economic recovery. 
• During the first two years of the Reagan recovery, the dollar rose by 12% against other major currencies and by 34% in terms of gold.

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This entry was posted on June 13, 2011 at 6:22 am and is filed under Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.