We won’t even go into how the unemployment number has been gamed systematically by the government. We already have many times.
Suffice it to say that a whole lot of baby boomers limped along through The Great Recession and are now parked in “retirement.” These people have truly been forgotten as they’ve transitioned from unemployment to Social Security. This is millions of people. Many young people also continue to limp along in the “gig economy.” Though our economy is a bit stronger now, and I remember the turn, it was when gas prices dropped right before Christmas 2014 “thanks” to the Saudis, robust would not be the word to describe it.
Our economy, through a mix of boneheaded Fed policy and boneheaded regulatory policy has been strangled under Obama. In the wake of the Crash Obama and many people thought that government intervention was the answer. As we found, and always find, this is not the case.
Any “recovery” that has occurred has occurred in spite of Obama’s (and the Fed’s) efforts not because of them. Going forward if we let the economy breathe we could see legitimate health. It is possible. But we’ve got a long way to go.
The question going forward is whether this sluggish job growth is a permanent fixture of the economy, or whether it’s the result of bad public policy.
Our view has consistently been that the economic recovery from the Great Recession could have been — and should have been — very robust. And that the only reason it wasn’t is growth-choking policies imposed by Obama: Dodd-Frank, ObamaCare, tax hikes, huge new regulatory burdens.