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Obama Recovery Is Worst In Post WWII History
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| Contributor | Scott³ |
| Last Edited | Scott³ Aug 08, 2012 10:33pm |
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| Category | Analysis |
| Author | JEFFREY H. ANDERSON |
| News Date | Tuesday, August 7, 2012 04:00:00 AM UTC0:0 |
| Description | "A core dispute in this presidential campaign is over how to evaluate President Obama's economic record.
On the one hand, it's not fair to blame Obama for the slow growth in the first six months of his presidency, which was mostly a product of conditions he inherited.
On the other hand, it's not convincing for Obama to suggest — as he routinely does — that he should be evaluated on the basis of whether the recovery has been better than the recession. Recoveries, by definition, are better than recessions.
So rather than holding Obama responsible for a recession he inherited, or praising him simply because that recession didn't continue perpetually, the fairest measure of his economic stewardship is this one:
How does the Obama recovery compare to other recoveries from similar downturns across the decades?
On that basis, the Obama recovery can only be graded as a tremendous failure — as it has produced the worst rate of economic growth of any recovery in the past 65 years.
Over that span, we've had 10 previous recessions and 10 previous recoveries. According to the federal government's own Bureau of Labor Statistics (BLS), average real (inflation-adjusted) GDP growth in the first three years after those recessions was 4.6%.
During the Obama recovery (which began three years ago, in July 2009), average real GDP growth has been just 2.2% — less than half the historical norm. Of the past 11 recoveries, the Obama recovery has been the worst." |
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