Newest Fox News piece: "Four years later, Obama's 'recovery' is still around the corner"
After a severe recession, job growth is normally quite strong. We are now 40 months into a recovery, but job growth is only about a quarter what it has been during the average recovery since 1970.
Unemployment rose up to 7.9 percent. Jobs are being created, 171,000 of them, but the pace is still just keeping up with the growing working age population. With 209,000 working-age people added to the labor force last month, 133,000 jobs were needed just to tread water and keep the same percentage of the population working. 38,000 net new jobs is good, but it is trivial in a country where the civilian work force amounts to 156 million.
The unemployment rate is back up to what it was when Barack Obama became president. To put it differently, while 194,000 more people are at work now than in January 2009, our population has grown and there are now 8,822,000 more working-age people. Unfortunately, most of that difference represents people who have simply given up looking for work and now classified as: “not in the labor force.”
No wonder real median family income keeps falling each year during the “recovery.” . . .