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Putting the Economic and Jobs Recoveries in Perspective

Our friends at the National Taxpayers Union took notice of the reports published earlier this week by the Congressional Budget Office at their blog, Government Bytes. Specifically, Michael Tasselmyer posted "three graphs that put the recovery in perspective."

It's important to understand just who is responsible for today's poor economy. As Rick Moran wrote at American Thinker on Friday (with a link to the CNN poll):

"A new CNN poll shows that a plurality of the American people still blame President George Bush for the bad economy more than 5 years after the "official" end of the Great Recession."

Back to Tasselmyer's post at Government Bytes. He notes that CBO's report on recovery of the labor market "examines current job market conditions and projects where employment figures are heading relative to historical trends." Before providing the graph below, Tasselmyer quotes from the CBO, saying, "The economy is taking much longer to recover than it has after past recessions. Consumers are still hesitant to buy as many goods and services as they did before the downturn, which means employers aren't in any rush to hire." (emphasis in the original).

Take a few minutes to study Tasselmyer's other two graphs, which provide perspectives on the labor participation rate and on the share of the population that is employed.

FOR FURTHER INFORMATION:

1) For a more extensive discussion of so-called Obamanomics and jobs, see this January 24, 2014 Forbes column by the inimitable Peter Ferrara. As Ferrara noted in another Forbes column last month:

"President Obama has been promising us economic recovery, restored economic growth, and jobs, since before he was elected. He and his Democrats spent nearly a trillion dollars on so-called “stimulus” to deliver on those promises. But all that was stimulated was government spending, deficits and debt, with the worst recovery from a recession than under any other President since the Great Depression, and even before."

2) The Federal Reserve Bank of Minneapolis has an extensive series of charts comparing recessions and economic recoveries, which respond to the two questions: "How bad was this recession, and how quickly is the economy recovering? How does this recession and recovery compare to previous cycles?"

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