Friday, June 08, 2012

Is Obama Really 'That Out Of Touch?

"The private sector is doing fine?" ( I added the question mark. Obama doesn't think there's any question.)

James Pethakoukis has the details on just how incredibly wrong Obama is.

1. Private-sector jobs have increased by an average of just 105,000 over the past three months and by just 89,000 a month during the entire Obama Recovery.

In 1983 and 1984, during the supply-side Reagan Boom, private sector jobs increased by an average of 292,000 a month. Adjusted for population, that number is more like 375,000 private-sector jobs a month

2. If the labor force participation rate for May had just stayed where it was in April, the unemployment rate would have risen to 8.4%. As it is, the U.S. economy is suffering is longest sustained bout of 8% unemployment or higher since the Great Depression.

3. Private-sector GDP rose just 2.6% in the first quarter, after rising a measly 1.2% last year.
By contrast, private-sector GDP rose 3.8% in 1983 and 6.5% in 1984 during the supply-side Reagan Boom.

4. The U.S. stock market is down 7% since early April.

5. Real take-home pay is down over the past year.

6. That first-quarter GDP report also showed that after-tax corporate profits dropped for the first time in three years. Major red flag.


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