Unemployment Declines: Reagan Versus Obama
The drop in the unemployment rate under Obama hasn't just been slow, it has nothing to do with increasing employment. During Obama's "recovery" the workforce shrunk. Under Reagan's, the workforce grew.
When President Obama took office, the LFP rate was 65.7% vs. 63.6% last month. If the LFP had just stayed steady all of this year, the unemployment rate would still be in the mid 8% range.
When the unemployment rate fell sharply under Reagan over the same period — from 9.2% in September 1983 to 7.3% in September 1984 — the LFP rose to 64.1% from 63.5%. Optimistic Americans were pouring into the job market and finding jobs. The economy was booming — and would continue to boom for a generation.