President Obama tells us the economy has been moving in the right direction since June 2009, and that the recession officially ended two and a half years ago. Americans are suffering, and few will take solace in that statistic.
For nearly three years, nearly one in 10 have been out of work. And almost double that number are either underemployed, working part time when they would rather be full time, or have simply given up looking.
Historically in America, the deeper the recession, the stronger the recovery. By historical standards, we should be completing the second year of a booming recovery.
Recall that, just like President Obama, President Reagan inherited a terrible economy when he took office. But Reagan enacted historic income tax rate cuts, regulatory reforms and spending controls. The recession officially ended in November 1982, and in the following two and a half years the unemployment rate dropped 3.6 percentage points, more than eight million Americans went to work at new jobs, and the longest period of economic growth in American history commenced.
Mr. Obama’s policies have been just the opposite: trillion dollar stimulus-spending waste, a government takeover of the health-care system, an activist EPA attacking businesses, and demonization of job creators. The president barnstorms the country advocating tax increases for investors, entrepreneurs and small businesses, teeing up the country for another crash in 2013 . . .