This morning brought another disappointing jobs report from the Department of Labor. According to the Bureau of Labor Statistics, the economy added a mere 96,000 jobs in August. By contrast, in August of 1984, during the Reagan Recovery, the economy added 241,000 new jobs. (Go to this website and insert the appropriate dates to locate this figure.) As previously explained on this blog, the labor force was much smaller during the Reagan Recovery. Thus, in order to replicate the rate of job growth the country experienced in August, 1984, the economy should have created over 300,000 new jobs in August, 2012. In short, the Obama "recovery" is still sputtering, and the Reagan-Obama jobs gap is still growing. To be precise, for the months of April, 2012 through August, 2012, the Reagan-Obama jobs gap stands at 1.7 million. (See here for a calculation of the April through July gap).
The President and his allies often speak of the need to share the fruits of prosperity. Many Americans likely wonder "what prosperity?"
The President and his allies often speak of the need to share the fruits of prosperity. Many Americans likely wonder "what prosperity?"
