The Cold Hard Facts of Obama’s Economy
Photo Credit: APThere’s an old adage, “Don’t let the facts get in the way of a good story.”
That could be the battle cry within the Obama administration when it comes to Obama’s work on the economy through his five plus years as president. But a close and objective look at the facts shows that the Obama-led and Obama-owned economy tells one and only one story — FAILURE.
Let’s begin on the labor front, where the numbers are atrocious. While the monthly unemployment rate is the headline-grabbing number so many flock to, it is far from the best gauge of labor market strength.
The unemployment rate currently stands at 7.3%. Obama backers will point to the fact… again let’s look at the facts, and rightfully say that the unemployment rate has steadily fallen from its peak of 10% in October 2009 and has remained below 8% since August 2012. These are indeed facts, but they mask the underlying and quite troubling data.
Understand that the unemployment rate is a rather simplistic calculation. The numerator is composed of the number of people unemployed and who have looked for work in the past four weeks. That number is then divided by the total number of individuals in the labor force.
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