This is a very good summary of the state of the economy, by University of Maryland economist Peter Morici. It makes a lie of the recent Obama victory laps on his great economic achievements. One point Morici does not make is the disturbing Labor Force Participation rate, which at 62.6% is the lowest since the Carter years. An all-time high of 94.7 million Americans are not participating in the US labor force. Many have given up looking for work and a growing number are trapped on government largess. It would be good if every voter had these facts.
To listen to President Barack Obama, Americans live in a liberal paradise: a robust economy, 75 consecutive months of jobs growth and a government aggressively promoting social justice.
For those employed in the liberal industrial complex — media, universities and political consultants advising Democratic candidates — it’s all true.
It’s time for Hillary. How could Americans not enjoy a historic march from the worst excesses of capitalism!
Sadly, it’s not so. Family incomes are down about $1,600 on Obama’s watch, whereas they rose by $4,800 during the Reagan years. For African-American families, income losses are greater, their children trail further in school achievement, poverty is tougher to escape, and the wealth gap with whites has widened
The recent Labor Department jobs report tells the sad story why.
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