President Obama and his allies are celebrating finally getting the unemployment rate down below the 8-percent level that, 44 months ago, they said it would never exceed if Obama’s $831,000,000,000 “stimulus” were to be passed (see Figure 1). But the celebration is rather premature — for the latest figures from the administration’s own Bureau of Labor Statistics (BLS) show that a lower percentage of Americans are employed now than at any point during the recession.
The latest BLS figures show that only 58.7 percent of Americans over the age of 16 are employed. This marks the 37th straight month under Obama that fewer than 59.0 percent of Americans have been employed. To put that into perspective, the lowest percentage of Americans who were employed during the Bush-Obama recession was 59.4 percent. The lowest percentage of Americans who were employment during the 20 years before Obama took office was 61.0 percent. In other words, the worst month in the two decades before Obama was 2.3 points better than where we’re at now.
Only in Obama’s world of lowered expectations could 58.7-percent employment be viewed as cause for celebration.