Commentary Magazine


Contentions

Our Anemic Economic Recovery

William Galston, a former domestic policy adviser to President Clinton, wrote a recent piece in The New Republic which highlights three jobs-related data points:

* If Americans of working age were participating in the labor force at the same rate as they were at the onset of the recession, the labor force would be nearly 5 million people larger, and unemployment would be significantly worse in both absolute and percentage terms.

* Total employment remains more than 5.5 million below the level of 2007 and about 1.6 million below where it was when President Obama took office.

* To regain full employment (which Galston pegs at 5 percent, the same as the level when the recession began) with the pre-recessionary labor force participation rate, we would need 150.7 million jobs  or more than 10 million more than we have today.

We’re now two-and-a-half years into the recovery, which must now rank as among the most anemic in our history. Ronald Reagan inherited an economy that was sicker than Obama did — and at this juncture in his presidency the economy was roaring back. During the Obama era, on the other hand, we remain essentially flat on our backs. We’ve even reached the point where a jobs report that shows more than two-and-a-half times more people are dropping out of the labor force than are being hired is considered good news.

I’ll let you draw the appropriate conclusions.

 



Join the discussion…

Are you a subscriber? Log in to comment »

Not a subscriber? Join the discussion today, subscribe to Commentary »





Welcome to Commentary Magazine.
We hope you enjoy your visit.
As a visitor to our site, you are allowed 8 free articles this month.
This is your first of 8 free articles.

If you are already a digital subscriber, log in here »

Print subscriber? For free access to the website and iPad, register here »

To subscribe, click here to see our subscription offers »

Please note this is an advertisement skip this ad
Clearly, you have a passion for ideas.
Subscribe today for unlimited digital access to the publication that shapes the minds of the people who shape our world.
Get for just
YOU HAVE READ OF 8 FREE ARTICLES THIS MONTH.
FOR JUST
YOU HAVE READ OF 8 FREE ARTICLES THIS MONTH.
FOR JUST
Welcome to Commentary Magazine.
We hope you enjoy your visit.
As a visitor, you are allowed 8 free articles.
This is your first article.
You have read of 8 free articles this month.
YOU HAVE READ 8 OF 8
FREE ARTICLES THIS MONTH.
for full access to
CommentaryMagazine.com
INCLUDES FULL ACCESS TO:
Digital subscriber?
Print subscriber? Get free access »
Call to subscribe: 1-800-829-6270
You can also subscribe
on your computer at
CommentaryMagazine.com.
LOG IN WITH YOUR
COMMENTARY MAGAZINE ID
Don't have a CommentaryMagazine.com log in?
CREATE A COMMENTARY
LOG IN ID
Enter you email address and password below. A confirmation email will be sent to the email address that you provide.