Great, great piece by John Merline over at Investors.com about the “recovery” that we keep hearing about. Calling this a recovery is like calling me a pro hockey player: you can say it all day long, but it doesn’t make it true.
In his recent speeches on the campaign trail and at official functions, President Obama typically touts the fact that over the past two years, the economy has created more than 4 million new jobs, with more than 1 million in the past six months alone.
At a fundraiser last month, he called this “extraordinary progress.”
But the economic recovery that Obama has presided over has been far from extraordinary. It hasn’t even been ordinary.
The current recovery is so slow, in fact, that it just barely beats GDP growth 11 quarters after the 1980 recession ended — even though there was the intervening long and painful 1981-82 recession. And unless GDP shoots up in Q2, the current recovery will soon be the absolute worst since the Great Depression.
“Unlike previous recoveries, we actually saw household incomes drop faster during the recovery than they did during the recession itself,” said Gordon Green, who co-founded Sentier.
Be sure to read the whole thing.