Rep. Kevin Brady (R-TX), Vice Chairman of the Joint Economic Committee, today released the following charts capturing the weakness of the current economic recovery under President Barack Obama.
The first compares the promises of the Obama stimulus - 5.4% - versus today's unemployment rate of 7.9%.
“By every measure, the President failed to meet his promise by a country mile, and millions of Americans are hurting as a result," said Brady, who points out that the more accurate comparison would put the unemployment rate at 10.6% - almost twice as large as the President promised.
“If the labor force participation rate had not declined since January 2009, the unemployment rate would be 10.6%, not 7.9% as reported today. Millions of Americans dropping out of the labor force is another confirmation of the failure of President Obama’s economic policies.”
Using President Obama’s own metrics, no president has presided over a worse recovery in terms of private job creation during the last 70 years. “Since the end of World War II, our country has experienced ten economic recoveries lasting more than one year,” Brady noted. “Of those ten recoveries, private sector job creation under President Obama comes in dead last.”
Brady concluded, “Had the President’s performance been merely average, 3.7 million more Americans would be back to work by now rather than looking for work and worrying how to make ends meet."