Quote:
Originally Posted by Jel
Obama slashed unemployment by 50%? That's pretty impressive, no wonder people like him so much  |
That is not what I said, but that is true.
I said during Reagan the unemployment was over 10% at one point, then dropped down to 5.5%.
It's very similar under Obama. The high was October 2009 - in the middle of a recession - and now the unemployment rate is 5.1%.
I am not a Democratic and I could really care less about Obama. What we needed to come out of the recession was a cool and steady hand, that's what we got, and we are exactly where we had hoped to be. Even the GOP has dropped the entire "We need to fix the economy" routine. No matter what anyone says, we are at 5.1% unemployment. This is great news. But instead we have people trying to poke holes in this with some silly stat like the "labor participation rate". The labor participation has been declining for the past decade, and will continue to decline for the next twenty years or more. The labor participation rate is going to decline no matter what the economy does.