Steve McCann of the American Thinker earlier this year wrote, “Instead what America got by year five was fewer jobs than before. Even though the employment age population has increased by nearly 12 million since January, 2008, there are now 3 million fewer Americans working, with employment declining from 146.3 million in January, 2008 to 143.3 million in December, 2012. If America enjoyed the same labor force participation rate as in 2008, the unemployment rate in December, 2012 would have been 11.4%, compared to 4.9% in December, 2007.”
The latest revision of 1st quarter GDP growth was adjusted downward to -2.9%. Another quarter of negative growth, or economic contraction, and we’ll be officially in another recession. And it will be primarily due to the policies that have restricted job growth, saddled the private sector with an average 91,000 pages of new regulation per year added to the Federal Register, and decimated the middle class.
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Every one of these data sets are adversely affected by policies of the administration over the past six years. There have been precious few initiatives implemented that have facilitated free market principles in an attempt to augment economic expansion, job growth, or reduced fiscal burdens borne increasingly by the middle class. Instead, we’ve had nearly 550,000 pages of new regulation added to the Federal Register, and dozens of Executive Orders that have stymied the engine of capitalism that fuels the country.
The new Dow Jones Industrial Average record reached last week is good for investors, but belies the broad-based weakness in the general economy. With two years left of this administration that is so averse to free markets, a substantive and vibrant economic recovery will likely be elusive for the foreseeable future.
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