Friday, October 26, 2012

Obama's Economic Recovery Worst Since Great Depression

From John Merline, at IBD, "Obama Economic Recovery Is As Bad As It Appears":
In a previously off-the-record interview with the Des Moines Register, President Obama argued that the economic recovery he's overseen isn't as bad as his Republican opponent, Mitt Romney, claims.

"In many ways, because of the actions we took early on, we're actually ahead of pace in the typical recovery out of a recession like this," Obama said.

It's a point Obama and his supporters have made on occasion throughout the campaign. Earlier this year, Obama told attendees at a fundraiser about the "extraordinary progress" the economy was making.

His deputy campaign manager recently claimed that Obama created more jobs than Ronald Reagan or George W. Bush had at similar points in their economic recoveries. First Lady Michelle Obama told a local Washington, D.C., radio station that the country was in the midst of a "huge" recovery.

But the data are clear that Obama's economic recovery — which started in June 2009, five months after he was sworn in — has been worse than any recovery since the Great Depression.

Overall economic growth has been slower in this recovery than in any of the previous post-World War II recoveries, according to the Minneapolis Fed, using data from Bureau of Economic Analysis.

In the 12 quarters since the Obama recovery started, real GDP has climbed 6.7%. That's below even the GDP growth rate in the 12 quarters after the 1980 recession ended — despite the fact that there was the intervening deep and prolonged 1981-82 recession.
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