"In the four years since the recession ended in June 2009, the economy has added 5.3 million jobs, thanks to the resilience of the American people and policies like the Recovery Act, which helped bring the recession to an end and put us on the path to recovery."
Alan B. Krueger, Chairman of the President's Council of Economic Advisers, July 5, 2013
One might expect Barack Obama's chief economist to put a happy face on the state of the economy as he did from the White House lawn with the above statement following the release of the June economic report from the Labor Department. But it probably wasn't all that smart for Alan Krueger to remind us of the $832 billion boondoggle Economic Stimulus, aka: The American Recovery and Reinvestment Act of 2009. For that matter, about the only non-spin shred of truth in Krueger's statement was his reference to the "resilience of the American people." He could have also added that the American worker has been – and still is - "long-suffering."
For while Krueger is technically correct that the recovery started four years ago – meaning the economy stopped contracting – it has been a painfully slow process with still a very long way to go. Political spin aside, economists like Krueger are numbers people. He must have studied the numbers, too, and the data is not on the side of the Obama Administration and their failed economic policies.
The following chart summarizes key relevant data from the Bureau of Labor Statistics comparing figures for the month of June from 2007-2013. The 2007 data provides a baseline of the economy prior to the recession. By June of 2008, the early signs of the downturn were showing up. And, as noted by Krueger, the recovery began in June of 2009.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for October 20th, 2014 | John Ransom
In Other News: Feds Strike Again! Ebola Strategy Suspiciously Similar to ISIS Strategy | Michael Schaus