Daniel J. Mitchell

Feb 2013 Minn Fed Employment Recession Data

An Obama defender will argue that this chart is unfair because the recession began during the Bush years.

Since there’s no significant difference between Bush’s policies and Obama’s policies, I don’t think that’s a strong defense, but let’s bend over backwards and instead look at job creation during recovery periods.

Feb 2013 Minn Fed Employment Recovery Data

These numbers are a bit more favorable (or less damning) to Obama, but you can see that job creation for this recovery has been far below the average. Indeed, it only surpasses Bush’s job numbers coming out of the 2001 recession.

But I’m not surprised that the job numbers for Bush and Obama are both dismal. As stated above, they both pursued a statist agenda (though a Bush defender doubtlessly will point out that unemployment didn’t drop that much in 2001, so it would have been impossible to have a strong post-recession bounce).

The real lesson to be learned is that we live in an era of higher taxes on productive activity, a heavier burden of government spending, and more costly government regulation and intervention. And since we’re now more like Europe, the “new normal” is to have weak European-style economic numbers.


Daniel J. Mitchell

Daniel J. Mitchell is a top expert on tax reform and supply-side tax policy at the Cato Institute.
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