According to the most recent numbers from the Bureau of Labor Statistics, the unemployment rate has dropped to 6.7 percent. Is this good news?
Well, it’s depends on your benchmark. Compared to France’s anemic economy and double-digit levels of unemployment, America is in decent shape.
But if you use data from the Minneapolis Federal Reserve to compare the current business cycle to previous downturns and upturns in the U.S. economy, then the outlook is very grim. Simply stated, the American economy is enduring the worst performance for labor markets since the Great Depression.
Let’s look at some additional data to assess the President’s track record on jobs.
We’ll start with a chart, versions of which I’ve been sharing for nearly four years. It shows the unemployment rate that the White House claimed we would have back in 2009 if the so-called stimulus was enacted, compared to what actually happened.