Brace yourself… Skepticism, doubt and criticism of Obamanomics (all of which are, undoubtedly, based in racism) will be cast aside. Why? Because, according to the 20-something-year-old White House intern that is in charge of the official White House twitter account, “Our businesses have added nearly 10 million new jobs over the past 52 months.”
I know, right? Pretty awesome statistic. (Gloss over the fact that the President is referring to private enterprise as “our businesses”.) But before you rush out to slap an Obama ‘16 sticker on your car (are those stickers available yet?), you may want a little bit of context for this stunning validation of Keynesian economics.
This “10 million new jobs” number starts to sound even more impressive when you ignore that job growth under Obama has been roughly half the average pace of the previous 10 recoveries in American history. So by ignoring the fact that, according to historical trends, we should have 7 million more jobs, things start to look pretty rosy… But wait, there’s more!
Real per capita GDP is up roughly 6 percent. Great news, right? I mean, it might be true that we’ve grown slower than historical trends by roughly $1.6 trillion, but c’mon: We should be thrilled by that “10 million new jobs” statistic, right?
Sure, you might be tempted to point out that 11.4 million people have dropped out of the labor force (meaning that over 92 million Americans are no longer working, or even looking for work); but that’s not really unprecedented. I mean, it happened in 1978…
Yeah, it might be true that the number of involuntary part time workers has increased to 7.5 million, according to the bureau of Labor Statistics, and real weekly earnings for full time workers are down by three percent… But c’mon: “10 million new jobs”!