How nice: We’re stuck in the weakest economic recovery since WWII

posted at 6:02 pm on August 15, 2012 by Erika Johnsen

You know we’re in trouble when even the Associated Press can no longer determinedly avoid the big-picture reality of our current economic mess. According to an AP report released earlier today, we’re most definitely still in the midst of the most weaksauce economic recovery since the Great Depression.

America’s gross domestic product — the broadest measure of economic output — grew 6.8 percent from the April-June quarter of 2009 through the same quarter this year, the slowest in the first three years of a postwar recovery. GDP grew an average of 15.5 percent in the first three years of the eight other comebacks analyzed. …

Consumer spending has grown just 6.5 percent since the recession ended, feeblest in a postwar recovery. In the first three years of previous recoveries, spending rose an average of nearly 14 percent. …

The economy shed a staggering 8.8 million jobs during and shortly after the recession. Since employment hit bottom, the economy has created just over 4 million jobs. So the new hiring has replaced 46 percent of the lost jobs, by far the worst performance since World War II. In the previous eight recoveries, the economy had regained more than 350 percent of the jobs lost, on average. …

Never before have so many Americans been unemployed for so long three years into a recovery. Nearly 5.2 million have been out of work for six months or more. The long-term unemployed account for 41 percent of the jobless; the highest mark in the other recoveries was 22 percent.

Yikes. Not pretty, is it? And yes, I’m sure Team Obama could provide us with a million and one “headwinds” still facing our economy and why none of them are the President’s fault — fiscal troubles in Europe, lingering negative effects from Obama’s ‘predecessor,’ competition from China, natural disasters, ‘Republican gridlock’ in Congress, rabble rabble rabble. But our problems are much too persistent and far too huge to be exclusively due to factors outside of the current administration’s control. What possible justifications can Team Obama offer us for electing Obama to a second term? Because the recovery would have been even worse without President Obama’s bold, effective leadership? Not likely. As Charles Kadlec wrote for Forbes earlier this week, Obama owns this economy — as much as his supporters are going to try to convince us otherwise.

The traditional measure of the success of an Administration’s economic program has been real economic growth, employment growth, the unemployment rate and the like.  Based on these criteria, the Obama Administration’s economic program has been a dismal failure:

-Real economic growth during the recovery – now three years old – has averaged 2.2%, less than half of the historic average for post recession rebounds.

-There are 1.1 million fewer people on non-farm payrolls today than when President Obama took office.

-The unemployment rate has been above 8% for 42 consecutive months, the longest period of sustained high unemployment since the Great Depression.

Four years ago, then Senator Obama ran for President, promising to fundamentally change America.  Based on that goal, his Administration’s economic program has been an extraordinary success!


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Why do we keep calling this a recovery?
What’s being recovered?

squint on August 15, 2012 at 6:04 PM

Unexpectedly?

Washington Nearsider on August 15, 2012 at 6:04 PM

Of course, it’s Bush’s fault. Add to that the fact that Romney won’t release his tax returns, how in the world do we expect this economy to turn around.

dirtseller on August 15, 2012 at 6:05 PM

The Great Stagnation.

DKCZ on August 15, 2012 at 6:05 PM

It was the tsunami. Except for that, we’d be a workers paradise right now.

BobMbx on August 15, 2012 at 6:06 PM

We aren’t in a recovery. Please stop accepting this false premise.

Dante on August 15, 2012 at 6:07 PM

Of course, it’s Bush’s fault. Add to that the fact that Romney won’t release his tax returns, how in the world do we expect this economy to turn around.

dirtseller on August 15, 2012 at 6:05 PM

The wind blowing in Sheamus’ face is the only headwind this economy faces!

lorien1973 on August 15, 2012 at 6:07 PM

I fear I may have committed a breach of etiquette by not saying: FIRST.

squint on August 15, 2012 at 6:08 PM

What possible justifications can Team Obama offer us for electing Obama to a second term?

Deliberate destruction of the American economy to employ full-on socialism, kill off seniors, then create the utopian society

skeeterbite on August 15, 2012 at 6:08 PM

-Real economic growth during the recovery – now three years old – has averaged 2.2%, less than half of the historic average for post recession rebounds.

“Moving in the right direction” CHECK!

-There are 1.1 million fewer people on non-farm payrolls today than when President Obama took office.

“Evil ATMs and self-serve gas stations” CHECK!

-The unemployment rate has been above 8% for 42 consecutive months, the longest period of sustained high unemployment since the Great Depression.

“Headwinds” CHECK!

BobMbx on August 15, 2012 at 6:09 PM

Thank you Precedent Obama.

You built that.

HumpBot Salvation on August 15, 2012 at 6:11 PM

Weeellll…

… At least we got our AAA Credit Rating back.

Oh, wait…!

Seven Percent Solution on August 15, 2012 at 6:11 PM

What possible justifications can Team Obama offer us for electing Obama to a second term?

Deliberate destruction of the American economy to employ full-on socialism, kill off seniors, then create the utopian society

skeeterbite on August 15, 2012 at 6:08 PM

It’s hard to create a utopia when you’re bankrupt.

squint on August 15, 2012 at 6:12 PM

Recovery Summer…

Joe Biden commenting in 5… 4… 3…

Khun Joe on August 15, 2012 at 6:13 PM

On November 7, the AP will finally announce this isn’t a “recovery” at all but is – and has been from be the beginning – a full-blown depression, in many ways worse than what had previously been referred to as the “Great” Depression.

If Obama wins, they’ll do it grudgingly, and try to convince everyone that everyone really always knew it. If Romney wins, they’ll do it gleefully, and try to convince everyone it just started the day he took office.

logis on August 15, 2012 at 6:13 PM

Speaking of WWII and the 20th century….

‘Folks, Where’s it Written We Cannot Lead the World in the 20th Century in Making Automobiles?’

- Vice-President Joe Biden, 15 August 2012

http://www.weeklystandard.com/blogs/biden-folks-wheres-it-written-we-cant-lead-world-20th-century_650017.html

Mark your calendars for 11 October 2012. It will be the best popcorn-eating-telly-viewing that you will have all year. Hell, it could be the best telly-watching since PRESIDENT Franklin Delano Roosevelt went on television in October of 1929 to say “Folks, this is what happened (re: the stock market crash)…,” which I understand was only allowed to the elite few, who had special tin-foil hats and double-secret decoder rings.

LMFAO!

Resist We Much on August 15, 2012 at 6:13 PM

Recovery Summer…

Khun Joe on August 15, 2012 at 6:13 PM

Never said it! – Axelrod.

lorien1973 on August 15, 2012 at 6:14 PM

Trillions of jobs created or saved!

Four more years! Four more years! Four more years!

VorDaj on August 15, 2012 at 6:15 PM

‘Folks, Where’s it Written We Cannot Lead the World in the 20th Century in Making Automobiles?’

- Vice-President Joe Biden, 15 August 2012

Well, despite the time-keeping gaffe, the answer is:

EPA regulations.

BobMbx on August 15, 2012 at 6:16 PM

The real unemployment rate is well over 20%.

http://www.shadowstats.com/

VorDaj on August 15, 2012 at 6:18 PM

Time for a war.

CW on August 15, 2012 at 6:18 PM

It’s the worst recovery because we’re in the midst of a depression.

Also republicans should shut up and drink their Slurpees.

Slade73 on August 15, 2012 at 6:19 PM

The Great Obpression.

VorDaj on August 15, 2012 at 6:19 PM

Hussein never had any intention of fixing the economy or anything else. His only two goals as president were to grow the government and redistribute the wealth. That’s where we’re at and that’s where we are going to stay as long as he is in office.

antipc on August 15, 2012 at 6:19 PM

Civilizations eventually decline my friends.

DarkCurrent on August 15, 2012 at 6:19 PM

All of Pantload’s policies, regulations, executive orders, lack of a budget, and laws have been implemented and are working perfectly…

… He has gotten everything he has every asked for and more by going around Congress and making illegal Recess Appointments (three people to seats on the National Labor Relations Board and Richard Cordray to head the new Consumer Financial Protection Bureau).

What we are living through are the intended results…

Seven Percent Solution on August 15, 2012 at 6:20 PM

HOPE!

The Notorious G.O.P on August 15, 2012 at 6:20 PM

Anyone imagine had a GOPer dropped the bombs on Japan just how much crap we would be given? Most on the right stand behind the decision but had it been the reverse we would never hear the end of it. Gotta wonder what O will do . What if he wins ? He actually seems to love the blood and guts.

CW on August 15, 2012 at 6:20 PM

‘Folks, Where’s it Written We Cannot Lead the World in the 20th Century in Making Automobiles?’

- Vice-President Joe Biden, 15 August 2012

If you and Chuckles would GTFO, maybe we could work on it.

squint on August 15, 2012 at 6:21 PM

Time for a war.

CW on August 15, 2012 at 6:18 PM

Obama is still trying to decide whether to order air strikes on Arizona or Texas first.

VorDaj on August 15, 2012 at 6:21 PM

Unfortunately for the Marxist, America Hating Left, Barkey, Nanzi and Dingy couldn’t destroy the entire economy in just 4 years…they need another 4 years to finish the job…

Strike Hornet on August 15, 2012 at 6:21 PM

祇園精舎の鐘の聲、諸行無常の響き有り。 沙羅雙樹の花の色、盛者必衰の理を顯す。 驕れる者も久しからず、唯春の夜の夢の如し。 猛き者も遂には滅びぬ、偏に風の前の塵に同じ。

The sound of the Gion Shōja bells echoes the impermanence of all things. The color of the sāla flowers reveals the truth that the prosperous must decline. The proud do not endure, they are like a dream on a spring night; the mighty fall at last, they are as dust before the wind.

DarkCurrent on August 15, 2012 at 6:21 PM

Civilizations eventually decline my friends.

DarkCurrent on August 15, 2012 at 6:19 PM

And some declines are sped up by incompetent leaders.

The Notorious G.O.P on August 15, 2012 at 6:21 PM

It’s the worst recovery because we’re in the midst of a depression.

Also republicans should shut up and drink their Slurpees.

Slade73 on August 15, 2012 at 6:19 PM

Only after I chain up this OWSer.

CW on August 15, 2012 at 6:21 PM

Obama is still trying to decide whether to order air strikes on Arizona or Texas first.

VorDaj on August 15, 2012 at 6:21 PM

At this point I worry for Wisconsin too.

CW on August 15, 2012 at 6:22 PM

Joe Biden stands by all the misstatements he has made in the past, present or future. Barack Obama fully supports him.

VorDaj on August 15, 2012 at 6:22 PM

And some declines are sped up by incompetent leaders.

The Notorious G.O.P on August 15, 2012 at 6:21 PM

Perhaps most.

DarkCurrent on August 15, 2012 at 6:23 PM

Time for a war.

CW on August 15, 2012 at 6:18 PM

Obama is still trying to decide whether to order air strikes on Arizona or Texas first.

VorDaj on August 15, 2012 at 6:21 PM

One of the greatest myths still taught in schools is that FDR’s policies saved us from a depression and that the spark that really set off GDP growth was all the government spending in ww2.

Timin203 on August 15, 2012 at 6:23 PM

We’re stuck in the weakest economic recovery since WWII

Unprecedented !

jaime on August 15, 2012 at 6:23 PM

“You know, a year from now, I think people are going to see that we’re starting to make some progress but there is still going to be some pain out there. If I don’t have this done in three years, then there’s going to be a one-term proposition.”

Baracka Dogeater Obama
2/2/2009

“We own the economy. We own the beginning of the turnaround and we want to make sure that we continue that pace of recovery, not go back to the policies of the past under the Bush administration that put us in the ditch in the first place,”

Debs Wasserman Schultz
6/15/11

One term it is, Baracka.

HumpBot Salvation on August 15, 2012 at 6:24 PM

The sound of the Gion Shōja bells echoes the impermanence of all things. The color of the sāla flowers reveals the truth that the prosperous must decline. The proud do not endure, they are like a dream on a spring night; the mighty fall at last, they are as dust before the wind.

DarkCurrent on August 15, 2012 at 6:21 PM

I always preferred “Carry On Wayward Son”.

squint on August 15, 2012 at 6:25 PM

Civilizations eventually decline my friends.

DarkCurrent on August 15, 2012 at 6:19 PM

Obama sure is one powerful accelerant.

VorDaj on August 15, 2012 at 6:26 PM

Up to 1.2 million tax preparers make a living navigating the labyrinth US tax code for taxpayers. We have more professional tax preparers in the United States than law enforcement officers (765,000) and professional firefighters (310,400) combined.

right2bright on August 15, 2012 at 6:28 PM

Arab Forward Spring Recovery Summer Gutsy Call….BOOsh!!

Lean Ahead!!!!!

BigWyo on August 15, 2012 at 6:28 PM

I always preferred “Carry On Wayward Son”.

squint on August 15, 2012 at 6:25 PM

Yeah

DarkCurrent on August 15, 2012 at 6:31 PM

And some declines are sped up by incompetent leaders.

The Notorious G.O.P on August 15, 2012 at 6:21 PM

I would venture to say that all declines are caused by incompetent leaders – except for something like an asteroid ending the Dinosaurian Empire.

dentarthurdent on August 15, 2012 at 6:34 PM

Reverse!

hillsoftx on August 15, 2012 at 6:35 PM

Vote democrat!

Straight ticket!

tom daschle concerned on August 15, 2012 at 6:35 PM

Economic justice sure does look like malaise.

tom daschle concerned on August 15, 2012 at 6:36 PM

The traditional measure of the success of an Administration’s economic program has been real economic growth, employment growth, the unemployment rate and the like. Based on these criteria, the Obama Administration’s economic program has been a dismal failure:

Wow! Someone finally noticed!

GarandFan on August 15, 2012 at 6:36 PM

I always preferred “Carry On Wayward Son”.

squint on August 15, 2012 at 6:25 PM

Whenever Obummer and Biteme are the center of conversation, I tend to hear the Stones – Sympathy For the Devil.

dentarthurdent on August 15, 2012 at 6:36 PM

This isn’t a big deal, but it’s bugging me.

What exactly are we using as the definition of a “recovery?”

All of these reports and similar refer to the phrase “during the recovery” as if some horn sounded, somewhere, signalling the “official” beginning of a recovery.

In medical terms, during a recovery, the patient actually improves.

Otherwise, I think you have to find another word for it.

If this is a recovery, I don’t want to see the alternative.

IndieDogg on August 15, 2012 at 6:37 PM

Remind me again why we aren’t trying the only known fix for the red ink and high unemployment we are experiencing. There has been a solution to this the entire time. Why are we not using the solution?

Bmore on August 15, 2012 at 6:38 PM

Economic justice sure does look like malaise.

tom daschle concerned on August 15, 2012 at 6:36 PM

The left of course believes that the only way to equality is to bring everyone down. (Besides their chosen few).

CW on August 15, 2012 at 6:38 PM

IndieDogg on August 15, 2012 at 6:37 PM

Well Mrs Sam – I’m happy to report that your uncle has has fully recovered and is now resting comfortably in the morgue.

dentarthurdent on August 15, 2012 at 6:41 PM

Vote democrat!

Straight ticket!

tom daschle concerned on August 15, 2012 at 6:35 PM

I don’t condone suicide.

squint on August 15, 2012 at 6:41 PM

Economic illiteracy is the foundation of the modern Left. Almost everything they advocate is in direct contrast with basic economics. It makes no difference if the person doing the advocating is a RINO or a Democrat. The Progressive ideology can not work over any extended period of time.

That’s why everything they dominate slowly turns to crap. The only solution, although not a perfect one (because humans are imperfect), is increased economic liberty and freer markets. In other words, the exact opposite of the what the modern Democrat party wants.

visions on August 15, 2012 at 6:42 PM

Remind me again why we aren’t trying the only known fix for the red ink and high unemployment we are experiencing. There has been a solution to this the entire time. Why are we not using the solution?

Bmore on August 15, 2012 at 6:38 PM

Why be sensible now?

squint on August 15, 2012 at 6:43 PM

We’re stuck in the weakest economic recovery since WWII

All part of the obamanation’s plan…

Gohawgs on August 15, 2012 at 6:43 PM

We’re stuck in the weakest economic recovery since WWII

And after 3.5 years, the continued “surprise” by some is disappointing and tedious…

Gohawgs on August 15, 2012 at 6:45 PM

Remind me again why we aren’t trying the only known fix for the red ink and high unemployment we are experiencing. There has been a solution to this the entire time. Why are we not using the solution?

Bmore on August 15, 2012 at 6:38 PM

Are you trying to say that borrowing and spending more won’t eliminate the debt, and bankrupting the job creators won’t create more jobs?
Heretic!!!/

dentarthurdent on August 15, 2012 at 6:45 PM

We are stuck in this because what’s necessary will not be applied. Not rocket science but sometimes the truth hurts. Congress owns the pen and the checkbook and continues writing the checks to the grateful and finds themselves not guilty for writing rubber checks. Congress cares less because they are on a different planet so to speak, if voted out of office they still draw their retirement and benefits that they set up for themselves. They will never suffer the consequences of the people that put them in office. NEVER!

mixplix on August 15, 2012 at 6:47 PM

We’re stuck in the weakest economic recovery since WWII

As “recoveries” go, yeah, it’s kinda weak.

squint on August 15, 2012 at 6:49 PM

We’re stuck in the weakest economic recovery since WWII

Title should be: We’re stuck with the weakest president since WWII.

This is not a ‘problem’ with our economy, it’s the result of a malicious president that wants America broke.

slickwillie2001 on August 15, 2012 at 7:15 PM

One term proposition was Won too many.

Barnestormer on August 15, 2012 at 7:21 PM

I heard part of his stump speech today. He is now saying that he never promised that it would be easy or quick but we should give him another four years because of the super awesome job he’s been doing so far. He cited the “booming” recovery of GM but neglected to mention how much that bribe to the UAW will cost the taxpayers. He mentioned green energy but somehow forgot to mention the sweetheart deal his bundlers got when they walked away with millions of taxpayer dollars. He essentially chalked anybody who didn’t think he was super awesome as a racist.

Happy Nomad on August 15, 2012 at 7:37 PM

Something to ponder the next time you hear the jug-eared Kenyan bleat about sticking it to the rich through higher taxes. Tax rates are meaningless without jobs and we still stand at something like 15% unemployment when you count all the jobless the filthy lying socialist ignores in his stump speech.

Happy Nomad on August 15, 2012 at 7:39 PM

…our plan is working…!!!

KOOLAID2 on August 15, 2012 at 7:46 PM

<blockquote
What possible justifications can Team Obama offer us for electing Obama to a second term?

Deliberate destruction of the American economy to employ full-on socialism, kill off seniors, then create the utopian society

skeeterbite on August 15, 2012 at 6:08 PM

Hey anything to avoid having America saddled with a president who once drove around with a dog on his roof….

And his VP is a bowhunter, harming cute little deer critters? What’s next, Ted Nugent as the new eco-czar?

Don L on August 15, 2012 at 8:12 PM

Time for a war.

CW on August 15, 2012 at 6:18 PM

It’s coming whether we like it or not. Consider this: Because of China’s one child policy, there are 119 males for every 100 females. China doesn’t have a “safety net” and tradition calls for the son to take care of the parents. Every Sunday, you can go to a park and find Chinese parents holding up photographs of their sons as advertisements in the hope of marrying of their sons and keeping them nearby.

Secondly, the notoriously secretive Chinese government admits that there are 100,000 incidents of strikes and civil unrest each year. If it is admitting that number, you can only imagine how high the number really is.

Thirdly, about 400 million Chinese live in abject poverty. I’m talking peasants washing their clothes in streams and living in mud huts, in some cases. Yet, the government spends billions building “ghost cities” in order to maintain “full employment” in the more populated areas. They are heavily guarded lest the people learn that these modern, clean urban areas are empty while peasants are sleeping on dirt floors.

Fourth, as Gorbachev learned, you cannot loosen economic freedom without the people beginning to demand other freedoms, which is happening now. A couple of years ago, I was in Beijing on business and met with some high officials in the Party. I was told that, even though it is prohibited, 35-40% of China could be Christian (fundamentalist or, at least, not “Liberal Christianity”) by 2040. The Chinese people want free speech, freedom of religion, freedom of assembly, etc. The Party cannot allow that, if it means to continue to exist.

Fifth, the Chinese economy is a huge bubble. Real estate values in Hong Kong, Shanghai, Beijing, etc., are as high as $3,000/sq ft. This is in a country where the average, annual income is $5,500.

All of these factors have created a simmering situation that is just waiting to explode. As have governments throughout the ages when domestic conditions become dire, the Chinese government will most likely start a war and create a bogeyman/scapegoat. It serves as a distraction. It encourages nationalism and rallying behind the government. It will help level the male-female ratio. Also, wars fought on foreign soil can act as economic stimuli (think the WWII following the Great Depression). If the Chinese economy blows up, the government will have to do something on a massive scale considering the fact that the population is 1.3 billion.

Hitler coalesced his power by blaming Jews and the war materiel production greatly boosted the economy…at least until the blockade really started to bite.

Of course, I could be wrong and China could go the way of the Greeks, as Mark Steyn jokes, and become the first gay superpower in thousands of years. Although there is an alternative now that women can have children later…the average life expectancy for Russian men is around 53 and women live much longer. So, maybe, the young, lonely, Chinese youths can import them some Russian brides. LOL!

Resist We Much on August 15, 2012 at 9:03 PM

Civilizations eventually decline my friends.

DarkCurrent on August 15, 2012 at 6:19 PM

This is what our founders were trying to prevent in creating this union. Only the liberals seem to disagree with the founders and want to go with lenin, marx, and stalin instead.

Wolfmoon on August 15, 2012 at 10:38 PM

Why do we keep calling this a recovery?
What’s being recovered?

squint on August 15, 2012 at 6:04 PM

Fudged numbers from the Government.

First we pretend food & fuel aren’t part of inflation; then we see “growth” above inflation… then we declare a recovery.

How is this confusing?

gekkobear on August 16, 2012 at 12:50 AM

We aren’t in a recovery. Please stop accepting this false premise.

Dante on August 15, 2012 at 6:07 PM

We aren’t accepting it…the media is.

Extrafishy on August 16, 2012 at 6:33 AM

Like most of you, I see a whole lotta “weak” and damned little “recovery”.

swinia sutki on August 16, 2012 at 7:45 AM