Reagan's across the board tax cuts -- which Democrats ridiculed at the time -- injected needed capital liquidity into every part of the nation's economic blood stream, and the economy took off like a rocket. Quarterly economic growth rates in 1984 were 8.5 percent, 7.9 percent, 6.9 percent, 5.8 percent. Compare that to Obama's quarterly economic growth rates this year: 2.0 percent and 1.7 percent.
Obama told the country to be patient and the economy would improve under his infrastructure spending policies. But that hasn't happened and forecasters are predicting growth rates in the 2 percent range at best, far too weak to create the millions of jobs needed to bring unemployment down to 6 percent or less.
Unemployment fell last month, from 8.3 percent to 8.1 percent (it's been over 8 percent for 43 months). But that's because 581,000 workers stopped look for a job and thus were not counted among the unemployed.
To put last month's 96,000 jobs into sharper perspective, the economy must add 377,000 a month, or 13.6 million over the next three years, to shrink unemployment to 6 percent. And that will require economic growth rates in the range of 4 to 5 percent -- levels Obama's anti-growth, anti-capital investment policies cannot produce. Neither now nor ever.
But there is more to Obama's bleak economy than just the shrinking number of available jobs. A devastating list of other statistics, ignored by the nightly news shows, reveal a nation struggling to makes ends meet. Among them:
-- Food stamp use hit a record high this summer, rising to 46.7 million Americans, according to the Agriculture Department. "Too many middle-class families who have fallen on hard times are still struggling," says Agriculture Secretary Tom Vilsack.Median income means that 50 percent earn more than that and 50 percent earn less. The current median income level is 7.2 percent below where it stood in 2007.
-- An unprecedented number of U.S. households were going hungry as they struggled to feed their families in the past year, the USDA reported last week. Nearly 18 million families in 2011, 700,000 more than in 2010, didn't always have enough food to feed themselves on a regular basis. That's more than 50 million people, or about one in six.
-- Household income is down significantly in the last three years. From June 2009 to June 2012, the nation's median household income dropped 4.8 percent to $50,964, according to an independent study by Sentier Research.
Last week's Democratic convention never mentioned any of these and other disturbing economic statistics in the Obama economy, belying their sanctimonious concern for the poor and the middle class who have been hurt most by his harmful policies.
Instead, we got plenty of lame excuses, blame-pointing and a long list of false statistics, and extravagant promises of better days to come, without Obama detailing a specific agenda to deliver the goods.
Clint Eastwood, despite his rambling delivery, said it best at the GOP convention: "When someone isn't doing the job, we've got to let him go." And the sooner Obama goes, the better off our economy will be.
Unemployment Rate May Be Lower For Illegal Immigrants in US Than Nation's Black Citizens | Leah Barkoukis