Peter Ferrara
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With a second term for Obama, the world-leading America we have known and hoped to leave to our children will be gone. Last Friday's jobs report confirms that Obama is well on his way to transforming America into a third world country, with declining living standards and perpetual economic stagnation.

Argentina enjoyed the world's fourth highest per capita GDP in 1929, on par with America at the time. But then the nation lost its way in embracing a leftist, union allied government, which took control of the economy and imposed wildly irresponsible taxes, spending, deficits, and debt. After World War II, the hugely popular Juan Peron came to power and institutionalized the madness. It has been all downhill for Argentina ever since. Do you recognize the pattern?

Today, Argentina ranks 53rd in the world in per capita GDP, according to the International Monetary Fund, 57th in the CIA World Factbook, at a level less than one third that of America. But its national debt at 51% of GDP is actually less than that of the United States under the Obama administration, where we are rocketing towards 100% of GDP by the end of this year, and 200% in 25 years, according to CBO.

The Worst Economic Recovery Since the Great Depression: Confirmed Last Friday's jobs report indicated the most commonly cited U3 unemployment rate remains stuck at 8.2%. That makes 41 straight months of unemployment over 8%, which the Joint Economic Committee of Congress confirms is the worst recovery from a recession since the Great Depression almost 75 years ago. The total number of Americans unemployed actually rose over the last 3 months by 76,000, 54 months after the recession started, and 3 years after it was supposedly over. Since the Great Depression, and before this last recession, recessions in America have lasted 10 months on average, with the longest previously lasting 16 months.

Indeed, the last time before Obama that unemployment was even over 8% was December 1983, when Reaganomics was bringing it down from the Keynesian fiasco of the 1970s. It didn't climb back above that level for 25 years, a generation, which is a measure of the spectacular success of Reaganomics. That success was centrally based on reducing tax rates, which our ignorant Marxist President says was tried but didn't work.

Moreover, Obama's June unemployment rate was not much, much higher only because over 7.2 million working people have given up even looking for work as a hopeless waste of time under President Obama, so they are not counted as unemployed in the U3 unemployment rate. Including these workers, who still exist and still do not have jobs, the unemployment rate would be 11%.

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Peter Ferrara

Peter Ferrara is General Counsel for the American Civil Rights Union, a Senior Fellow at the Carleson Center for Public Policy and a senior fellow at the National Center for Policy Analysis.