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Obama’s Dismal Record on Jobs, Explained with Common Sense

Arley2 Wrote: Jan 17, 2013 2:24 PM
Bush didn't put us in a hole. It is true that Bush spent too much money and that some of the bailouts started with him, but recession have always occurred no matter who is in the White House. If the Bush Administration and the Obama Ad ministration could have restrained themselves from interfering with the economy, the chances are excellent that the recession would have been "V": shaped (that is to say sharp down, quick up turn) as most recessions have been historically.k The problem arrives when the Federal government see fit to "solve" a problem. Obama has tried to use te same approach as FDR (dramatically increase Federal spending). It didn't work for FDR and it isn't working for Obama.

Economists may not agree on much, but we all agree that economic output is a function of capital and labor. Ask a Keynesian, a Marxist, an Austrian, a monetarist, or any economist, and they’ll all agree that living standards are determined by the quality and quantity of these two factors of production.

So it should be very worrisome that there has been a big drop in the share of the population that is employed. Here’s a chart produced from Bureau of Labor Statistics data, showing labor force participation during the 21st Century.