Obama Has Created The Worst Jobs Disaster In U.S. History
And the numbers aren’t even close.
When Barack Obama took office in January 2009, the percentage of American who had jobs or were actively seeking jobs was 65.7%. That figure has plummeted like never before on Obama’s watch.
This jobs metric—the labor force participation rate—is the real picture of America’s economy. The preposterously low unemployment rate is achieved simply by refusing to count the vast majority of 94 million Americans who aren’t in the labor force as “unemployed.”
Under the far superior labor force participation rate, which is based on the entire working age population (rather than the two-thirds politicians show you), Obama is by far the worst thing that ever happened to Americans’ job prospects.
Instead of focusing on jobs, Obama allowed the Federal Reserve to run hog wild in an all-out effort to prop up bankrupt too-big-to-fail financial institutions, quadrupling the monetary base since 2009. All of that money went to Wall Street and its foreign counterpart banks.
The graph above shows how the 12 presidents rank since the Bureau of Labor and Statistics starting tracking the labor force participation rate in 1948. What’s astonishing is that the above graph vastly understates the corrosion in job prospects for Americans, as we shall see in a forthcoming companion post.