Thursday, August 2, 2012

Obama Wins The Gold For Worst Economic Recovery Ever

Louis Woodhill, writing for Forbes, contends that if mismanaging an economic recovery were an Olympic event, Old Jug Ears would be standing on the middle platform right now, accepting the gold medal.

Woodhill did not refer to the current occupant of the Oval Office as Old Jug Ears, of course, that’s my pejorative.  Nevertheless, Woodhill continues, “Deep recessions are supposed to be followed by strong recoveries, but under Obama, the worst recession since the 1930s has been followed by the slowest economic recovery in the history of the republic.  In a very real sense, there has been no recovery at all—things are still getting worse.”

Woodhill educates us in his piece by making comparisons in total employment growth, unemployment rate reduction, per capita GDP growth, change in the Real Dow and change in real produced assets with Bush 43, the Bush 41 - Clinton team and Ronald Reagan.
"During the first full year of Obama’s economic recovery (2010), real produced assets actually fell by 1.41%.  This is the biggest drop during the 60 years for which data is available.  It is also the only decline ever observed during an economic recovery."
"We should all be proud that Barack Obama has won the Olympic gold medal in the “Worst First Three Years of Economic Recovery” event, and reward him accordingly in November."
From your lips to God’s ears, Mr. Woodhill.


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