Tuesday, May 22, 2012

What Recovery?

There's an article at Investors.com which puts the President's rosy economic claims in some perspective:
Just 16 states have seen job growth since President Obama took office, according to state employment data released Friday by the Bureau of Labor Statistics. The remaining states have lost a combined 1.4 million jobs since January 2009.

Even 34 months after the recession officially ended in June 2009, there are still 11 states that have fewer people working now than at the start of the recovery. Meanwhile, 20 states have unemployment rates at or above 8%, including nine with unemployment at 9% or higher, according to the BLS.

Obama has attempted to assuage such concerns by boasting about the "extraordinary progress that we've been able to make," including "4 million jobs created over the last two years." But the nation's workforce is still 5 million smaller than it was at the previous employment peak, set way back in January 2008, BLS data show. At 51 months, it's already the longest jobs recession since the Great Depression, with no end in sight.
There's more at the link. One interesting, an ironic, point is that states which tend to vote Republican have, on average, gained jobs at nearly twice that of states which tend to vote Democratic. In fact, Democratic states ("Blue" states) have had an average job loss of almost 1% since Mr. Obama took office whereas Red states have experienced net job gains.

In other words, what recovery there has been has largely been produced by Republican states. That might tell Mr. Obama and his economic advisors something they should heed.