How has the U.S. economy done in the 12 months since Seal Team 6 double-tapped OBL? I size up the data in my New York Post column:
… the economy has grown just 2.1 percent. With growth so miserably slow, it’s no wonder worker take-home pay, adjusted for rising prices, has been flat over the last 12 months. (And over the last two years, for that matter.)
Sure, the unemployment rate has dipped to 8.2 percent today from 9 percent back then. But that’s only because Washington number-crunchers quit counting some 1 million unemployed Americans who’ve finally called off their job hunts. If the official size of the labor force was the same as in May 2011, the unemployment rate would be 8.8 percent.
Consider: In the 11 quarters of the spending-led Obama Recovery, the economy has grown 7 percent total, creating 3.9 million jobs. Unfortunately, if we’re going to restore the job market to the state it was in back in 2007, before the financial crisis, it will require the creation of 14.8 million jobs in today’s terms, according to JPMorgan. A daunting task to say the least.
Oh, by the way, during the first 11 quarters of the tax-cut-led Reagan Recovery of the 1980s, the economy grew 18 percent, more than twice as much as during the Obama Recovery, creating a whopping 9.4 million jobs.