Reagan's Growth Lesson for Obama

The U.S. economy is plainly in trouble, and has been throughout this two-year-old "recovery."  Second-quarter growth was revised downward to 1.0%, after 0.4% in the first quarter.  The Labor Department says zero net jobs were created in August, and 57,000 fewer in June and July than earlier reported; unemployment stands at 9.1%, but would be 11.4% if the labor force headcount as of January 20, 2009 (President Obama's inauguration) were still extant, and more than 16% if discouraged and underemployed part-time workers were included.  The University of Michigan's end-of-August monthly Consumer Sentiment Survey is now at its lowest level since November 2008 -- not a good month, as readers here recall -- and over 6.2 million Americans have now been unemployed for six months or more, the largest percentage of the unemployed since World War II.  This is of course emotionally demoralizing and terribly detrimental to skills.  Perhaps the most disturbing data point of...(Read Full Article)

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