Demonrats think the American people are stupid. The White House and a top congressional leader argued today that the economy is better today than when Obama and the Dems took control of the White House and Congress.
“I think by virtually any measure, our economy is a better place than it was two years ago,” White House press secretary Robert Gibbs said at his daily briefing. For his part, during an appearance on CNN, Rep. Chris Van Hollen (D-Md.), the chairman of House Democrats’ campaign committee, said “We’re a lot better off than we were 18 months ago.”
The graph below shows otherwise:
The graph shows how the Obama recession compares with past U.S. recessions in job losses measured in percentage terms (as opposed to the number of jobs lost).
This recession is by far the worst recession since WWII in percentage terms, and 2nd worst in terms of the unemployment rate (only early ’80s recession with a peak of 10.8% was worse).
In the Obama recession, employment peaked in December 2007. The dotted line is ex-Census hiring. The two lines have almost joined since the decennial Census hiring is almost over.
[Source: Calculated Risk]