The Middle Class continues to struggle under Obama’s misguided economic policies.
Following is an analysis, prepared by the Senate Finance Committee Minority Staff, on the Obama economy:
WEAK JOB MARKETS:
When President Obama came into office, the national unemployment rate was 7.8 percent and rose to as high as 10 percent in October 2009. Today it is 5.9 percent, however:
The number of people who are not in the labor force has grown, despite a growing working-age population, by 12.1 million.
The number of people who are not in the labor force who want a job has grown by more than 640,000 during the Obama Administration. Many simply gave up on trying to find a job in the Obama economy.
The employment-to-population ratio has remained consistently below 60 percent during Obama’s tenure and has barely budged and has been at 59.0 percent since June of 2014; in contrast, the ratio averaged 62.9 percent between the beginning of the year 2000 through when Obama assumed office.
The labor force participation rate has continued to trend downward during Obama’s tenure, from 65.7 percent when he took office to its current low of 62.7 percent.
Payroll job growth has been tepid over Obama’s tenure: it has averaged only 135,000 per month since the end of the recession.
While over 7.4 million payroll jobs were lost during the recession, there has only been a net 4.7 million jobs created over Obama’s tenure.