“The best 12 months” for job creation “in the post-war period”, reports economist Danielle Hall, “were September 1983 to August 1984 when 4.9 million jobs were added.” In September 1983 alone, “the US economy under President Reagan created 1.1 million jobs.” Keep that figure in mind when you hear the media trumpet the latest employment figures. In the past five months, the US economy under President Obama created fewer jobs than the economy under Ronald Reagan did in the ninth month of the third year of his presidency.
That said, the employment numbers are reasonably good, if not enough to keep pace with the administration’s projections in promoting the “stimulus” or to keep pace with a population growth. (That link via Instapundit.)
That stimulus, in fact, has helped push our our debt and deficit to all time highs. (Last link also via Insta.) Yesterday, Jim Geraghty reported that, “The total U.S. public debt will probably hit $15.5 trillion today“, finding further that it increased by $4,872,146,580,769.36 since Barack Obama took office. “For comparison,” he noted, “the national debt increased $4.9 trillion — $4,899,100,310,608.44, to be precise — during the eight-year presidency of George W. Bush”:
In other words, when the debt increases another $27 billion — $26,953,729,839.08 — Obama will have run up as much debt in three years and a couple of months as Bush ran up in eight years. Obama will reach that milestone in a few days. (Back in August, I predicted Obama would hit this milestone on the Ides of March.)
On that score, he was more prescient that yours truly who contended we would reach that milestone well before Memorial Day, now more than two months hence.