Saturday, December 6, 2014


"By any standard I can think of, the Obama-era job recovery has been stronger than the Bush-era job recovery." So writes Professor Krugman, and the graphs are clear enough. But shouldn't some consideration be given to the depth of the trough? A job recovery from 6% unemployment simply has less far to go than a recovery from 10% unemployment. By the time the economy returns to full employment, total job gains will necessarily have been considerably greater, because Obama started much lower.

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