The Obama Economic Decline
One reflection of the Obama economic decline was the stark drop in labor participation rate over the 8 years of the Obama presidency. Under Obama, Americans exhausted themselves in the search for opportunity, and millions of them simply gave up. This is why the official “unemployment rates” gave a deceptively mild impression of the US employment picture under Obama.
Although the unemployment rate declined between 2008 and 2016, had the labor-force-participation rate in 2016 been at its 2008 level, the unemployment rate would have been far higher. People simply dropped out of the labor force. The unemployment rate is measured as a share of people in the labor force, so when unemployed people drop out of the labor force, the unemployment rate drops — but the employment-to-population ratio does not. __ Source
Since the 2016 US national elections, public and business optimism have risen — as have the labor participation rates.
Reversing Obama’s Economic Curse
Obama embraced the stagnating policies of a proto-socialist economy and regulatory/taxation scheme. As a result, the US economy stagnated, entrepreneurs had fewer opportunities, and workers had to search long and hard for the jobs that would have been readily available under a different bureaucratic regime.
Under Trump, paradoxically even the population groups which rejected the Donald wholesale at the polls have benefited in the job markets (see table above).
Since then, unemployed people have reentered the labor force — driving labor-force participation up in virtually all groups. The difference is that many of those people have found jobs. The unemployment rate rose in June only because more people rejoined the labor force. (The only exception is white males, where the employment rate held steady.) __ Source
Obama’s Curse Hurt the US Across All Sectors and Spheres
Socialist stagnation in the age of postmodernism hurts every aspect of a society — from its economy to its education to its culture to its future goals and aspirations. The Obama path was a dead-end road, which was clear to the brighter and more observant contingent of observers from 2008 onward. Tying an entire society up in chains of regulations designed to suffocate free thought, free enterprise, and freedom of association and action, is no way to bring about prosperity and expansive innovation.
The biggest win for the US in 2016 was the defeat of Hillary Clinton in a tacit rebuke to the Obama dead-end path. That was a lucky strike in itself — but even more, Trump has proven himself to be a remarkably clear headed manager of ground-level economic activity. The US president seems to intuit the nuts and bolts of the bureaucratic policies that need tweaking, adjusting, and abolishing outright.
Hope for the Best. Prepare for the Worst
There is no such thing as clear sailing ahead for the seas which Barack Obama (and Bush and Clinton and Bush) prepared for the future of the US. We should expect storm after storm after storm.
Many highly influential billionaires in the US and abroad were able to profit handsomely from the Obama policies, even as the US people languished. These billionaires and their lackeys in the media would like a return to those halcion days of corruption.
For US workers, the best bet is to make yourself multi-competent in ways that cannot be easily outsourced to low wage countries. Develop practical skills of both high tech and low tech varieties, in order to be prepared for several eventualities.
It is never too late for a Dangerous Childhood © .