Yesterday George Will posted an article at National Review Online about the sluggish economic recovery under President Obama. When Ronald Reagan took office in 1981, the unemployment rate was approximately 7.5%. By January 1, 1983, the unemployment rate had risen to 10.4%. By January 1, 1988, the unemployment rate was 5.70%. Presidential economic policies do impact the economy.
The article reminds us:
Ronald Reagan lightened the weight of government as measured by taxation and regulation. Obama has done the opposite. According to the annual “snapshot of the federal regulatory state” compiled by Clyde Wayne Crews Jr. of the Competitive Enterprise Institute, four of the five largest yearly totals of pages in the Federal Register — the record of regulations — have occurred during the Obama administration. The CEI’s delightfully cheeky “unconstitutionality index,” measuring Congress’s excessive delegation of its lawmaking policy, was 51 in 2013. This means Congress passed 72 laws but unelected bureaucrats issued 3,659 regulations.
One of the things that is slowing down the recovery in our consumer-drive economy is the amount of student loan debt. Student loan debt is currently the fastest growing debt–larger than credit-card or auto-loan debt. Another factor is the retirement of the baby boomers.
The article further reports:
In April, the number of persons under 25 in the workforce declined by 484,000. Unsurprisingly, almost one in three (31 percent) persons 18 to 34 are living with their parents, including 25 percent who have jobs.
These are not positive numbers.
The article concludes:
There is, however, something new under the sun. The Pew Research Center reports that Americans 25 to 32 — “Millennials” — constitute the first age cohort since World War II with higher unemployment or a greater portion living in poverty than their parents at this age. But today’s Millennials have the consolation of having the president they wanted.
At some point the Millennials may realize that elections have consequences and that they have voted themselves out of jobs.