For the seventh time in eight months, non-farm payrolls have grown by over 200,000 jobs. In fact, the economy has produced, on average, about 220,000 jobs per month over the last year. The unemployment rate has fallen below six percent for the first time since 2008. While the stock market has fallen away from its record highs of this summer, it is more than double where it was on Inauguration Day 2009. An investor who bought nearly any equity index on that day has made at least a mid-teens internal rate of return at this point. Inflation remains low, corporate profits continue to achieve new records, the federal deficit continues to fall and America remains a world-wide safe haven for global investors. In spite of the mendacities, obfuscations and denials pumped into cyberspace and over the airwaves by wing-nut bloviators from the ranks of the brainless, the factual record continues to shout ECONOMIC RECOVERY from the precipice of depression and from worldwide capital markets armageddon.
To be sure, recovery has been quite uneven as corporate profits have been distributed primarily to the investor class, to the top level managers who steward their holdings and to financial middle persons. Increasing business productivity and globalization has continued to restrain labor compensation, particularly among the lesser educated and lesser skilled. Unlike previous recoveries, our current expansion remains hampered by the lack of public sector investment in the repair and expansion of our nation's infrastructure, the lack of growth in public sector jobs and the absence of other forms of fiscal stimulus. Imagine where our economy would be if we didn't have a Congress whose sole mission in life was to obstruct progress. That said, only the most braindead, most willfully nescient and most morbidly vacuous of people would deny that we as a nation are far better off than we were at the beginning of President Obama's first term in office. While there are unfortunately far too many of such people, the pages of history will recognize that the Stimulus worked, the auto bailout kept a dire employment situation from getting worse, that Obamacare was a net positive for the American economy and fiscal position and that far from impeding business growth, the Obama Administration actually helped set the stage for growth. Not bad for a socialist, Kenyan, Muslim supposedly hostile to capitalism and the American way of life.