Job growth, despite the published unemployment number, falls far short by historical standards. In September of 2015 the private sector added only 118,000 jobs. The revision, which should be a higher number, will be very telling.
The most comprehensive unemployment measure, called U-6, includes marginally attached workers—those who have recently looked for work but are not currently looking—and those working part time but who would prefer full-time work. U-6 is always higher than U-3, but it has gotten a lot higher since the recession, and the gap has hardly changed over the past year.
Today the number of long-term unemployed people is still almost as high as its highest prerecession level on record. There are still nearly 2.1 million Americans who have been unemployed for half a year or longer and are still actively searching for work. Nearly 26.6 percent of all unemployed workers fall into this long-term unemployed category.
Economic growth remains slow by historical standards. Slow employment growth has caused slack in the labor market, thereby leading to stagnation in real wage growth. A major reason that real wage growth remains stagnant is because the recovery has come with stronger employment growth in low-wage industries. Jobs in low-wage industries—such as accommodation and food services, temporary help services, retail trade, and long-term health care, account for nearly two-fifths of all new jobs added since the labor market bottomed out in February 2010.
We hear many excuses as to why this recovery is so weak. If we will take a look at the recovery under Reagan, the reasons are obvious. Reagan cut taxes. Obama has increased taxes and placed other financial burdens on business as well as individuals. Reagan cut back on regulations. Obama has increased regulations in every business sector as well as on individuals. Reagan not only called himself a capitalist, but believed in capitalism and acted accordingly. Reagan also advocated for the individual, understanding great nations and robust economies are built on the backs of individuals. Obama, has called himself a capitalist, but has advocated Marxism in all his actions. Obama also believes in community (communism) and believes nations and economies are built on big government. Compare the results and then determine if you want the “hope and change” of transformation Obama promised. It is failing and has failed for all that have implemented Marxist policies.