As the economy has reopened in the wake of the pandemic lockdowns, we’ve seen significant job growth (though it could have been better). Of course, Joe Biden anxiously awaits the moment to jump in front of the media to take credit for the jobs created on his watch.
But the latest jobs report shows that the recovery Biden is trying to taking credit for appears to be emulating the so-called Obama “recovery.”
Obama likely owed his election in 2008 to the global economic recession, which he blamed on George W. Bush and the Republicans. He claimed he could fix the recession, and his first term was defined by a series of economic policies designed to get the economy back on track. They failed. Remember the failed American Recovery and Reinvestment Act of 2009 and Cash for Clunkers?
The recovery Obama promised never really came. Eventually, the economy hobbled towards recovery–despite Obama’s economic policies, not because of them. In fact, the unemployment rate was driven down only because of a decline in labor force participation, which typically increases during a recovery.