You know those stories that you hear from the GOP about lackluster job growth because of President Obama? Surprise surprise, they’re wrong. A report released on Monday, designed by the White House economics team, revealed that the United States recovered much faster from the recession than the GOP would like you to think – faster than just about any other country than Germany.
According to the report, the United States is just one of two countries that have returned to pre-crises GDP levels, when the United States is compared to Western and Southern Europe, and the Ukraine. The report goes on to say that Obama’s stimulus package, saved and created an estimated 6 million “job-years,” which is defined as a full-time job for one year.
There were a number of other things that helped keep the GDP high; the extension of unemployment benefits, bailing out the big automobile companies, investments in social safety nets that kept millions out of poverty, and tax cuts like the payroll tax cut that helped to improve business investment. The only other country mentioned in the report that matched the United States recovery was Germany, which is a strong economy itself, and a major economic motor of the European Union.
You’ll note that a number of other countries listed are also on the verge of recovery. France, the other economic engine of the European Union, is hovering right at sea level. Portugal, the Netherlands, and Ireland are also on the uptick. On the flip side of this issue, Greece remains in a state of economic apocalypse.
So why does it still seem like the recession is lingering in certain parts of the country? You can blame this on the people who still think that supply-side economics work. They want the money to go to the “job creators,” and as we’ve seen, giving money to the wealthy doesn’t generate anything other than massive economic inequality.
Things are improving, and they’ll improve faster once we get regulate Voodoo economics, supply-side economics, and free market fundamentalism to the dustbin of History’s Bad Ideas, right beside their forebearers – feudalism and mercantilism.