Sunday, April 01, 2012

Biden Blames High Unemployment on ‘This God-Awful Recession We’ve Inherited’ |

Biden Blames High Unemployment on ‘This God-Awful Recession We’ve Inherited’ |

A look back at what was actually happening is always a good idea. The Blame Bush rhetoric is not going to work any longer. We have history on our side.
During George W. Bush’s first term, unemployment peaked at 6.3 percent in June 2003, according to the Bureau of Labor Statistics. During the election year of 2004, unemployment stayed below 6 percent, peaking that year at 5.8 percent in March.
The highest that unemployment went during George W. Bush’s presidency was 7.8 percent—the level it hit in January 2009, the month Bush handed over the office to Obama. 
After January 2009, when Obama was inaugurated, unemployment has never been lower than 8.3 percent in any month. That is the level unemployment hit in February 2009, Obama’s first full month in the Oval Office. That is also the level it stood at in February 2012--after Obama had been president for three full years. 
Prior to Obama’s presidency, the last time unemployment was as high as 8.0 percent was in January 1984, the year President Reagan sought reelection. In 1984, however, according to the BEA, the U.S. economy was booming, growing at a 7.5 percent pace for the year. From January to November of 2004, unemployment dropped from 8.0 percent to 7.2 percent.


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