Mark Skousen, the editor of Forecasts and Strategies, and the proprietor of FreedomFest (where I’ll be speaking on multiple topics this July) sent me the above graph, highlighting just how very jobless this recovery has been, even compared to what we saw after the severe recession of 1981. (There’s been nothing nearly as bad in the intervening three decades.)
What accounts for the difference? The glib answer is “Obama versus Reagan”, but there are plenty of alternative stories. I find some of those stories more convincing than others, but the one thing I’m sure of is that I haven’t put in the kind of hard thought or careful study that entitles me to a strong opinion. I’d be interested, though, in hearing what you guys think.