By Stephen Moore
Poor Barbra Streisand. Just last month the renowned economist (who also describes herself as a “singer,” “actress,” and “activist”) penned an opinion piece titled “Have You Heard the Good News?” about how well the economy is performing under Barack Obama. It was a pep rally of sorts, and all that was missing were the pom-poms. “President Obama’s administration, with only opposition from the Republicans,” she gushed, “has steadily helped put more than 11 million Americans back to work in the private sector.”
Then two days later the dismal jobs report for March was released. Bad timing, for sure.
The statistic Streisand failed to mention was 6.6 million jobs. This is the deficit of payroll increases compared with the number at this point—five and a half years in, roughly the same duration of the Obama administration to date—in the Reagan administration, which oversaw the recovery of the 1980s. Where are those jobs? Yes, we’ve created 11 million jobs, but that number should be closer to 18 million. Of course, this gap of 6.6 million is even more startling when we take into consideration the population increase over the past 30 years. The jobs boom under Reagan dwarfs the meager Obama recovery even though Obama started with a jobs base nearly 50 percent higher! Read More..