Still Recovering From Republican Mistakes
The most recent job report, for May 2014, is quite positive and most encouraging as it confirms that during the aforementioned period, U.S. employers have added no fewer than 217,000 private sector jobs, which marks 51 consecutive months of private-sector job growth during which time 8.7 million such jobs have been created, which indicates that our economy has now essentially regained the number of jobs lost during the Great Recession.
In addition, the stock market is presently enjoying unparalleled levels of success, virtually doubling its performance under President George W. Bush, which serves as another significant positive indicator that our economy is, without question, on the rebound.
What is most encouraging is our domestic auto industry, which had been revitalized by President Obama and congressional Democrats, as indicated by the dramatic increase in the sale of American-made vehicles of late, as well as the steady increase of jobs in the manufacturing sector.
The U.S. has now added more than 200,000 jobs per month for four consecutive months for the first time since 1999, and our unemployment rate is now at a five-year low – 6.3 percent.
All this in spite of Republican obstructionism and negativity, as for strategic purposes the Grand Old Party continues to place politics over the economic well-being of our great nation.
Republican President George W. Bush and his party loyalists were the chief architects of the Great Recession, as a result of irresponsible fiscal policies, which included the waging of costly foreign wars while incredibly granting all wage earners an inexplicable and unpaid-for tax cut, which cost our economy $6 trillion which we have yet to significantly recoup.
The Republican economic theory of supply side or “trickle-down” economics of providing untold advantages to the wealthy, with the thought that prosperity would eventually “trickle down” to working Americans simply does not work and is counterproductive, and as such has led us into the Great Depression and our recent Great Recession, from which we are systematically continuing to fully recover.