The Worst Recovery Ever; Investor's Business Daily (IBD) Published an Editorial on New Year's Eve Titled "Sorry, This Is Still the Worst Economic Recovery Ever." Its Claim Was Supported with Two Statistics -- Median Household Income and Real Gross Domestic Product Growth. [Derived Headline]

By Walters, Tim | Tribune-Review/Pittsburgh Tribune-Review, January 8, 2016 | Go to article overview

The Worst Recovery Ever; Investor's Business Daily (IBD) Published an Editorial on New Year's Eve Titled "Sorry, This Is Still the Worst Economic Recovery Ever." Its Claim Was Supported with Two Statistics -- Median Household Income and Real Gross Domestic Product Growth. [Derived Headline]


Walters, Tim, Tribune-Review/Pittsburgh Tribune-Review


Investor's Business Daily (IBD) published an editorial on New Year's Eve titled "Sorry, This is Still the Worst Economic Recovery Ever." Its claim was supported with two statistics -- median household income and real gross domestic product growth.

Accordingly, median household income has remained flat since 2007 -- stuck at $56,700. Most every Joe Six-Pack would agree that working eight years without a raise definitely is not progress.

The financial paper also compares six-year GDP data for recent recoveries. The current recovery -- GDP growth of 14.3 percent -- falls far below the GDP growth average of 27 percent for all recoveries since 1960.

Many opinion articles cherry-pick data to support their positions, so I consulted data from the Bureau of Labor Statistics (BLS) to do some additional research and form my own opinion.

I analyzed employment data from the four most recent economic recoveries and agree with the conclusions of IBD.

For easy identification, I labeled the four recoveries that I studied: Reagan recovery (1982-1990), Clinton recovery (1991-2001), Bush recovery (2002-07) and Obama recovery (2009-current).

Let's start with peak unemployment, an indication of recession severity. BLS data shows the peak unemployment for each recession as: Reagan (10.8 percent), Obama (10 percent), Clinton (7.8 percent) and Bush (6.3 percent). Clearly, the Reagan recovery started out in the largest hole with the Obama recovery not far behind.

Next, we look at the lowest unemployment achieved to gauge recovery strength. BLS data for the lowest unemployment rate during each recovery shows: Clinton (3. …

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The Worst Recovery Ever; Investor's Business Daily (IBD) Published an Editorial on New Year's Eve Titled "Sorry, This Is Still the Worst Economic Recovery Ever." Its Claim Was Supported with Two Statistics -- Median Household Income and Real Gross Domestic Product Growth. [Derived Headline]
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