Bottom Line: No one feels this economy is going gang busters. Intuitively, Americans know something's wrong.
We econ geeks can spend hundreds of hours on this board throwing around economic statistics, but my guess is the average American/average reader doesn't read threads in the Economy section. It's too wonky.
Oldfart commented that my posts don't sound the way most macroeconomists talk. I can't stand how most macroeconomists talk. Most don't speak in a way that normal Americans can understand. They speak to out-geek the next geek. Just like every econ professor I ever had.
I'd like this to be a thread meant for "normal" Americans - those living out on main street, not Wall Street - who just want to know why they're not feeling optimistic about their economic situations and what can be done about it.
This thread is meant to involve people who want more "intuitive" answers about the economy.
Let's see if we can manage to do that.
Weird after 8 years of Dubya/GOP 'job creator' policies why wasn't the US economy booming?
Bush's economy over his full 8-yr tenure was great compared to that of Obama's 5.5 years. And that's even WITH the fact that Bush had the jolt of 9/11 attacks on the economy to deal with.
After the jolt of the September 11, 2001 attacks, the highest the unemployment rate rose was 6.3% in June, 2003.
This rate seems remarkably low by todays economic standards.
Then the economy calmed down and actually grew, dropping the unemployment rate to the mid 5% range, where it stayed for the next two years.
In fact, the rate was 5.4% in November, 2004 when Bush was reelected.
Really good news came in December, 2005 when the unemployment rate dipped to 4.9% and stayed in the 4% range straight through to November, 2007.
Then in December, 2007 it went to 5.0%, rose slowly and really shot up in August, 2008 to 6.1%. When the economy tanked, the rate blew right through the 6% range ending December, 2008 at 7.3%.
At that point, we were dealing with the financial bubble brought on by very long term conditions contributed to by both Democrats and Republicans. Both parties get blame for that crisis.
But for most of his tenure, Bush provided quality FULL TIME jobs in far greater numbers than has Obama.