The July jobs numbers were good. According to the Bureau of Labor Statistics, total nonfarm payroll employment increased by 209,000. The unemployment rate remained at 6.2 percent—not great, but the best that it’s been since 2008.
The Obama Administration hopes that you appreciate those numbers. We are recovering from the Great Recession, which officially ended in 2009. But the odds are that you don’t. Half of Americans believe that we’re still stuck in the Great Recession.
It’s been said that a recession is when my neighbor loses his job; a depression is when I lose mine. Economists define these things in terms of GDP—Gross Domestic Product, or the total value of goods and services produced in our country after deducting the value of imports. But if GDP is growing and my income is stagnant or falling, what do I care about GDP? From my perspective, the economy is still bad.
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