Newsletter subscribe

Politics

Obama “recovery” weakest of any in the world since 1970

Posted: August 2, 2012 at 4:10 am   /   by

JPMorgan

In a new research note, JPMorgan points out that since 1970, Japan, Finland and Sweden have all gone through what the U.S. is currently going through. And all three of them had recoveries stronger than America’s. The above chart compares the economic recovery — as measured by real GDP per capita — of each nation at different points after the trough of their recessions. And the U.S. is in dead last after 12 quarters from the bottom.

That this has been an historically slow recovery has been pointed out in many quarters, including numerous times in these pages. But in most cases, we have been comparing this recovery to other recoveries in the U.S. Here, however, the comparison is being made to how other countries are faring after having gone through the same downturn.

No, not every single aspect is the same. And I am sure Obama will have some excuse for why this situation was different, how much more terrible what he INHERITED was, and how it’s the obstructionist Republicans’ fault that we haven’t recovered.

But at some point, the American people tend to get fed up with excuses.

Christopher Cook
Connect!

Christopher Cook

Managing Editor at Western Free Press
Christopher Cook is a writer, editor, and political commentator. He is the president of Castleraine, Inc., a consulting firm providing a diverse array of services to corporate, public policy, and not-for-profit clients.

Ardently devoted to the cause of human freedom, he has worked at the confluence of politics, activism, and public policy for more than a decade. He co-wrote a ten-part series of video shorts on economics, and has film credits as a researcher on 11 political documentaries, including Citizens United's notorious film on Hillary Clinton that became the subject of a landmark Supreme Court decision. He is the founder of several activist endeavors, including AnyStreet.org (now a part of Western Free Press) and Liberatchik.com. He is currently the managing editor of and principal contributor to WesternFreePress.com.
Christopher Cook
Connect!

Obama "recovery" weakest of any in the world since 1970