By Akash Chougule
The Congressional Budget Office (CBO) yesterday released yet another report critical of President Obama’s policy agenda. The brief statement from the nonpartisan agency concluded that the recovery of the American economy from the recession has been slow, partial, and inconsistent. The agency also stated that this recovery has paled in comparison to its four previous predecessors. These trends exist despite the fact that President Obama’s $787 billion stimulus package turned five years old earlier this month – a testament to its lack of effectiveness.
Despite the billions of dollars poured into attempted government-induced growth, the employment picture remains extremely bleak. Employment has risen “sluggishly,” according to the agency, and much slower than in the four previous economic recoveries the nation has endured. Furthermore, CBO acknowledged that the drop in unemployment rate has been largely thanks to declining labor force participation rate, which recently hit its lowest point since the 1970s – when women were not in the workforce.
Despite the fact that an “unusually large number of people” have stopped looking for work, the most concerning aspect of the CBO report was on long-term unemployment. The percentage of the labor force that has been out of work for more than 26 weeks remains “extraordinarily high.”
The latest CBO report is the final one in a month that has seen several extremely critical assessments of Obama administration policy. From Obamacare incentives against work to proposed minimum wage hikes, the President’s agenda is making it more difficult to put America back to work. As a result, GDP has recovered less than half of its potential maximum sustainable level, yet the number of people receiving food stamps continues to shatter its own all-time record.
Frustration is mounting from Americans around the country and across the political spectrum, who rightfully demand better from their elected leaders. It is high time Washington, DC listens and acknowledges that the current direction is failing, and moves forward on effective limited government reforms that will repair our damaged economy and the well-being of millions of people dependent on it.