President Barack Obama’s first-term job totals are now in, averaging at just 25,000 jobs per month.
To put that in some historical perspective, President Ronald Reagan, who entered office amid severe economic decline, averaged 111,000 per month throughout his first term. Even one-term President George H.W. Bush managed to average 55,000 jobs a month.
These figures come on the heels of Obama’s announcement last week that he has decided to give his Economic Jobs Council the pink slip, choosing not to renew the panel that was created largely for public relations purposes and met only four times.
Furthermore, last week’s -0.1% GDP report stunned many economic analysts, muddying the future prospects for job creation.
For employment levels to return to what they were in January 2008, the United States will still need to add over 3.2 million jobs.
Last month, another 169,000 Americans dropped out of the workforce. Since January 2012, the number of Americans leaving the U.S. labor force has increased by 1,084,000 individuals. Indeed, throughout Obama’s first term, 8,500,000 fewer Americans were in the work force than were four years ago.
According to the Bureau of Labor Statistics, 89,868,000 Americans no longer work.