Tags: obama | reagan | employment | achievements | vox

Vox: Obama Matches Reagan's Employment Achievements

Image: Vox: Obama Matches Reagan's Employment Achievements

Saturday, 07 Nov 2015 09:47 PM

Friday's positive and hugely surprising jobs numbers not only put the U.S. economy that much closer to full employment, it also set a record that President Barack Obama now shares with former President Ronald Reagan.

On Friday, the Bureau of Labor Statistics reported that the national unemployment rate in October fell to 5 percent, the lowest mark of the Obama presidency. Five percent unemployment means that the nation is on the verge of the 4.9 percent level that the Federal Reserve considers as necessary for "full employment."

Six years ago this week, the bureau reported that unemployment had passed 10 percent -- the first time in over three decades that the US unemployment rate had hit double digits. Some experts, like former Fed Chairman Ben Bernanke, say this Great Recession was actually worse than the Great Depression.

According to the political website Vox, only two presidents in the last 50 years have witnessed such swings that have halved the unemployment rate: Reagan and Obama.

"The quick rise and dramatic fall of the unemployment rate during the Obama years is unusual," Vox reports. "In the past 50 years, there's only been one other president — Ronald Reagan — who saw a bigger swing between high and low unemployment during his terms in office.

"Under Reagan," the website continues, "unemployment peaked at 10.8 percent in December 1982. By his final full month as president, it had fallen to 5.3 percent."

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Friday's positive and hugely surprising jobs numbers not only put the U.S. economy that much closer to full employment, it also set a record that President Barack Obama now shares with former President Ronald Reagan. On Friday, the Bureau of Labor Statistics reported that...
obama, reagan, employment, achievements, vox
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2015-47-07
Saturday, 07 Nov 2015 09:47 PM
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