President Obama took to the national stage today and again repeated his claims that administration policies are producing a robust economic recovery. However, public opinion polls and recent election results underscore a very different perception: working Americans see an economy still deeply depressed in key sectors and much slower everywhere than it should be. In short, according to the perception at least, the president’s policies have not turned the economy around as fast they expect.
So who are you going to believe, the President or your lying eyes? Where are we today compared to the other, big recession of the post World War II period, the early 1980s? One way to answer that important question is to compare the two recessions calendar quarter by calendar quarter. At its worst point, or seven quarters after the start of the recession in 1981, the economy was just as weak as the worst days of the recent recession.