The labor participation rate is 63.3 percent, the lowest it has been since 1979. The year after that was the year the nation rejected Jimmy Carter in a landslide for a President named Reagan, who offered a way out of the malaise. Yet today we accept high unemployment and snail’s-pace growth in part because Reagan’s party continues to be outmaneuvered by a President constitutionally incapable of governing, but born to campaign.
This is not the Bush economy. It is, as Obama said it would be by now, the Obama economy. And it is a dreadful one. Under him, it is likely to remain that way for years to come.