The current recession is the worst since the end of World War Two. But it comes following a 10-year period which saw the worst U.S. economic performance since the 1930s. And notice when job growth is at or slightly low the break-even point, that doesn’t mean the economy is standing still; it means we’re falling behind. Just to keep up with the population increase, we need to add 100,000 jobs a month. To make up for jobs lost, we need to add 300,000 jobs a month. Even if President Obama were Lyndon Johnson and Franklin D. Roosevelt rolled into one, it is hard to see where that job growth would be coming from.
Rebuilding the U.S. economy is possible, but it will take a long, tough slog to do it. The first step is to realize we have a problem that is going to take more than putting things back the way they were before the current recession.