Obama Facing a ‘Reagan Moment’ Lest America Enter a Long Decline
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
No sooner had President Obama shocked the political world with a gloomy economic forecast — projecting 9.1% unemployment for this year and a reelection-killing 9% for 2012 — than the dismal August jobs report arrived showing no gain in nonfarm payrolls. That’s right, no gain at all. Private jobs increased a scant 17,000, while hours worked and wages actually declined. Mr. Obama’s economic policies have failed.
Are we on the front end of yet another recession? This report alone suggests that we could be, although other data points disagree. But on the eve of the president’s so-called jobs speech, there’s a much bigger question here: Has America entered into long-term economic decline?
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