Three years ago, the Obama administration predicted that its trillion-dollar “stimulus” program would keep the unemployment rate below eight percent and lead to a thriving economy.
But the March job report from the Bureau of Labor Statistics was a bleak reminder of unrealized dreams. The figures showed an increase in employment, but the new-jobs numbers still fell 80,000 short of expectations. And the unemployment rate remains stubbornly above eight percent.
Heritage Foundation economist Rea Hederman comments on the disappointing report:
While the labor market has continued to improve, the state of the recovery is troubling and disappointing. Many workers simply have not re-entered the labor market, and as a result, the unemployment rate’s decline conceals the overall weakness. While jobs were added in March, job growth was much slower than earlier in the year, which indicates that a truly robust recovery has not yet taken hold.
What do you think? Is the economy recovering?