June 1, 2016 | News Releases on
Obama in Elkhart: President’s Economic Legacy Nothing to Brag About
President Obama makes a “legacy tour” visit to Elkhart, Ind. today to tout the success of his economic policy. But Heritage Foundation economist James Sherk
notes that the president’s economic legacy is not as shiny as he would have everyone believe.
“While the president is spinning his economic legacy, perhaps he can pause to explain to the people of Elkhart and to the rest of America why the labor market went through the slowest recovery of the post-war era under his watch,” Sherk said. “In fact, the labor market has taken significantly longer to recover than the administration itself predicted it would take if Congress had passed NONE of his economic reforms.”
Even seven years in, the labor market is still sub-par, Sherk noted. “Labor force participation remains well below pre-recession levels, and participation rates for prime-aged workers have yet to recover,” he said. “Furthermore, the average duration of unemployment remains stuck at 29 weeks – nearly double the average length of time workers spent unemployed in the two decades preceding the recession. Surely that’s not a legacy any president should be proud of.”