Economists have long considered former Republican President Ronald Reagan the best “economic” president. However, information obtained from the Bureau of Labor Statistics (BLS) now indicates that President Barack Obama is outperforming Reagan.
The current unemployment rate of 5.1 percent (August 2015) is the lowest it has been since April, 2008. Labor force participation has also dropped. However, this is due, in part, to population aging (more retired people), and a decrease in ‘prime aged’ workers (ages 25-55).
Bob Deitrick, CEO of Polaris Financial Partners, analyzed the two Presidents in a September 2014 article for forbes.com. Polaris’ investor newsletters have consistently been the best at predicting economic performance when compared to all major investment houses.
As this unemployment chart shows, President Obama’s job creation kept unemployment from peaking at as high a level as President Reagan, and promoted people into the workforce faster than President Reagan.”
“President Obama has achieved a 6.1% unemployment rate in his sixth year, fully one year faster than President Reagan did. At this point in his presidency, President Reagan was still struggling with 7.1% unemployment, and he did not reach into the mid-low 6% range for another full year. So, despite today’s number, the Obama administration has still done considerably better at job creating and reducing unemployment than did the Reagan administration.
From 6.1 percent in September 2014, to 5.1 percent in August 2015. Once again, President Obama is proven to be a leader who gets things done for the American people, despite the best efforts of Republican obstructionists.
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