Growing from the Middle Out: U.S. Jobs and the Economy in Obama’s Second Term
The US economy has made a remarkable turnaround from the depths of the ‘Great Recession’, moving from losing 800,000 jobs per month in the winter of 2009, to adding over 150,000 per month over a two-year period.
This shift from massive job losses to steady job gains occurred because of the decisive actions of policymakers who implemented a combination of monetary and fiscal policies in 2008 and 2009.
But while the economy has been in recovery since June 2009, the level of output continues to be significantly below potential, and as a result unemployment, especially long-term unemployment, remains unacceptably high. The best starting point would be a focus on growing the economy ‘from the middle out’, in Obama’s own words.
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