When it comes to middle-class recovery, there is no “there” there for this administration — nor is there any “there” in sight. The ongoing recovery, if it can be called that, is the weakest comeback in recent history. It is a jobless recovery in which median household income has fallen nearly as much as it did during the actual financial crisis and recession of 2008 and 2009.
The administration’s defenders continue to blame George W. Bush. As Madeleine Albright recently put it, they will keep blaming him “forever.”
But nearly four years into the current administration, this excuse just doesn’t fly anymore. The Obama team has had plenty of time. This is the same administration that passed the American Recovery and Reinvestment Act (the stimulus bill), and whose economic wizards promised that the package would drive unemployment down below 6 percent today.
Two years ago, the administration was already claiming it had turned the economy around. Biden spearheaded the administration’s 2010 “Recovery Summer” push, telling reporters: “We have turned this economy around. Instead of falling off the abyss, it is on firm ground. It is heading in the right direction. And every aspect of the economy is growing.”