Paul Ryan: Obama's Economic 'Experiment' has Failed

Wisconsin Congressman Paul Ryan has an interesting op-ed piece out in which he says that President Obama's attempts to change the economy have failed:

The May jobs report was yet another reminder that the government-knows-best crowd got it wrong. When he came into office, the president’s economic team predicted that a stimulus bill of unprecedented size and scope would hold unemployment below 8 percent and steadily lower it to 7 percent by the first quarter of this fiscal year.

These estimates weren’t just off by a little bit – they completely missed the mark. The jobless rate went all the way up to 10.1 percent, never fell below 8.8 percent, and has now ticked back up to 9.1 percent. Private-sector hiring continues to stagnate. The cost of gas and groceries continues to rise. And the national debt continues to climb, casting a long shadow over economic activity and job creation.

This recovery pales in comparison to past, private-sector-led recoveries. Unemployment today has fallen by just 1 percentage point from its recessionary peak. By contrast, unemployment at the same point in the past ten recoveries dropped by an average of 5 percentage points in past recoveries. The dismal jobs record underscores the fact that the Great Recession is far from over for millions of American families.

Nice.

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