Apocalypse Not Now: Just About Everything Is Getting Better
Republicans in particular have become perennial prophets of doom, warning that President Obama’s foreign policies will destroy our standing in the world, that Obamacare will destroy our health care system, that out-of-control spending, growth-killing taxes, and loose monetary policy will turn us into a dystopia of inflation, high interest rates and economic paralysis.
Things are OK. And while you can’t tell from following the news—the press doesn’t like to report on planes that land safely, or seemingly obvious stuff that didn’t happen yesterday—things are getting better. The apocalypse is not nigh.
We are now in the fourth year of a slow but steady recovery. The economy is adding about 200,000 jobs a month, and has added 6.8 million private-sector jobs since the end of the Great Recession. The stock market is at an all-time high, and has almost doubled since Obama took office. The housing market is rebounding. It’s true that 7.5% unemployment is way too high, but it’s better than the double-digit unemployment we had in the wake of the financial meltdown, when the apocalypse really was nigh. The government has even turned a profit on the reviled Wall Street bailouts that ended the meltdown.