From today’s American Spectator…

In February 2009, I published a commentary in the Wall Street Journal entitled “Reaganomics v. Obamanomics,” which pointed out that President Obama’s economic policies were exactly the opposite of President Reagan’s. I predicted that as a result they would produce exactly the opposite results. Art Laffer has produced a far more sophisticated argument advancing a similar analysis.

But the June unemployment report released last Friday shows an economy doing much worse at this point than even I expected. More than 30 months after the official start of the recession, the economy is still losing jobs, with non-farm payroll employment declining by 125,000 jobs in June. A total of 652,000 workers fled the workforce in June, and therefore were no longer counted as unemployed, which is why the unemployment rate fell from 9.7% to 9.5%. That follows 322,000 who dropped out of the workforce in May, for a total of nearly a million workers dropping out of the labor force in the last two months alone. If those million workers had remained in the workforce looking for work, the unemployment rate would be 10.1%.

Read the entire article here.

Click here for Allan Meltzer’s analysis of Obamanomics, which is mentioned in the above article.