Who, in their wildest dreams, could imagine that this jobs recovery is better than the Bush 2001 recovery that was augmented with two wars worth of unmitigated spending, trickle-down supercharging tax cuts, and free money for real estate? Maybe Condi could. Or maybe the Fed is now using those rigged climate models for its statistics.
What we clearly see is that, from a trough-to-date perspective, we’re tracking almost spot-on with the 1991 recovery and, yes, ahead of the Bush Boom recovery. Of course, lest I get skewered, this is not at all to say that I find this recovery in any way satisfactory. It is not. However, as I’ve said many times, if anything was really different this time it was the depths to which we plumbed, not necessarily the pace of the recovery. This chart supports that thesis.