After President Obama’s out-of-context comment, “The private sector is doing fine.” caused a stir across the politcal spectrum on Friday, fact checkers and economic experts began assessing its accuracy. While it is very true there is a long way to go before we reach pre-recession status, the current state of the private sector is quite positive, especially when it compares to the public sector which has suffered from austerity measures imposed at local and state levels.
So what has happened with the private sector under the Obama Administration?
From Business Insider:
First, after tax corporate profits have never been higher.
New record for corporate profits as a share of GDP
As profits increase so are investments.
Private sector may be off from its old highs there is little doubt it is coming back.
Private sector has been adding jobs steadily since the end of Obama’s first year & there are today more jobs than before Obama took office.
For the full set of figures and to see how the public sector has faired click here.
*FRED stands for Federal Reserve Economic Data