Conánn FitzPatrick

Are You Better Off Now Than You Were Eight Years Ago?

30 September, 2008 - 07:39 — conann

The table below updates Reagan's question by comparing the state of the economy in 2000 and 2008. We use 25 indicators of economic well-being and economic performance and find that 23 of the 25 indicators are worse in 2008 than they were in 2000. Click here for a list of the sources used.

Economic Indicator	2000	2008
Unemployment rate	4.0%	6.1%
Inflation rate	3.3%	5.4%
Job Growth (preceding 8 years)
Total nonfarm employment	21.4%	4.3%
Private sector employment	23.6%	3.6%
Manufacturing employment	2.9%	-22.2%
Employment rate (% of population)
All, age 16 and older	64.4%	62.6%
Men, age 16 and older	71.9%	69.1%
Women, age 16 and older	57.5%	56.5%
Real wage growth (preceding 8 years)	8.2%	1.8%
Minimum wage (July 2008$)	$6.58	$6.55
Family income
Median, 2007$	$61,083	$61,355
Growth (preceding 8 years)	14.7%	0.4%
Poverty
Rate (% of population)	11.3%	12.5%
People in poverty (millions)	31.6	37.3
Uninsured (health insurance)
Rate (% of population)	14.0%	15.3%
People without insurance (millions)	38.7	45.7
Personal savings (% of disposable income)	2.3%	0.6%
College tuition (average per year, 2007$)
Private four-year college	$19,337	$23,712
Public four-year college	$4,221	$6,185
Gasoline (gallon, 2008$)	$2.03	$4.09
GDP growth (preceding 8 years)	34.2%	19.6%
Productivity growth (preceding 8 years)	15.9%	21.9%
Trade balance (% of GDP)	-3.9%	-5.1%
Federal debt (% of GDP)	57.3%	65.5%
Net foreign debt (% of GDP)	13.6%	17.9%