September 22, 2008
In his closing remarks during the final presidential debate of 1980, Ronald Reagan famously asked the American people: “Are you better off now than you were four years ago?”
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.
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| 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% |
