President Barack Obama, a man who likes to run his government based on the measured performance of his appointees in the various agencies, in his press conference cited the creation of about 4 million jobs in 27 months of economic recovery.
US economy is recovering tentatively in a non-self-sustaining manner under unusual and continuing monetary and fiscal easing in response to crisis whose onset was in the fall of 2007.
Any economy is measured by four key performance indicators (KPIs): gross domestic product (GDP), national debt, unemployment, and price level change – the former being the outcome of the latter three which constitute the mandate of the Board of Governors of the Federal Reserve System – the central bank of the United States.
GDP increased, on net, by $1 trillion from 2007 to 2012 while unemployment increased, though one would expect it to decrease with a growing economy, by 4.2% – doubling in the same period from around 4% in the summer of 2007 to 8.2% now.
National debt, in the same period, likewise, closely mirrored GDP, also growing - instead of decreasing or remaining stable – with the economy and will likely exceed GDP should the economy decline posing currency risk, based on economic experience around the world – America increasingly risking not being an exception.
Borrowing costs continue to remain exceptionally low and attractive both for the private sector and the government in all time horizons, though undesirable given the high and fluctuating unemployment situation because of less than necessary domestic real investment.
Only prices remain stable, at a level of annual change of around 2%.
US economic condition calls for a serious and close look at how the Federal Reserve has been conducting its monetary expansion – thus far about $16 trillion in total, a number larger than the annual GDP since 2007 – especially given that the United States Congress and the White House have given the Fed full autonomy and independence from political pressure per the Federal Reserve Act since 1951.