"To announce that there must be no criticism of the president, or that we are to stand by the president, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public." Theodore Roosevelt
As we mentioned above, this goes down as the softest employment cycle ever. Here we are, four years into the business expansion, and employment has averaged 0.7% at an annual rate. This is more than 75% below what is typical of the past and makes a mockery out of the so-called jobless recovery of the early 1990s. What has kept the consumer intact has been the sharp drawdown in the savings rate from 2.4% in 2002 all the way down to a record low -1.5% in the third quarter of 2005.