President Obama wants Americans to believe that their lives have improved since he took office. In a September interview with “60 Minutes,” he deflected criticism about his record by referencing Ronald Reagan’s memorable line from a 1980 presidential debate with Jimmy Carter: “Are you better off than you were four years ago?” President Obama asserted that the country is “definitely better off” today than it was six years ago. Most Americans, however, disagree with this wishful thinking.

A recent Washington Post-ABC News poll shows only 22 percent of Americans believe they are better off financially than before President Obama took office. Nearly a third of the poll’s respondents said they are worse off, and most said their financial circumstances are about the same. The Obama Administration likes to tout a lower national unemployment rate as proof of success, but Americans are not feeling the effects of a recovery in their daily lives.

The Problem With Underemployment

Officials at the Federal Reserve have acknowledged that the health of the job market is still lacking. In a statement last month, they noted the “significant underutilization of labor resources.” Although joblessness is 5.9 percent, according to the Department of Labor, the percentage of working-age Americans who have a job or are actively looking for one is the lowest it has been since February 1978, when Jimmy Carter was in office. The unemployment rate fails to capture the number of Americans who have grown discouraged with the job market and given up looking for work entirely. It also does not reflect whether those who are employed are satisfied with their jobs or the number of hours they are able to work.

When participation in the American labor force drops to a level not seen in 36 years, something is wrong. Those who have left the workforce may not be counted among the unemployed, but neither are they contributing to the economy as they once did.

Other indicators of underemployment are the millions of Americans with part-time work who want a full-time job and those who are overqualified for their jobs. According to a report released this year by the Federal Reserve Bank of New York, recent years have seen a substantial rise in the number of college graduates who are taking jobs that do not require a bachelor’s degree. In 2012, 44 percent of recent graduates were underemployed in this way.

Reagan Recovery vs. Obama Economy

Underemployment needs to be addressed to achieve a strong, lasting economic recovery. This means giving job creators the ability and confidence to put Americans back to work, rather than forcing them to cut employee hours to avoid burdensome government mandates. Under Ronald Reagan, who championed tax cuts and regulatory reform, economic growth averaged 3.5 percent annually. Since President Obama took office and ushered in a big-government agenda, average economic growth has been an anemic 1.2 percent each year.

Agenda Without Results

It is no surprise, then, that President Obama’s misguided policies have alienated members of his own party. Many Democratic candidates have distanced themselves from him in the run-up to the November elections. However, in an interview this month with the Rev. Al Sharpton, the President said, “These are all folks who vote with me; they have supported my agenda in Congress.”

Despite the President’s repeated rhetoric about the economy, his agenda has not produced positive results or a sustainable recovery. Americans are right to wonder whether they are indeed better off. They want to see leadership in Washington that will help make a constructive difference in their daily lives.