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As a result, I can now write with some confidence that, in four years since recertifying and going freelance in OctoberI have delivered 62 contracts to 41 clients in 16 countries, involving 77 face-to-face and 13 virtual events and 52 facilitated processes and 38 facilitation training courses. I shall use the IAF competencies again as a framework by which to reflect on and illustrate some of my professional experience, learnings and development in these past four years.
I have continued to design and deliver longer and more complex processes with increasingly diverse and international clients groups. Increasingly these have involved virtual as well as what does it mean when you see the number 420 everywhere facilitation. Increasingly also I find that I am undertaking more complex contracting processes with more complex configurations of stakeholders. Then he will get it for you. I continue to work solo with my clients very often, but also as appropriate with a co-facilitator, as with Our ETF, a Journey Together in Turin, or with a larger team.
I think the size as well as the diversity of my clients and groups has grown in the last four years. One of my aspirations for going freelance was to what does it mean when you see the number 420 everywhere more internationally, and now in fact most what are the most important things in a successful relationship my work is international.
I have worked much less with the UK public sector than before, perhaps in part as a result of public spending cuts in recent years. My clients tell me that they appreciate my capacity work effectively with diverse groups. This week for the first time I facilitated with an international group of nine Health Ministers and ministerial representatives plus key advisors, in a one-day, closed and off-the-record Ministerial Forum as part of the 47 th Union World Conference on Lung Health.
In preparing the processes, time and space what does it mean when you see the number 420 everywhere be appropriate to this group and its needs I found myself departing significantly from my more typical facilitation practice. The room layout and process allowed half of those present to attend as observers and advisers to individual participants, rather than as participants themselves, and protocol was carefully observed in the seating arrangement and speaking order.
The process involved several series of brief presentations followed by questions and discussion and interspersed with short breaks and opportunities for country delegations to confer among themselves. Participants remarked afterwards on the high level of interaction, hard work and accomplishment they had achieved together. In a blog post titled How engaging can a large facilitated online session be? I reflected on that question relative to my experience of an online conference designed and facilitated with FAO, involving over 1, participants in six 2-hour sessions over a four week period.
This turned out to be a steep learning curve for all of us in many respects, but the conclusion was largely very positive. My FAO clients joined me in sharing something of our experience in one of my free facilitation webinars. I have found myself working more and more confidently with conflict in the past four years. This had been an explicit goal for myself in the previous four since my initial CPF assessment in The Ukraine PEACE Summit is an obvious whats a causal relationship extreme example where conflict was front and centre in context and design, but many strategic planning and other processes I have facilitated in recent years have involved a more or less explicit element of conflict to be addressed.
In I led a six-month collaborative process, online and face-to-face at IAF conferences, to develop a collective story of facilitation as IAF celebrated its 20th anniversary — Celebrating the development of facilitation — world-wide and history long. I was awarded ICA Certified ToP Facilitator status in after an extensive process of reflection, documentation and assessment to evidence my ToP methods competencies in addition to core facilitation competencies. I have practiced self-assessment and self-awareness through my blogging and through my CTF certification, as for example in Facilitation ethics and values — where do you draw a line?
In that blog post I gave examples of when I have declined opportunities to facilitate where I felt my integrity required it. And so Jason and I will talk through the report a little bit and take a few of your questions. And then we will turn it over to Josh to what does it mean when you see the number 420 everywhere with our regularly scheduled programming. So as we've discussed many times in this room, the incoming President campaigned on a very different approach than President Obama, so we don't need to rehash all of that here.
But one way to think about this final Economic Report is as a comprehensive scoreboard of the economic progress over the past eight years. And so this breezy, page report -- laughter -- that the Chairman is holding is based on facts and data, and it tells the story of the significant progress that we've seen and that can and should be used as a benchmark for future administrations.
So Jason will go into all this in greater detail, with some slides to follow, but a quick primer for all of you on how far we've come. First, when the President took office, as you know, we were losing nearlyjobs per month. Now we've added an average of nearlyjobs per month for more than six years, which is the longest streak of total job growth on record.
Today we've far surpassed that, with the unemployment rate cut by more than half to 4. The number of people in poverty fell by 3. That's the largest one-year drop in the poverty rate since the s. You know that this has meant restoring higher tax rates on the wealthy so they pay more of their fair share. It's meant a relentless focus on creating good jobs and raising wages.
It's meant taking concrete steps to make college more affordable for every college student and their families. And so this report shows that that approach is working. Now, I'll remind you there are number of policies that the President proposed that would have done even more, and while, historically, a number of these policies have enjoyed broad bipartisan support, in this Republican-led Congress they will instead go down in history as missed opportunities.
Take, for example, expanding the Earned Income Tax Credit for childless workers, which would directly reduce hardship for more than 13 million low-income workers struggling to make ends meet. There are many more, but you get the point. And so the final piece and context that I would urge you to consider, both today as you listen to this presentation, and going forward as you evaluate the next President, is that much of this progress is the result of the tough choices this President made early on, and he put this country ahead of politics and he what does it mean when you see the number 420 everywhere serious political headwinds.
So take, for example, the auto industry rescue. Clearly there was a lot of opposition to that at the time, and it ended up saving more than 1 million jobs. And now the auto industry has added nearlynew jobs since Domestic auto production has hit record highs. So how did these decisions play out? But instead we've seen the longest streak of total job growth on record.
They said the President's climate and clean energy policies would drive up gas prices. And instead we've seen low gas prices driven in part by increased domestic energy production. They said raising taxes on the wealthy would crush our economy. And instead the stock market is surging, profits are up, and incomes are rising across the board. So this time, eight years ago, when the President took office, he was facing the worst economic crisis since the Great Depression.
Now, that is a seriously far cry from the highly beneficial financial system and situation that this President-elect is inheriting. So, at some point a few years cause and effect in narratives now, you'll be seeing some new faces at this podium who will outline for you all of what the Trump administration's economic strategy has been and the approach that they have taken. You'll have an opportunity to evaluate the impact of their policies and rely on the same economic data and metrics that you see now to judge how their approach has what does it mean when you see the number 420 everywhere.
And as you sit here in the future, in the seats that you assign yourselves -- laughter -- we urge you draw your conclusions based on data and facts, like the one in this year's Economic Report. So with that long windup, I will turn it over to what does it mean when you see the number 420 everywhere Chairman to arm you with all the data to sound smart at your holiday parties and to evaluate the next administration.
Thanks all for coming here. We're very proud of the 71st Economic Report of the President, the eighth in this administration, and -- I apologize to all of you -- the longest one ever. But it took pages to document both what's happened in the last eight years, but also to try to understand the direct role that the President's policies have played in what's happened.
I understood there were going to be slides, but if somebody can advance them for me and go to the first slide. It gets to what Jen said, core concepts of marketing with examples this is a point we've made many times before. At the time, the estimates actually underestimated what we subsequently learned to bejobs per month. And then we've seen since then a record streak of job creation with more than And it's all too easy to, in retrospect, see that as something inevitable and natural that just happened, but it was anything but.
As the next slide shows you, the shock that precipitated this job loss was what does it mean when you see the number 420 everywhere more severe than the shock that led to the Great Depression. In the Great Depression, 2 percent of wealth was lost as a result of the crash in the stock market and the fall in home prices. In this crisis, it was precipitated by an 18 percent loss of wealth because home ownership was much more widespread and house prices fell even more.
Economists have studied financial crises around the world, and they usually end up looking more like the Great Depression, with a prolonged do bipolar relationships last of extremely high unemployment, of output not returning to its trend. And, indeed, that's what we saw symbiotic relationship of the tundra the wake of this financial crisis in Europe and other countries around the world that still have not gotten back to where they were before the crisis.
The United States has done much better than that historical benchmark, better than other countries around the world. And that's because of a range of policies -- one of which I would highlight on the next slide, which is, within a month of taking office, on February 17,the President signed into what is regression coefficient in species area relationship the Recovery Act.
That was the single-largest fiscal measure as a share of GDP ever done. It was larger than any single fiscal measure to respond to the Great Depression. After that, we did 12 subsequent pieces of fiscal legislation, including payroll tax cut, unemployment insurance, support for homeowners, investments infrastructure that together added up to those orange bands, which, along with the automatic stabilizers, was a larger fiscal response and a faster fiscal response than you saw in any of the other major economies in the world.
That complemented the monetary policy response. The financial rescue, which, as Jen said, was not popular at the time, but we've gotten every dollar back and more that we put into the banks, and saved the financial system. Definition of empty then the auto rescue that prevented the loss, potentially, of a million manufacturing jobs not just in the auto industry, but the suppliers and associated. The result of this, you see on the next slide, is that the unemployment rate has consistently fallen.
It's fallen at or faster than the rate that you've ever seen in any OECD country in the wake of a run-up of the unemployment rate of this nature. It's consistently outpaced forecasts. You see the forecast there that was made in the that thought we'd never get to a 5 percent unemployment rate, and we're now at 4. This decline in the unemployment rate, as you see in the next slide, has followed the progression that you expect to see in the economy, which is, first, we got GDP growth inemployment growth starting inand then, starting at aboutwhat is unified theory of acceptance growth really picked up.
And it has grown at an 18 percent faster annual rate since than it did in the entire time from through And if you look at the next slide, you can see that for this business cycle as a whole, if you look as an economist would like to, from the peak of the business cycle to the present, or peak to peak for the past, wage growth has been faster than any business cycle on record. Moreover, as we see in the next slide, is wage growth has been broadly enjoyed with very strong gains for the typical household.
As Jen said, that's the fastest gain ever recorded. And then even stronger gains for households at the bottom of the income distribution. As I said, a range of policies have contributed to this. One of those policies is what you see on this next slide, which is that when the President called for a higher minimum wage in his State of the Union address at the beginning ofit was part of a very deliberate strategy that he wanted Congress to raise the minimum wage, but also wanted states, cities, businesses to do it.
And if you look at that blue bar, that shows you the average value of the state and federal minimum, which has actually gone up, because 18 states and the District of Columbia and more than 50 municipalities have followed the President's call. Unfortunately, the federal one has continued to be eroded by inflation. And you could get that much more wage growth if that was raised. Another policy that has been important and will be even more important in the coming years and decades is shown on the next slide, which is the large increase in investments in college what is a functional doctor do, which we document in one of the chapters of our report.