Today saw the release of the November jobs numbers from the Bureau of Labor Statistics. The news is that Hurricane Sandy did not affect hiring. 146,000 jobs were created and the unemployment rate edged down to 7.7%, the lowest rate since September of 2008. Revisions brought worse news. 49,000 fewer jobs were created in September and October than originally reported.
Already the media is celebrating and
relieved by these numbers, but only graded on the four-year curve
created for this president can the news of 146,000 new jobs be something
worth celebrating. At this rate, we're barely keeping up with
population growth, and we're most certainly not keeping up with the
360,000 to 390,000 new jobless claims filed every week.
But we've been hustled and bamboozled
by the media into believing any number over 100,000 represents a
recovery, when prior recoveries have given us 300,000-plus new jobs per
month. Those recoveries, however, were generated by the government
getting out of the way of the economy. Obama's bright idea was to
micromanage, deficit spend, and hyper-regulate.
But in order to protect Obama from his
failure, an entire New Normal and standard for success has been
manufactured by a media that will never-ever allow this president to
fail, even when he does.
As far as the unemployment rate falling
to 7.7%, once again it's due to the fact that people have given up
looking for work, In November alone, a whopping 540,000 dropped out of the workforce.
We're not seeing a drop in unemployment because people are finding
work; we're seeing a drop in the unemployment rate because people have
given up:
Confused why the unemployment rate dropped? The same, favorite BLS adjustment - a drop in the labor force participation rate which declined by 0.2% to 63.6% once again, as the number of people out of the labor increased by over 540K to 88,883,000.ber, the labor participation rate dropped (a bad thing) two-tenths of a point to 63.6%, a three decade low.
If you want to qualify as a recovery
the fact that job growth is barely treading water with population growth
and the unemployment rate is lower because people have given up looking
for work -- fine. But recent history tells us it didn’t have to be this
way.
Obama didn't face an either/or choice.
It wasn't "either" do nothing and face a depression "or" do what he did
with the failed stimulus, deficit spending, ObamaCare, etc.
Obama could have done what his
predecessors did to roar us out of the doldrums with a real recovery.
But he would prefer to demonize Ronald Reagan's proven ideas than
emulate them.
But when you're an ideologue more
interested in enslaving people with government dependence than freeing
them through economic liberty, and know you can count on the media to
create the "Obama Curve, " why not?
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