Well, let’s give two cheers for the latest jobs report. With 236,000 private sector jobs added last month, the benchmark unemployment rate fell to 7.7 percent, the lowest level of the Obama presidency. Given all the media excitement over this modest improvement (we should be adding 400,000 jobs by now), something north of 7.5 percent must be the new normal.
The administration doesn’t want you to remember that a rate of 5.5 percent during the Bush years was considered to be a Depression-era level of joblessness. And if you add in all the people who’ve quit looking for work or who have had to settle for part-time work, the actual jobless rate is something north of 14 percent–not exactly sizzling. And let’s not forget that 89 million Americans are out of the workforce completely, meaning that millions fewer people are working today than when Mr. Obama took office.
Make that one cheer.