Yesterday’s new “unemployment” figure proved its utter uselessness. After several months in a row of 200,000 new jobs created–remember when something north of 300,000 was considered barely adequate to keep up with population growth?–economists were confidently expecting more of the same as our “recovery” continues. (I will now place quotation marks around “recovery” and “unemployment,” just as I already do around “stimulus.”)
Instead, we got just 120,000 new jobs last month, or about half of what was expected. But wait! The “unemployment” figure actually went down, to 8.2 percent.
Why? Because so many job-seekers are so discouraged that they have given up looking for work–and so aren’t even counted in the statistics. The real (no quote marks needed) “unemployment” rate is a lot closer to 11 percent than it is to 8 percent. I don’t need to remind you that this is twice as high as it was under the evil George W. Bush.
Please tell me again why Barack Obama deserves a second term.