(My new American Thinker post)
We got a new unemployment rate. However, don't spend a lot
of time looking at that number. It does not really tell you the truth about the
US economy.
The scandal is that we've just celebrated the 4th anniversary
of a stimulus that did not stimulate.
Didn't the White House call it the "Recovery and Reinvestment"
act? Isn't this the same White House that called it "The Affordable Health Care
Act"?
Edward Lazear posted a great analysis in The
Wall Street Journal:
"While the unemployment rate has fallen over the past 3½
years, the employment-to-population ratio has stayed almost constant at about
58.5%, well below the prerecession peak.
Jobs are always being created and destroyed, and the net
number of jobs over the last 3½ years has increased. But so too has the size of
the working-age population.
Job growth has been just slightly better than what it takes to
keep the employed proportion of the working-age population constant. That's why
jobs still seem so scarce.
The U.S. is not getting back many of the jobs that were lost during the
recession. At the present slow pace of job growth, it will require more than a
decade to get back to full employment defined by prerecession standards."Yes, that's the other scandal, i.e. no jobs!
By the way, manufacturing "unexpectedly" declined! Please read this:
"The nation’s manufacturing output unexpectedly shrank to its lowest level in four years in May, according to a new report, as slowing export growth and tight fiscal policy caused factories to slow production."
So let's look at the economy's box score: On the 4th anniversary of the "stimulus", we have an unexpected decline in manufacturing and job creation is still a disappointment.
Yes, that's the other scandal, specially the way that this economic downturn has hurt young people, blacks and Hispanics! Click here for Friday's show:
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