At What Point Will We Admit That This Isn’t a Recovery?
By Matt Rooney | The Save Jersey Blog
We learned this morning that our once-mighty U.S. Economy added just 157,000 jobs in January 2013, Save Jerseyans, approximately 8,000 less than expected. That means our national unemployment rate rose to 7.9%, or 0.1% higher than when Obama first took office in January 2009.
Curiously, earlier estimates for November and December 2012 were revised upward. Dramatically so. Upward revisions are commonplace, but finding 86k new jobs from November is creative math at its finest. None of the Labor Department’s magic can fix a labor participation picture that continues to worsen.
All of this sobering news comes days after we discovered that the economy had — gasp! — actually shrunk in the 4th quarter.
And one day after we learned that the President is disbanding his “jobs council.”
Your Blogger-in-Chief and the other Save Jersey contributors have expended endless amounts of digital ink detailing (not just declaring) the reasons why Barack Obama’s Administration is a historic jobs failure. The mainstream media, in turn, parroting the Obama Administration line that our economy was in recovery. That’s why their headlines included the words “shock” and “surprise” when news of the 4Q contraction came out this week. Unfortunately, they still reach more readers/viewers than blogs like ours. For now.
But doesn’t economic stagnation become self-evident at a particular juncture? At what point are we going to admit that this isn’t a recovery? At what point do we wake up to the fact that Barack Obama is a miserable failure, in terms of real numbers, unrealized promises and historical comparison?
If the latest job approval numbers are any indication, almost 60% of the country either (1) doesn’t care or (2) isn’t effected.
May God help us… and send us someone who can reach the 60%!