Upon hearing today’s news that New Jersey’s unemployment rate had ticked up to 9.9% in August, Senate President Steve Sweeney complained to NJ 101.5 how “every month we have to hear the same bad news, followed by the same inevitable spin from this administration trying to hide why it is so completely inept at getting people back to work.”
Well, the Senator is certainly right about one thing, Save Jerseyans: adding only 5,300 jobs isn’t very helpful when we’re also trying to dig out of a years-long jobless streak. Why? Because as I’ve explained over (and over) again in the federal context, population growth and the need to replace previously destroyed/removed private sector positions requires higher-than-replacement level job growth. For example, in August, the U.S. economy added just 96,000 jobs — far less than the approximately 125,000 required on a monthly basis just to keep up with population growth. The only reason why the unadjusted FEDERAL unemployment rate dropped is due to the fact that the “real” unemployment rate (including those who have suspended their job searches) jumped higher.
It’s pretty insanely simple math, right? (-3) + 2 ≠ 5.
Just don’t expect Steve Sweeney, Sheila Oliver, the Wiz of Middlesex or any of the other NJ Democrat all-stars considering a 2013 gubernatorial bid to quit “playing stupid” long enough to judge President Obama by the same calculus which they’re hypocritically using to grill Governor Christie. It’s too advantageous from a partisan perspective. Most of them can actually count… we call it “selective ignorance.”
The good news? They can only get away with it if you sit on your calculators, too, folks! ENGAGE….
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