Whenever you see a movie about some dystopian future with society still intact, there’s always the beginning that illustrates what has gone wrong and signs of the trouble the world is facing. The movie always begins with a montage of news channels with various reporters saying things like, “In other news today, the Dow Jones continued on it’s downward plunge and the housing market continues to be in the gutter. Unemployment is above 8% for the 43rd straight month as 23 million are still looking for work and not finding it. Furthermore, gas is still over $4 a gallon, leading analysts to speculate that economic recovery just may not happen any time soon…”
It has recently occurred to me that with President Obama at the wheel, we currently find ourselves not too dissimilar from the characters that suffer an economic crisis in a dystopian future. And he wants to keep his job?
The White House reported yesterday the latest job report for August. The report stated that the economy saw 96,000 jobs added last month. The expectation was for 125,000 jobs to be added. While the report tried to put a positive spin on that number, it comes with a serious asterisk; while 96,000 people did join the workforce last month, 368,000 were dropped from the calculations as they have been out of work for so long, they are considered to have left the workforce.
The White House, which is apparently located in La-la Land, tried to play up the number by saying,
“Today’s employment report provides further evidence that the U.S. economy is continuing to recover from the worst downturn since the Great Depression. It is critical that we continue the policies that are building an economy that works for the middle class as we dig our way out of the deep hole that was caused by the severe recession that began in December 2007.”
Seriously? Continuing to recover? The unemployment rate hit 8.3% in August and today it was announced that with the 96,000 jobs added, the unemployment rate dropped to 8.1%. However, can you really claim success when your number drops because things have gotten so bad that 368,000 people have given up looking for work? Can we really count that as a victory?
Furthermore, how can the Obama administration honestly declare that our economy is continuing to recover when the average number of jobs added each month in 2011 was 153,000 and this year’s average monthly jobs addition is down to 139,000? As 139,000 is less than 153,000, I think basic arithmetic indicates that things are getting worse, not better.
The New York Times, The Washington Times, The Washington Post and even The Huffington Post had nothing nice to say about the disappointing jobs report. The biggest cheerleaders for the Obama Campaign had to admit with varying levels of enthusiasm, the disappointment in the jobs growth for August. These are the same people that try to spin Eric Holder as a “victim” of a witch hunt. If even they couldn’t put a positive spin on this, Obama is truly in trouble.