Filed under: Domestic Policy, Economy, Politics | Tags: Unemployment, Weak Jobs Report, Worst Economic Recovery
“The Worst Economic Recovery in History” trumpets the headline in the Wall Street Journal over a column by Edward Lazear, chairman of the President’s Council of Economic Advisers from 2006-2009. “Weak March jobs report could spell trouble for Obama’s reelection bid” says the headline from the Hill.
U.S. employers added just 120,000 net jobs last month— the smallest increase since last October. The U.S. economy hasn’t been below 8% since Obama took office in January 2009. Back in May 2007, unemployment was just 4.4%. Average hourly wages are up just 2.1% over last year, but inflation is up 2.9%. American workers are losing ground. March was expected to yield another positive report, but job gains were almost 100,000 below expectations.
The broader U6 measure of unemployment which includes the discouraged and the part timers is still a sky high 14.5%. Everyone juggles the numbers and attaches their own meaning. The president regards it as another step in the recovery, if one that is a bit of a disappointment. But the U.S. needs to generate 262,000 jobs each month to get back to the breakeven point.
Obama says, on the campaign trail, that he knows there’s still work to be done, but those dastardly Republicans want to make tough choices about the deficit, and cut taxes. He wants to invest in education, and science and research. He wants to make sure that our air is clean and our water is clean, that we’re not poisoning our kids. See how dastardly the Republicans are?