Step in the Right Direction?
It seems Obama’s campaign rhetoric is increasingly failing to match the reality on the ground. The economy only added 80,000 jobs in June, but President Obama referred to that as “a step in the right direction” out on the campaign trail.
This is despite the fact that the second quarter was the worst for job creation in two years, and the jobs engine is not keeping up with population growth. Most damningly, the unemployment rate would actually be a horrific 10.9% if labor-force participation were at the same level as it was when Obama took office.
But don’t read too much into it. This is a one-off sort of deal, at least according to the chairman of Obama’s Council of Economic Advisers:
“It is important not to read too much into any one monthly report. There are no quick fixes to the problems we face that were more than a decade in the making.”
If that sounds familiar, it’s because it is: the Obama Administration has used that nearly that exact same wording to describe the situation nearly every month since November 2009. In fact, here is a list of all 30 times that Americans have been advised not to read too much into the jobs report numbers, courtesy of ABC News.
It’s just a coincidence that the unemployment rate has actually been over 8% for the entire duration of Obama’s Presidency. Don’t read too much into it! The stimulus bill was sold to Americans on the basis of the promise that the unemployment rate by now would be only 5.5%, but don’t read too much into that, either.