Monday, December 10, 2012

It's Monday, December 10th, and the economy still sucks...

...nothing changes except the coverage, which is uniformly positive, despite the fact that any college freshman having completed an Econ 101 class could see we're living in an economic house of cards.  IBD:

A rip-roarer for job creation and a major drop in the unemployment rate. At least, that's how the mainstream media sum up November's job numbers. But scratch the data and a different story surfaces.

The 146,000 [jobs added in November] wasn't awful, but to make a serious dent in joblessness, we need to add at least 200,000 a month for a prolonged period. In this poisoned atmosphere for business, that won't happen.

And by the way, remember those big payroll gains in September and October, right before the election? Forget it. The Labor Department has revised down its job estimates for those two months by 49,000.

OK, but we still have private-sector job growth, right? Not really. In the last six months, 621,000 of the 847,000 new jobs created have been in government, not the private sector, according to That's 73% of all jobs — not a healthy labor market.

As for that big "drop" in the unemployment rate, all of it was due to the fact that 540,000 Americans are no longer looking for work. They either dropped out, took early disability or retired. Since the start of 2009, 9.7 million Americans have fallen into this category.

All told, more than 24 million Americans who want jobs don't have them, driving the labor force participation rate to 63.6%, just above August's 31-year low of 63.5%. This is the worst labor market in a recovery ever.

And it may get worse. The quarterly Wells Fargo/Gallup small-business survey found that 21% plan to cut jobs over the next six months — a surge from 10% last June and a record high.

Thanks to ObamaCare, "stimulus" spending of $860 billion, threats of higher tax rates on small business owners and entrepreneurs, the economy's going nowhere. We may soon enter a new small-business recession that can be blamed on no one but Barack Obama.

Now, now, easy there. Methinks that the Investors Business Daily is vastly underestimating the ability and desire of the mainstream media to protect Barack Obama at all costs.  After all, they have their self-images to protect, glowing post-term autobiographies to author, and a nation to destroy....

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