After hyping this economy for about a year and a half, the media is now going to crow about February’s job numbers. The US economy added 192,000 jobs last month. This is the best number in a year and the media will proclaim this as awesome numbers and proof of the success of Obama’s policies. The Obama Boom is what you will be hearing now until November 2012.
U.S. employers hired more workers in February than in any month since May last year and the unemployment rate fell to a near two-year low, raising hopes the economic recovery has gathered critical momentum.
Nonfarm payrolls increased 192,000, the Labor Department said on Friday, above market expectations for 185,000 jobs.
[…]
“We have moved into the expansion phase of the economic cycle and the economy is self-sustaining,” said Brian Levitt, an economist at OppenheimerFunds in New York.
Read the rest: Payrolls Up 192K Last Month; Unemployment Drops to 8.9%
The economy is self sustaining? Is $10 an hour jobs the way to accumulate wealth and plan for a better future? Clearly this analyst is delusional and living in a fantasy. If a Republican was in office, the media would be hammering that person for low wage growth as they hammered Bush in the early 2000’s. Although it’s better to have some work than none at all, low paying jobs is not the way to get America prosperous again. These low paying jobs don’t allow people to save money and accumulate capital. With gas prices rising and food costs soaring consumers will cut back on spending. We are going through stagflation which is no wage growth with rising prices.
Ed at Hot Air has a great point about the job numbers.
The key is this ratio of civilian participation in the work force. At 64.2%, it’s still at its lowest ebb in 27 years — in fact, almost exactly 27 years, since March 1984. The lower denominator makes the overall jobless rate look better than it should. If we were at the same participation rate as we saw in mid-2008, we would probably add two or three points to the unemployment rate. And at some time, those workers will re-enter the job-seeking population and the rate will rise accordingly.
The Obama regime will crow at the latest figures and the media will hype the numbers but the rising gas prices will bust this Obama Boom. Regardless of economic conditions, the tactic of the Obama re-election will be to run on – Obama. It might actually work since Americans still like him personally, even if they don’t like his policies. Hence the GOP needs to focus on tax and regulatory reform. The lack of good paying jobs is something Republicans need to hammer at the Democrats.
The truth is there is no Obama Boom, this is a 3rd World style low wage economy where are in.
