The wet dream recovery cannot be saved even by Obama’s efforts to decrease the size of our workforce. AFP: “The Labor Department’s closely watched workforce figures were well below expectations of a 150,000 jobs increase and for the jobless rate to hold steady at 8.1 percent from April.” About 5 weeks ago Dept of Labor defined total U6 as 30 Million with the rate close to 20% while Obama continues to talk recovery.
Part of the Obama change campaign was to create fairness for all yet he has a 3 1/2 year record of just the opposite, in this instance firewalling real unemployment with unemployment rates. Adding 115,000 jobs in a month does not keep pace with America’s population growth, if nothing else changed, unemployment could not decrease. Monthly employment growth continues to diminish.
CNBC wrote about April saying: “The service sector again accounted for most of the job creation, growing 101,000 while manufacturing added just 16,000, according to the Bureau of Labor Statistics. Governments cut a net 15,000 jobs for the month. The average work week was unchanged at 34.5 hours.”
Obama’s campaign against Bain is sputtering although he asks for a second term to continue his recovery efforts. April and May have averaged 73,000 jobs. It has never been Obama’s fault, the excuses are coming. Maybe he should reflect upon yesterday when Bush spoke about his portrait: “Mr. President, that when you are wandering these halls as you wrestle with tough decisions, you will now be able to gaze at this portrait and ask, What would George do?”