How bad was the jobs report released on Tuesday? So bad that the unemployment rate went down by a fraction, the stock markets went up by a percent, and Democrats openly admitted their disappointment.
None of these seemingly positive developments should be mistaken for good news, however, given the currently convoluted nature of the American economy. The unemployment rate dropped only because many thousands more Americans gave up any hope of ever finding a job and joined the record number of economic drop-outs. The stock markets surged only because the jobs report was so dismal that it will almost certainly force the Federal Reserve to continue the incessant money-printing that has fueled the deceptive rally. Even the grudging acknowledgements of failure from the Democrats offers little solace, as it’s all a set-up to blaming the “sequester” budget cuts and the temporary partial government shutdown and other Republican perfidy.
An increasingly anxious American public isn’t likely to be misled about the state of the economy by obviously obfuscated unemployment numbers or obviously overpriced stock markets, but there’s always a good chance that that it will buy the part about Republican perfidy. Both the “sequester” and the partial government shutdown had little effect on most Americans, and went entirely unnoticed by almost all of the significant number of blissfully ignorant folks who avoid reading or hearing the news, but there’s a nasty ring to both of them that can be easily exploited. Any fair-minded observer would concede that the Democrats share at least some of the blame for both the “sequester” and shutdown, and that the currently dismal numbers come long after the former and before the latter, but the fair-minded are an insignificant voting bloc these days. One could make a strong argument that Obamacare, other excessive regulations, higher tax rates, growing governmental debt, and the ever more apparent incompetence of a government that daily acquires ever more control of the country have more to do with the sluggish economy than a slight cut in misspending or paid vacations for nonessential government workers, but strong arguments are easily countered by caricatured villains.
Should the Democrats succeed in their blame game, there’s really no good news in the jobs report at all. There are 148,000 new jobs, and we’re glad for that tiny minority of newly-hired workers, but that number is lower than the already-puny annual average and doesn’t offset the exodus of former job-seekers from the work force. At a time when good news is actually bad news we try to remain hopeful that the bad news presages the good news that the people will at last become fed up and try to reverse course, but the people might just agree that what’s required is more of the same.
— Bud Norman