While the United States remains mired in the deepest slump since the Great Depression, President Barack Obama is touting a modest improvement in employment over the past several months to boost his electoral prospects in November.
The three-month period from December through February has, according to the Labor Department, seen a net gain of 744,000 jobs, the largest for any three-month stretch since 2006. The official jobless rate has fallen from 9.1 percent in September to 8.3 percent in February.
It is necessary to place these gains within the context of the catastrophic collapse in employment that followed the Wall Street crash of 2008, which has left the US economy with 5 million fewer jobs than at the official start of the recession in December 2007. At the height of the crash, US businesses were cutting more than 744,000 jobs every month.
While the US economy added 335,000 net new manufacturing jobs in 2010 and 2011 combined, it lost 1.6 million manufacturing jobs between January 2008 and March 2009, a reduction of 10 percent. The current level of 12 million manufacturing jobs is down 7.5 million from its peak in 1979.
Federal Reserve Chairman Ben Bernanke, speaking Monday at a business conference in Washington DC, was notably cautious about the recent upturn in employment figures. He suggested that the improvement in the labor market could not be sustained at the current rate of economic growth.
That is reality and Grey does a great job with it. So why aren't others able to do what he did? Why does the press continue to lie to us about this?
I don't see them as impartial anymore. In 2007, they actively pushed Barack for the party's nomination. In 2008, they attacked Hillary non-stop until July. Then they turned on their former eternal love John McCain. They will do anything for Barack.
But they can't change the fact that he's a failure.
This is C.I.'s "Iraq snapshot" for Wednesday: