September 9, 2012
While U.S. employers did create 96,000 jobs last month, 368,000 Americans lost hope of finding a job and stopped looking for work entirely. Or as Paul Ryan said on CNBC, “For every net job created, nearly four people left the workforce.” Obama has now presided over a record 43 months of unemployment above 8 percent. . . .
In fact, as the chart below shows, the U.S. economy actually lost jobs according to the survey the Labor Department uses to calculate the unemployment rate. And not for the first time. The U.S. workforce has declined for each of the last two months as has the number of employed Americans. The Obama recovery is rapidly descending into the Obama recession.
I’m not sure there ever really was a recovery.
UPDATE: Whistling Past The Graveyard At The Democratic National Convention. “The current state of the Democratic Party is both the natural consequence of a longtime trend and the reflection of a president who is tragically unequipped to do his job.”