Ed Driscoll

Why CNBC's 'New Normal' Isn't

("Ford" by JeepersMedia is licensed under CC BY SA 2.0)

In-between slamming small business owners, CNBC warns us, “Get Used to ‘New Norm’ of 6-7% US Jobless Rate:”

The jobless rate in the United States will never go back to where it was before the global financial crisis and people will have to get used to a “new normal” of 6-7 percent even if the economy starts revving up from where it is now, observers tell CNBC.

Oh, I don’t know. From the legacy media’s point of view, the “New Normal” could be over as early as mid-November. As Mr. Obama himself once said:

After three dismal years of job loss, we all welcome encouraging statistics…America needs a strong, vibrant middle class. And until middle class families get their heads above water, we can’t declare victory.

The President attacks those who make this point as “pessimists.”

He apparently believes that this is the best we can do.

We believe that we can do better.

Of course, that was back in 2004, when unemployment averaged 5.5 percent, and Mr. Obama hadn’t yet won a seat in the US Senate, let alone 1600 Pennsylvania Ave. (On the way there, he would go on to describe then-President Bush’s deficits as “unpatriotic,” and pledging to cut them in half, before nearly doubling them upon taking office.)

Speaking of putting people back to work, if only there was a massive shovel-ready project that had been available to Obama upon taking office in 2008, that would have allowed him to have a Clintonian “Sister Souljah” moment with the radical environmentalists that risked stifling his presidency, that was a true crisis that shouldn’t be allowed to go to waste, that wasn’t just a venture socialism boondoggle, and would have received bipartisan support if the president took bold action.

If only

Related: “Who knew? The Hill’s Amie Parnes says that rising unemployment numbers help Obama!”