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June 16, 2012

IF ONLY SOMEONE HAD ASKED OBAMA ABOUT THAT YESTERDAY. OH, WAIT. . . WaPo wonders: What will hundreds of thousands of job permits do to the economy? “We’re not creating enough jobs to keep up with population growth as it is. With this new policy in place, Obama will introduce hundreds of thousands of suddenly-eligible workers into an economy with an 8.2% nominal unemployment rate, a 14.8% U-6 un/underemployed rate, with a civilian participation rate that has plummeted from 65.7% at the start of the Obama recovery in June 2009 (the same as it was when he took office, too) to 63.8%, lower than it was when Reagan faced his first midterm election. Those who are already struggling to find jobs are not only going to face more competition for those slots, the glut of labor will depress entry-level wages even further.”

But that’s okay: “Don’t make the mistake of dismissing the short-term benefits of this move for Barack Obama.”

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