In Flight Entertainment
Careful or you guys will be kicking off the Biden/Ryan matchup from fifteen yards back, I told him. It was at about this point that I pictured him doing an exaggerated Michael Jackson backwards moon walk across the end zone of American public opinion, pantomime of a dance prop cane under one arm, sly grin on his face and winking as his hand traced the hat brim of his imaginary stylish fedora.
Then came the jobs report. The Bureau of Labor Statistics reported the best employment numbers in 44 months.
This had to be the worst good news anybody ever got. Unemployment back into the 7% range (albeit just barely) for the first time since Obama took office! It was positively galling. Then and there came the complaint that "The Press" was holding out this 7.8 % unemployment as positive news for Obama when the same number had served to describe what a mess Bush was leaving the economy in back at the beginning of Obama's term. How could this be?
Picture yourself in an airplane, I told him. When you are in a nose dive and your ears are popping and the ground keeps getting closer and closer and your engine is sputtering and belching smoke into your face and you're not sure the plane can handle the g-force of pulling out of the dive —it's then that "7.8" might represent a pretty scary altitude (or lack thereof). Once you have managed to break out of the dive and are maybe even on the slow —albeit too slow— ascent again —then suddenly "7.8" looks at least somewhat re-assuring.
No one should yet claim this economy is "all fixed" and we are rocketing for the heavens. My friend pointed this out and I had to agree with him there. I'm thinking of Snoopy in his Sopwith Camel as the more apt analogy. We still have to figure out how to engineer this aircraft —in flight. But as we face the decision we are all to make this November 6th, the question becomes not only what we think of the man with the googles and flowing scarf and his hands on the stick (and maybe aerodynamically problematic ears), but whether Air Cadet Romney —who wants his turn at the controls so very badly— isn't suggesting we play the exact same game with the throttle and ailerons that we were playing just before we went into the dive.
President Obama has already dealt with a financial and economic catastrophe, the one he inherited when he took office - remember when the economy was losing 750K jobs monthly and business could not lay-off their workers fast enough - and to make matters worse, zero help from the Republicans, who's only goal was to defeat Barack Obama in 2012. I used to have some respect for Mitt Romney, but it's gone - he's sold his soul trying to get elected President.
Lee DeSorgher | 2012-10-09 20:21:38
The unemployment numbers are a political ruse. Sorry to say the numbers are much worse then what they want us to believe. I only wish that 7.8% was the case, but it is not even close. There are two very clear choices this November. I hope people spend some time educating themselves this time around. Some out there would have us believe that we are heading towards a recovery. I wish that were so. We are in deep trouble no matter who gets in. I would rather have an adult running the country with a record of fixing financial catastrophes then a community organizer that has not had a budget for the past 4 years. (and that is being kind)
Sean | 2012-10-08 17:45:10
Tom, your argument is fundamentally flawed. I cannot dance. One other thing: I hesitated before posting anything critical of the jobs report, because to do so is to play into the "rooting for failure" criticism. Indeed, if the president does not criticize Governor Romney on precisely those terms when next they meet, I'll... I'll... try to moonwalk in a fedora. But consider: economists predicted faster job growth in September than we (apparently) got, with an unemployment rate stuck at 8.1%. Instead, the unemployment rate jumped downwards, significantly, despite fewer jobs added. How can that be? The likeliest explanation is a contracting overall workforce, with yet more workers quitting the hunt or settling for part-time work (the latter actually does show up in the Sept report). Consider also: the jump in the unemployment rate is predicated on the household jobs survey, which shows for Sept the largest overall increase in non-farm labor in 30 years. As I asked you offline, does that seem even remotely plausible? That last month was better than any month since the Carter administration? Any month during the recovery in the 80s, or the tech boom in the 90s? Really? The point is not to 'root for failure,' but rather to argue against reading too much in to an isolated indicator that is itself based on questionable numbers.
Dan Haley | 2012-10-08 10:57:46