What a difference a few month makes.
Last month we were told by a fawning news media how great things were. The economy was a little engine that could. And the declining unemployment rate was touted in headlines as significant progress toward economic recovery.
Unemployment rate falls to 7.8% in September, reported the Washington Post- a four-year low...”nearly”… whatever “nearly” means.
“The nation’s jobless rate dropped to its lowest point in nearly four years in September. And unlike some recent declines, this one happened for the right reason: not because people gave up looking for a job, but because far more people reported having one.”
Hurray! The exclamation points by the Post (!!!) were implied.
Unemployment year-over-year still has magically dropped from 8.7 percent to 7.7 percent, not withstanding September, because mostly people stopped looking for work.
But you wouldn’t have known it by press accounts this year.
Oh my! Not in an election year? Under Obama? The most transparent politician…EVER?
Now clear of the pressures of presidential election politics, the press story has changed just slightly and so unexpectedly.
“Of course, things aren’t THAT great.” There are still plenty of reasons, we’re told, to write Obama a big, fat blank check because the economy is very, very fragile.
It’s almost as if- I don’t know- had the fiscal cliff not existed, politicians would have had to invent it to justify more deficit spending.
Because the unemployment rate for November, touted at 7.7 percent, is dropping once again, this time for the wrong reasons, just as it has throughout 2012.
But now the press is taking note.
Get the Market Movements in Advance: William's Edge Webinar for Tuesday, March 11th, 2014 | John Ransom