Are you ready? Here’s the New York Times headline explaining Friday’s bad economic figures: “Job Growth Slows; Joblessness Shrinks With Work Force.”
As you can tell, the mouthpiece for the Obama administration is having a hard time putting a good spin on a bad story. All the Keynesian efforts put in place by the worlds’ leading politicians and central bankers hasn’t worked as intended. Global economic growth continues to slow as European and American politicians pile more debt onto Mount Irresponsible.
“Maybe high gas prices, now falling, temporarily discouraged job growth,” the Times explained, “Better yet, maybe this latest report understates how many jobs were added, since the initial estimates for earlier months have since been revised upward.”
However, there was one bit of good news: U.S. unemployment dropped from 8.2% to 8.1%. As the Times explained, “… 342,000 Americans dropped out of the job market altogether in April. That is why the unemployment rate fell … not because more workers found jobs, but because so many people left the work force.”
Ah, the new normal!
It is no secret that the political fortunes of modern American presidents hang on the Labor Department’s pesky U-3 unemployment number. But numbers are funny things in that they don’t always say what they mean. Shrinking unemployment points to a shrinking economy and a growing despair among the nation’s jobless. What the latest round of labor statistics tells us is that the measures used to gage the health of the U.S. economy are every bit as broken as the economy itself.
Presidents usually crow when the official unemployment figure drops. President Obama, however, was decidedly quiet on the subject, demanding instead that a Republican House artificially lower interest rates on student loans, passing the cost onto taxpayers.
The Times’ columnist Paul Krugman, like all utopians, had to assign blame for tangible reality’s failure to yield to Obama’s stimulus spending and unprecedented borrowing. “Did the rise of the 1 percent (or, better yet, the 0.01 percent) cause the Lesser Depression we’re now living through? It probably contributed. But the more important point is that inequality is a major reason the economy is still so depressed and unemployment so high.”
Mr. Krugman, and Obama for that matter, tells fellow utopians … the 45% of Americans who pay no federal income tax … that a strong economy and middle class depends entirely on income redistribution. Krugman, and Obama for that matter, assumes that Americans will conveniently forget that we’ve lived under this redistributive regime since the age of Benito Mussolini and Franklin D. Roosevelt.
Doctors of old once told their patients that opening their veins would relieve the “evil humors” and put them on the path to recovery and good health. That this intentional bleeding may have contributed to the untimely deaths of many patients was never considered.
Keynesian economic remedies are a lot like that ancient superstitious practice. If all you see are happy, healthy and gainfully employed people, it’s because Progressive economic remedies have killed off the weak.
Welcome to Obama and Krugman’s brave new Darwinian world.