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President Obama has convinced Americans to settle for a poor economy


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president-obama-has-convinced-americans-to-settle-for-poor-economyFox News:

Democrats rejoiced Friday when it was revealed that America's unemployment rate fell to 8.3 percent and 247,000 new jobs were added in January. To them, this was confirmation that President Obama will take them to victory in November.

Whoa! Prospects for more improvement are not great, and President Obama was smart to greet the jobs report with caution.

Let's be fair. He inherited a mess. Unemployment jumped from 6.8 to 10 percent from his election day to October 2009. Since, most of the progress has been statistical, not real.

Jobs creation has barely kept up with population growth—the same percentage of adults is employed today as when unemployment peaked. Three-quarters of the reduction in joblessness is attributable to fewer adults employed or seeking work.

The most effective Obama jobs program has been to convince more Americans they don’t want a job—without that, the unemployment rate would still be at least 9.5 percent.



The new malaise...

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