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On the jobs numbers, I was told by a number of people that the media did not make a big deal of the jobs numbers and their portrayal when the jobs report was released on Friday. Not true if you were international, like I was. The news internationally was that this country had recovered every job lost since Obama was elected. It turns out that all the jobs are back if you stop at pre-recession levels. In other words, we’re seven million jobs short of where we are for a total job recovery. And that’s why the Drive-Bys are not making a big deal out of this. But you can imagine how livid I was when I heard the international report on this. ‘Cause I knew it couldn’t be true, and yet there it was just front and center for international public consumption.
The National Journal headline: “Don’t Get Too Excited About the New Jobs Report — The economy hit a milestone on Friday after the latest jobs report shows that the US recovered all the jobs lost during the Great Recession. But people shouldn’t celebrate too much just yet.”
Well, why not? In my experience, this kind of news would be celebratory. Recovering all the jobs lost during a recession? That would be big news. Even if they were not top-drawer jobs, that would be big news. That would signal some kind of policy and some kind of economic activity that was worth citing. It would be positive. And yet here are the Drive-Bys saying, “Nah, no big deal.” The Drive-Bys, the State-Controlled Media saying, “Nah, no big deal. Don’t get excited about it.”
“On Friday, the Bureau of Labor Statistics said the US economy added 217,000 jobs in May, with the unemployment rate unchanged at 6.3 percent. The economy needed to add 113,000 to pass the pre-recession peak number of jobs from January 2008. The United States lost 8.7 million jobs in the recession. But this overlooks the simple fact that there are more working-age people in the US now than there were six years ago. … So, while on its face it looks like the US regained all the jobs lost over the past six years, that perspective doesn’t take into account the number of new people in the labor force or address the labor market gap created by those new people.”
That’s not even the nub of it. There are close now to 93 million Americans not working. The labor force participation rate is as small as it has been since the 1970s. One of the things that nobody — you talk about new people enter the job market and there aren’t any jobs for them. The bottom line is that all of that is relevant since Obama was reelected. They can tout all these jobs created that got us back to pre-recession levels. That also happens to be pre-Obama, and that’s why the Drive-Bys don’t want to make a big deal about it.Continue reading on www.rushlimbaugh.com