Unemployment Rate and Political Insanity

With all of the overheated rhetoric, one would think that something truly sinister has happened. The Bureau of Labor Statistics announced that employment rose by 114,000 jobs in the month of September. The unemployment rate fell to 7.8%. Before I get into the world of political craziness, let’s just look at these numbers for second.

 

For the last several years, the unemployment rate has been slowly but steadily decreasing. Last month, the unemployment rate was 8.1%. In May, the unemployment rate was 8.2%. In January, the unemployment rate was 8.3%. We’ve seen a slow but steady decline in the unemployment rate since October of 2009. At that time, the unemployment rate hit 10%.

 

The economy added 114,000 jobs. Notice, in the above graph, which depicts the total number of Americans employed (nonfarm) has again steadily increased since late 2009. There’s no sudden change in the graph. We’ve seen slow and steady progress.

Now, I am not saying that the economy is perfect. I’m not saying that everything is fine. Instead, I’m saying that whatever policies and economic environment that Barack Obama and his administration have created has caused a slow and steady improvement in our economic situation. As the Economic Policy Institute points out, we are still in a 9.2 million jobs hole. This means that we still have a lot of work to do. It means that there are still millions of Americans who are looking for work and can’t find it. This means that we have to reinvigorate the American manufacturing industry. We need to make stuff. We need to make stuff that Americans will buy. We need to make stuff that the world will buy. We need to make that stuff here in the United States.
(more…)