The economy registered more sluggish job growth in January as employers added 157,000 positions and the unemployment rate rose a tenth of a point to 7.9 percent.
Looks to me like the numbers came just a little too late to save Romney. If the economy had contracted just before election day, as it did the last quarter of 2012, along with an increase in unemployment, the result on November 7 might have been different.
Maybe not, but maybe.
As you may be aware, 157,000 jobs is about what’s needed to keep pace with population growth. It does nothing to lower unemployment. The figures for last year were revised upward to show an average monthly increase of 181,000, but that’s still not enough to do much about unemployment or begin to start recapturing the millions of jobs lost since 2008.
In short, this is more lousy Obamanomics. And many of the regulations Obama is imposing and will impose on the economy, whether related to health, the financial sector, or the environment, haven’t even really started kicking in.
What’s more, the economy just got hit with massive tax increases at the beginning of last month – including a rise in payroll taxes – and the effects of that are just starting to be felt. More tax increases are on the way.
White House Council of Economic Advisers Chairman Alan Krueger this morning released the following bit of propaganda:
While more work remains to be done, today’s employment report provides further evidence that the U.S. economy is continuing to heal from the wounds inflicted by the worst downturn since the Great Depression. It is critical that we pursue the policies needed to build an economy that works for the middle class as we continue to dig our way out of the deep hole that was caused by the severe recession that began in December 2007.
Continuing to heal? For five years? Is this the hemophilia economy?
Americans will now have to live with the choice they made. Elections, as they say, have consequences. That’s how the system was set up, and in that sense, everything is working perfectly.