President Obama has promised to spend the rest of his term addressing the putatively grave problem of income inequality.
IN A WORLD . . . where politicians indulge their private obsessions and political agendas, this makes sense. But what if, just, what if, instead of worrying about income inequality, Obama merely worried about INCOME.
Because that’s what those still out of work aren’t getting. They’re not part of the income inequality problem, because THEY DON’T HAVE ANY INCOME AT ALL. And there are still lots of them, despite the supposedly declining unemployment rate.
George Will put it nicely last night:
The recession began in December 2007. Since then, we’ve added 13 million more Americans are in the country and have 1.3 million fewer jobs.
We’ve lowered the unemployment rate largely — not entirely, but largely — because the workforce participation rate has gone down as more and more workers have been discouraged and are no longer counted anymore cause they’re not looking for work.
If the workforce participation rate were as high as it was when the recession began the unemployment rate would be 11.3 percent. We wouldn’t be calling it a poor recovery, because we wouldn’t be calling it a recovery at all.
Let’s go to the videotape.
But what fun is creating jobs? That’s hard work. How much more satisfying to bash rich people and parade around as the champion of the proletariat. Now that’s something a Socialist can really sink his teeth into.