A top aide to President Obama said this week that unemployment is going down, which would be true except that it’s going up.
Agriculture Secretary Tom Vilsack told an interviewer who noted unemployment was above 8 percent that “actually, unemployment is coming down, we’ve had 27 consecutive months of private sector growth.”
The reason the unemployment rate WENT UP last month from 8.1 percent to 8.2 percent is that job growth is relatively paltry and not strong enough to keep up with population growth. Also, you’ll note, Vilsack toes the White House spin line by carefully pointing to “private sector” job growth. The public sector is losing jobs.
In separate remarks, Vilsack opined that “we’ve turned the corner” on the economy.
Vilsack is correct, but only in that the economy has turned a corner and is now getting worse again.
Gross domestic product rose in the first quarter of 2012 by a lousy 1.9 percent, down from a decent if unremarkable 3 percent in the fourth quarter of 2011.
The Federal Reserve Wednesday downgraded its outlook for the economy, which it said would grow this year between 1.9 to 2.4 percent, a half point less than it predicted in April. What’s more, it also said unemployment will not move below 8 percent this year – and possibly not next year either.