Saturday, January 7, 2012

Good Econony = Bad Republican Reaction

Today the December jobs report came in better than expected with nonfarm payrolls increasing by 200K and unemployment rate dropping to 8.5%.

This is the lowest unemployment rate in almost three years, and led economists to conclude that the improvement in the job market might just last.

In addition It was the sixth month in a row that the economy added at least 100,000 jobs, the longest streak since 2006. The economy added jobs every month last year, the first time that has happened since 2005.

The last 2 years shape up like this...
  • In 2010 940,000 jobs were added and the unemployment rate was 9.6 percent.
  • In 2011 1,600,000 jobs were added and the unemployment rate was 8.9 percent.
Here is a chart of how it looks since Obama has taken office (just in case you didn't think the stimulus worked)...
Someone with a reasonable grasp of mathematics would look at these numbers and conclude that the economy was on the right track. Someone with a reasonable grasp on reality also might come to that conclusion. Unfortunately the Republicans have lost their grip on both.
  • Mitt Romney says "35 consecutive months of unemployment above 8 percent is no cause for celebration."
  • Newt Gingrich dismissed the job gains as inadequate, saying "there are still 1.7 million fewer Americans going to work than when Obama was elected."
  • Rick Santorum says the improvement in the job picture came "despite the president's jobs policy," and suggested that it might have to do with voters' optimism that a Republican would win the White House.
  • RNC Chairman Reince Priebus says: "President Obama ... promised he could fix the economy with an $825 billion stimulus that was supposed to keep unemployment below 8 percent. Instead of fixing it, he made things worse."
This incredible pessimism betrays the GOP's worst fear which is that the economy is really turning around. This is a frightening proposition since they know their only hope to beat President Obama in 2012 is a continuing bad economy. With that realization it is easy to understand why they continually hope for Americans to remain unemployed and our counties economy to fail.

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