NYT: Now That Job Market Is “Surging” Obama Can Finally Turn Away from “Austerity”
With the American job market surging to life, President Obama plans to use his State of the Union address on Tuesday night to effectively declare victory over the economic hard times that dominated his first six years in office and advocate using the nation’s healthier finances to tackle long-deferred issues like education and income inequality.
In presenting a series of initiatives aimed at the middle class, Mr. Obama hopes to pivot finally from the politics of adversity and austerity that have frustrated him for much of his tenure. But coming off a midterm election defeat that handed full control of Congress to Republicans, the president faces long odds in actually enacting his agenda and in essence is trying to frame the debate for his remaining time in power and for the emerging 2016 contest to succeed him.
As I have explained many times before, the unemployment number is phony because it considers only people actively looking for work. The labor force participation rate tells you who is still working or at least trying to find a job. When people give up and drop out of the workforce — like when they decide that government benefits are sweet enough that it’s no longer necessary to work — that metric goes down. And under Obama it has gone straight down, and is at a 36-year low.
As for the idea that Obama has had to contend with the “politics of austerity” — how much has he added to the federal deficit in 6 years? The Weekly Standard puts that number at $7.5 trillion.
Austerity!!!
The Paper of Record, ladies and gentlemen. They won’t insult their readers by showing Mohammed cartoons, but they will insult their readers’ intelligence all day long.
This is, after all, the paper that loved (and whitewashed) Josef Stalin.