(If you Google the words "Obama, Pivot, Jobs" you will get over 17,000 hits for news articles and blogs containing the so-original pivoting meme).
Despite Thursday's panicky Wall Street sell-off, the Labor Department numbers out today were slightly less horrendous than originally feared. Obama managed to magically transform the news into prosperity that is just around the corner. But not so fast -- even with the edition of 117,000 private sector jobs, the situation is not only stagnant, it's getting worse. According to economist Dean Baker:
This rate of job growth is below the 90,000 a month needed to keep pace with the growth of the labor force. Consistent with this fact, the employment-to-population ratio (EPOP) fell slightly to 58.1 percent, tying its previous low for the downturn. While the unemployment rate edged down to 9.1 percent, this was entirely attributable to people leaving the labor force.
Obama is very cleverly
Of course, in keeping with his Hooveresque stance that the government itself can do nothing to create jobs, his
Also, the president doesn't want to have to look out the window and see this:
|Bonus Army 1932.... Hooverville Central|
|Homeless Man Arrested After Jumping White House Fence|
* Update: Marie Burns of RealityChex.com via Paul Krugman: The president didn't extend the payroll tax because the Republicans wouldn't agree to it in debt ceiling negotiations. "This is a stunning fact that every American should know, but they don't. Because Democrats -- including the DINO president -- won't tell them," writes Burns.