Jobs Update in the Economy – Steve Rattner (4/8/13)
These are just some figures you might want to know about. There are many moving parts here, and jobs reports could be better, but let’s make sure that we note that the deficit is decreasing. This means that if people are saying that we’re increasing spending they are un/misinformed. With that said, things could be better on all sides, but they could of course be much worse.
One of the biggest mistakes we could make in looking at all of this is making political hay of the final chart. Not that it’s unfair to ask questions and make arguments about the effects of policy on jobs, but assuming that low participation by able bodied workers in the American economy is all due to President Obama is simply not wise. I’ve posted about this before, but technology and outsourcing labor has created a dichotomy in our economy, where the stock market is booming and nontechnical jobs are evaporating. This is a complicated time, and politicization of big problems like this could prevent us from actually getting past them.