Falling to a 44-month low, the unemployment rate of 7.8 percent—the lowest it has been since January of 2009—deprives Mittens of a valuable talking point, the one in which he reminds voters how long the number has been above 8 percent.
The economy has now added 5.2 million private sector jobs over the last 31 months, which goes to show that Republicans, who have tried their best to sabotage the economic recovery, can’t even get that right.
As we might expect, the relatively good news on the job front means that a conspiracy is afoot. Like Mittens’ low poll numbers, there is a diabolical plan to skew the results in Obama’s favor. From Media Matters this morning:
More unbleepingbelievable stuff:
The unhinged from left to right: Stuart Varney of Fox “News”; Jack Welch, former CEO of General Electric; Rep. Allen West (R-Fla); Rick Santelli of CNBC, credited with starting the Tea Party movement with a rant against Obama.
Finally, speaking of that 7.8 percent job number, I agree with Republicans that it should be lower, and as Mark Gongloff points out, it is Congress—paralyzed by an honest-to-goodness Republican plot to undermine Obama—that is to blame:
For example, had Congress passed the American Jobs Act last year instead of letting it die, there might have been an extra 1.3 million to 1.9 million new jobs created this year, according to estimates by Macroeconomic Advisers and Moody’s Analytics, respectively…
On top of that, you could add the 575,000 government jobs that have been cut since Obama took office in January 2009…That extra 575,000 workers — again, assuming no change in the labor force — gets unemployment down to 6.8 percent. We haven’t seen 6.8 percent unemployment since November 2008.