In an earlier post today, I pointed out that job growth downshifted between the first and second quarters of the year. I made a point, however, of stressing the following in that post:
“The labor market is, of course, not nearly the disaster that some partisans will claim today…we’re adding jobs, as has consistently been the case, month-after-month, for a few years now. It’s just that we’re adding them too slowly. Unfortunately, in a hotly contested election year, policy makers are more likely to target each other than to target the job market.”
Cue the Romney campaign, which put out a press release saying…I’m not really sure what it was saying…but I think they’re trying to twist my words such that I’m saying we’re back in recession and that the President’s economic policies, some of which I’m associated with, have failed.
Not even close to what I wrote. My post begins with the words: “Payrolls grew by 80,000 last month…” That’s slower job growth than earlier in the year, for sure. But growth it is.
And anyone who knows my work at all knows that I consider the Recovery Act, for example, to have been instrumental in breaking the great recession and helping to partially offset the job losses of the Great Recession. More importantly, non-partisans, like the CBO, agree.
I know…it’s campaign season and one expects this type of silliness. But for those who enjoy fact-based analysis of what’s going on in the economy, I’ll continue to call it as I see it.
The dogs may bark but the caravan goes on.