Way Out of Context

July 6th, 2012 at 5:22 pm

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.

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3 comments in reply to "Way Out of Context"

  1. Neildsmith says:

    And the job market is quite good for many with skills, mobility, experience, and those who are currently employed. That’s one of the hard parts about convincing Americans we are in a depression. Many in the political debate have an interest in making the economy sound awful. Those that want the government to take action have to get us all in panic mode. Those who want to defeat Obama have to do the same thing.

  2. Comma1 says:

    The economy is not good at all. It is, in fact, historically bad. 80k jobs a month is nothing to be proud of. If we had 4% unemployment it would be nothing to be proud of. There are literally tens of millions of people underemployed, whose lives are being decimated because American leadership has failed. I’m glad to hear it is good for you, but open your eyes. If you need help, just look at today’s Washington Post about lab PHDs.

    Will Repubo ideas help. No. They have no ideas. The Republican platform is stuck in 1982… 30 years ago. They are fighting the last generation’s fight. Nonetheless, to suggest 80k jobs is acceptable (or that the economy is functional) is to put politics above prudence.

    Jobs now. The rule of law now.

  3. Misaki says:

    The capital case is cute. http://www.mittromney.com/news/press/2012/07/architect-obama-economy-concedes-weve-settled-slowdown

    Oh, But Remember, It’s The President Who Takes Responsibility For The Economy No Matter What Campaign Spokespersons Say! [link removed]