Unemployment lowest since September 2001...

But you gotta love the way the Washington Post couches the news: "Job growth tepid, jobless rate drops". U.S. employers added 146,000 jobs in June but that's "tepid" because analyst expectations were 188,500. What a freaking joke!

But the decline in the unemployment rate to 5.0 percent was a nice surprise, since Wall Street had expected it to hold at 5.1 percent. The drop was mostly due to a paltry 1,000 increase in the work force, which includes those looking for work as well as those who have jobs. [my emphasis]

Paltry, huh? If it was 5.2% instead of 5.1% because of 1,000 jobs I highly doubt the folks at the Post would have described the amount as "paltry". It would be cataclysmic!

The real story is that, for all practical matters, the unemployment rate can't drop much further. And why is the drop such a "surprise"? The economy has been chugging along nicely for the last two years! And you can thank the Bush tax cuts for that one. Just like in the sixties under JFK and just like in the eighties under Reagan, meaningful reductions in the income tax rates led to higher tax receipts, deficit reduction, strong economic growth and lower unemployment rates.

But you're not going see the MSM connect those dots.

Say, wasn't this kind of disdain for such news around during Clinton's watch? Umm...NO! Look at the numbers Jayson at Polipundit presents. The unemployment rate for June 1997 - five months into Clinton's second term - was 5.0% as well. And, damn me, if they couldn't praise Bubba enough for it!

Posted by: Gary at 12:44 PM | No Comments | Add Comment
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