Measuring Up

The recent announcement that the unemployment rate dropped 0.1 % in July has the MSM, CNN, and MSNBC writers and commentators so giddy it is embarrassing to watch or read them. But this phenomenon has brought me to understand their mindset. They simply want one positive ‘anything’ to justify that the Obama stimulus package is working and everything is wonderful in Obama-land, the home of their guy. Coupled with the rise in the stock market indices the networks and newspapers are beside themselves. As a youngster my father, as we set out on a long car trip, would add two hours to the actual trip time he told us so it would actually seem like the trip was shorter than anticipated and we kids loved that. Economists use this same logic, whether intentional or not, when analyzing financial data of all designs. Even though 240,000 people lost their jobs in July this is a good thing because these same economists had predicted 325,000 jobs to be lost.

Okay, what is my point? I want it understood that I, and millions of other Americans, have not attached President Obama’s success or failure to whether or not the economy improves. Sure this is a part of the picture, for many a big part, but I’m unlike those on the left and in the media who so much want to underline that the guy they supported ‘turned around’ the Bush economy. I can see now that this is the yardstick for those who supported Obama to say, “see, we were right” because at some point the economy is going to improve. (What the economy would have done without many of Obama’s moves is a debate for another time.)

My yardstick is different and now I’ve said so.


  1. I do agree in that the drooling over this slight improvement is silly. Even the administration still expects unemployment to hit 10% at some point this year.

  2. J. Strupp says:

    The coverage I’ve seen of the latest jobs data has been cautious optimism at best. I don’t think anyone is drooling over another quarter million jobs lost. They are, however, optimistic that the rate of change has slowed.

    Also, I think everyone can agree that the economy would improve in the long run.

    But, as they say, in the long run………