President Obama and his fellow Democrats spent most of last week’s convention claiming that they’ve made “progress” in rebuilding America’s economy. But Friday’s jobs report makes the reality painfully clear.
In August, businesses created a paltry 96,000 jobs, the Bureau of Labor Statistics said — yet again too small a number to signal any real gains in the economy.
And though unemployment dipped two-tenths of a point, from 8.3% to 8.1%, that was only because some 368,000 workers left the job market.
A loss, that is, of folks who’ve become too frustrated to keep seeking work or who quit for other reasons — and thus are no longer counted as “unemployed.”
Think about it: For every job added, four people gave up looking for work.
Poof — they’re gone. Off the charts.