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Daily Events...
Winning the Future
By Erick Erickson
This is not what winning the future looks like. Yes, it is
true. Today unemployment has fallen to a two year low —
8.8%. That is the good news. The bad news is that the
number of people who have been unemployed for more than 26 weeks has
hit an all time high according to CNBC contributor James Pethokoukis.
Made worse, wage growth in the United States last quarter has lagged
inflation, meaning workers are less and less able to keep up with
escalating food prices caused, in part, by continued promotion of corn
based ethanol subsidies and, in part, by the Federal Reserve’s wacked
out monetary policy.
Steve Moore, writing in today’s Wall Street Journal, notes an important
American milestone as well. According to Moore, “More Americans
work for the government than work in construction, farming, fishing,
forestry, manufacturing, mining and utilities combined.”
It is one thing for the President of the United States to praise
private job creation, but quite another for him to actually work on
private job creation. One of the untold stories is that, even
with today’s improved jobs numbers, the United States has created no
net new jobs — meaning we are filling vacant positions, but we are not
economically creating whole new positions. In fact, we haven’t
done that very well since sometime around the end of the Clinton
administration.
Compounding the latent job worries, gas prices have gone up 100% since
Barack Obama became President. Domestic oil exploration has
fallen dramatically. The national debt is soaring.
If this is winning the future, we’ve lost.
— Erick Erickson
Read it with links at Daily Events
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