Saturday, May 5, 2012

Life Is Just A Fantasy

Mitt Romney is upset. President Obama hasn't lowered the unemployment rate below 4 percent.

The unemployment rate has only been below four percent 6 times since 1948. 1951, 1952, and 1966-1969. Times during which the U.S. had Democrat presidents - Harry Truman and Lyndon Johnson.

The Republican's straw-man campaigning continues.


Paul Krugman offers perspective on this Romney situation:

"OK, not exactly. But he did say that we should be creating 500,000 jobs a month — which almost never happens — and that we should have 4 percent unemployment, which is way below almost anyone’s estimate of the lowest rate we can have without accelerating inflation.

But he understands the economy, right?

Incidentally, since Romney is proposing a complete return to Bush economic policies, it might be interesting to note the average rate of job creation during Bush’s first 7 years in the White House — that is, his record even if you ignore the catastrophe at the end. And that average monthly rate, from the BLS, was … drum roll … 66,000."

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