Saturday, October 4, 2014

Unemployment at 5.9 Percent

Hip Hip Hooray!  Six years later, the economy has achieved permanent mediocrity.  These are exactly the pitiful kinds of numbers that propelled Bill Clinton into the White House against the first George Bush.  Remember James Carville's line: "it's the economy stupid."

Now, the Obama folks cheer economic numbers that the Clinton folks derided as inadequate, which tells you how low are the expectations of the Obama advisors.

When economic growth muddles along, the folks at the bottom of the economic pile suffer the most.  This was the only correct assertion made in Piketty's book, "Capitalism in the Twenty First Century." 

If you want poor people to gain some traction, get economic growth up.  The poor gain the most when the economy is super strong.  A weak economy doesn't really hurt the rich, but it can be devastating to the prospects of the poor.

Free markets provide opportunities.  Big government closes down opportunities, perpetuates inequities and enables rich folks to keep their thumb on the scales.  This is why the Buffetts and Warners and Gateses and Soros's of the world support big government.  It keeps them in the driver's seat, closing the door to the aspirations of the folks with little income or wealth.

An unemployment rate of 5.9 percent is pitiful.  Job growth of 250,000 per month is mediocre.  It's better than Europe, but no match for Asian economies, who seem to understand the value of economic growth.  That Obama acolytes can celebrate this kind of economic performance is telling.

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