Despite constant budget fights in Washington, the U.S. economy managed one of the best months for job gains in the past year in February 2013, driving the unemployment rate to its lowest level in more than four years. The economy stunningly added 247,000 jobs.
However, historically, the jobs report sucks. During the four years when Jimmy Carter was president, the economy added 230,000 jobs per month over four years, when the population was two thirds the size of today, and Gross Domestic Product (GDP) was 37 percent the size of today’s US economy. Give the disparity in population and GDP, the current economy would have to add 600,000+ private sector jobs per month to be as successful as the economic policies of the Carter administration.
There was a reason why the Carter economy was so much better than the Obama economy. The 99 percent took home about 92 percent of all the income produced in the US in 1980. That meant the demand for goods and services was much stronger then than now because the 99 percent now receive only about 68 percent of all the income produced in the USA. The US government has passed legislation upon legislation, such as free income redistribution trade treaties and privatization scams, that redistribute more and more income out of the pockets of the 99 percent and into the already bulging wallets of the 1 percent. The Obama administration, many of his Democratic allies such as Wall Street Senator Ron Wyden and the entire Republican continue to pursue these policies with the primary objective seeming to be to destroy the middle class and keep the Ponzi scheme known as Wall Street rising.
On the downside, Obama’s job market would be better, and the unemployment rate lower, had not the government spent most of the recovery cutting spending and jobs, unlike previous administrations. And though Wall Street may cheer February’s jobs report, the pain of government cutbacks looks to get worse as the year goes on.
U.S. employers added 236,000 jobs to non-farm payrolls in February, the Bureau of Labor Statistics reported on Friday, up from 119,000 in January. That was the best payroll growth since 247,000 jobs last November and the second-best month for job growth of the past 12 months.
The unemployment rate dropped to 7.7 percent from 7.9 percent in January, with 12 million people looking for work. That is the lowest unemployment rate since December 2008, when the rate was 7.3 percent.