President as a chief and guardian of the economy

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Obama’s economy added 171,000 jobs last month, but unemployment also rose by 170,000. Big whoop
By Tim StanleyUS politicsLast updated: November 2nd, 2012
You can prove anything with a statistic – and the new US unemployment rate of 7.9 per cent is no exception.
The good news for America and Obama is that the US economy added 171,000 people to payrolls last month. But before we all start singing Happy Days Are Here Again, there is some bad news. The number of those without a job also grew by 170,000, moving the overall unemployment rate up from 7.8 to 7.9 per cent. The increase in reported joblessness is largely because of so many people re-entering the labour market after a period of withdrawal – and that’s a sign of improved confidence. But Romney can argue that this growing desire for work is not being matched by private sector performance. The economy isn’t growing fast enough.
Take a look at this Reuters report and you’ll notice that all the good news is found at the top of the article – but if you continue to read towards the bottom then things get progressively worse. To quote:
A full recovery from the 2007-09 recession remains distant and even sustained monthly job gains of 171,000 would likely bring down the unemployment rate only slowly. The jobless rate, which peaked during the recession at 10 percent, remains about 3 percentage points above its pre-recession level.
Indeed, the persistently high unemployment rate has undercut wage growth. Average hourly earnings fell one cent last month to $23.58. Over the past year, they have risen just 1.6 percent, the lowest on records dating to early 2007. A narrower measure that looks at just production and non-supervisory employees is up only 1.1 percent, the lowest since at least 1964.
Additionally, the “underemployment” rate – people without a job, who have insufficient work, or who have stopped looking – is at 14.6 per cent. Hardly the Roaring Twenties, is it?
If “disaster” is too strong a word to describe Obama’s stewardship of the economy, then “disappointment” is pretty close to the mark. The number of folks living beneath the poverty line is up. The number of people who have dropped out of the labour force is up. Federal hiring is up. The number of Americans living on Social Security Disability Insurance is up. It can be argued that Obama inherited a bad situation with a deteriorating economy and a lot of inherited costs from the Credit Crunch. But are we to judge him on context or delivery? Someone with a job might answer the question differently to someone without one. On balance, both might conclude that the labour market is just as bad as it was when Obama inherited it: 7.8 per cent unemployment in January 2009 compared to 7.9 per cent unemployment in October 2012. To recap the Reuters assessment: “A full recovery from the 2007-09 recession remains distant…”
As for the election, the voters’ perceptions of the economy are probably unlikely to change. Obama will point to the creation of 171,000 new jobs and Romney will point to the unemployment rate going up by 0.1 per cent. For a historical comparison, the unemployment rate in 1992 fell from 7.6 to 7.3 per cent during the same period – and President George HW Bush still lost re-election. The tight race for the White House continues.

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