Economic recovery or not? Depends on who's president
Wow, what a relief! Cuz for a coupla days there I thought when the economy only created 70,000 jobs in a month it was actually bad news.
Reeally bad news.
See, I thought I read somewhere that economists had calculated that the economy had to create about 220,000 new jobs every month just to keep up with immigration and population growth. Guess I must have imagined that.
Flashback! In 2004, when George Bush was in the White House and unemployment was 5.6%, one monthly labor report showed the economy added 310,000 jobs that month. And how did Illinois senator Obama describe this? He denied that the economy was improving, saying it was far too soon to say we'd made progress.
But today, with Obama as prez, 70,000 jobs created in a month is touted as solid evidence of economic recovery.
Funny how standards for everything change depending on which party is in the White House.