By Investor’s Business Daily
Friday’s jobs report has us feeling like Bill Murray in “Groundhog Day”: waking up morning after morning to the radio blaring Sonny and Cher’s “I’ve Got You Babe.”
We’ve lived through this over and over during the Obama presidency. Every time we see a hopeful sign that the economy’s shifting into a higher gear (a bullish 3.9% GDP growth in the second quarter, for example, after a near-recessionary 0.6% in the first), hiring slips back again into its slow-growth ditch.
No wonder voters are seething with anger.
Jobs rose by just 142,000 in September. But even that paltry gain was offset by 59,000 fewer jobs than originally reported for July and August. We need about 150,000 jobs just to keep up with natural population growth and new young entrants into the workforce.
Worse yet — and stop us if you’ve heard this before — another 350,000 Americans of working age disappeared from the labor force, bringing the total over age 16 not working to a record 94.6 million.
This is no accident; it’s policy-induced slow growth.
It’s fitting that we get a disappointing jobs report in the very week that the administration says it will move forward with a new ozone containment rule that the National Association of Manufacturers says will be one of the biggest job-killing regulations in American history. (my emphasis)
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