In a Friday evening editorial at Investor’s Business Daily:
… Democrats were quick to blame the anemic March jobs number on the “sequester” spending cuts. If that were the case, what explains the previous four years of lousy job growth under Obama?
White House economic adviser Alan Krueger complained that “arbitrary and unnecessary cuts to government services will be a head wind in the months to come.”
… Sen. Majority Leader Harry Reid argued that “self-inflicted setbacks like the sequester” were behind the tepid jobs growth.
It didn’t take long for the Democrats’ amen chorus in the press to run with this spin.
… Just one problem: There’s nothing unusual about this month’s jobs report, and there’s been no austerity.
From the start of the Obama “recovery” nearly four years ago, job growth has been week. In fact, job growth has averaged just 100,000 a month, and in 16 of the 45 months since June 2009, it’s been under 100,000.
Nor is the March drop in the labor force participation rate unusual. In fact, it had been steadily falling all along, as Obama’s anemic jobs recovery led millions to retire early, give up looking for work, or go on government disability programs.
By the end of last year, the labor force participation rate was down to 63.6% from 65.7% when the recovery started. …
… given his out-of-control regulations, tax hikes on businesses and investment, and the looming catastrophe known as ObamaCare, it’s a wonder businesses are hiring at all.
In the 45 months since the recession officially ended in June 2009, the economy has added a seasonally adjusted 4.617 million jobs — 5.875 million sice the February 2010 trough, which came way later than it should have). In the first 45 months after the 1980s recession ended in November 1982, employment bottomed out after just one month later, while the economy added 10.791 million jobs.
Replicating the Reagan performance after adjusting for workforce size, the economy would have — and should have — created 15.8 million jobs since the recession ended. It’s 11 million jobs short of where it should be, and all we have to show for it is a mind-boggling $6.2 trillion growth in the national debt.