NY Times: Say, Good Paying Jobs Are Missing In The Obameconomy

Obviously, the NY Times Editorial Board won’t blame Obama, like they would have had it been Bush in office, or any Republican, but, as the saying goes “who’s President?” Remember back to June 7, 2005, when the Times published this

The Bush Economy

….

Mr. Johnston’s article quotes a prominent economist who argues that people care more about the chance to move from one income class to another (upward, of course) than about income distribution. But during the Bush years, the two main sources of class mobility – a good job and money for higher education – have increasingly failed to materialize for those who most need them. Last week’s jobs report from the Labor Department confirmed that a strong labor market recovery has not taken hold. Wages for most working people failed even to outpace inflation in the past year.

You won’t find the word “Obama” anywhere within this editorial

Jobs Stall and So Does the Economy

The employment report for August suggests that any remaining hope for an economic upsurge in the second half of 2014 is largely unrealistic. The new data, which shows job creation down sharply last month, is consistent with more of the same sluggish growth that has long been the norm. Plentiful jobs at good pay — the critical underpinning of a strong economy — are still not in the cards.

On average, the economy added 207,000 jobs a month from June through August, exactly even with average monthly job growth over the past 12 months. That’s a holding pattern, not acceleration. Similarly, the jobs report for August showed flat wages, stagnant hours and elevated long-term unemployment, as has been the case in previous reports.

The latest data also underscore how incremental improvements in labor conditions have failed to undo the damage from the recession and the prolonged slow recovery. For example, the share of adults in the labor force is no longer declining, as it did in 2013, but it remains at levels last seen in 1978.

So, no mention of Obama, but a subtle dig at Bush. Who saw the economy crash after Democrats took over Congress. Anyhow, the Times notes that this economy essentially stinks. Wages are flat. It is an employers paradise with so many people unemployed.

They fail to note that a big reason for stagnant hours and slow hiring is Obamacare.

Obviously, they trot out the income inequality meme, which, let’s face it, is a hallmark of the Obama Years. Big Company and Wall Street are doing quite well, thank you very much, while the rest of us are just getting by. And, yes, blame of Congress, which means “Republicans”

The situation is not self-correcting. In fact, in the absence of government policies to foster balance, it is self-reinforcing. The Fed should continue to try to stimulate the economy with loose monetary policy. But only Congress can put in place the broad new policies on taxes, labor standards and immigration that will give all Americans a shot at a rising standard of living.

True. Congress should deal with those issues. The Times would prefer that it means raising taxes on the wealthy, creating more unions, and amnesty for all. Republicans should do the exact opposite.

Crossed at Pirate’s Cove. Follow me on Twitter @WilliamTeach.

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