Scandals? Let’s Talk About the Economy Instead…


If there’s a scandal afoot the President must be “pivoting” to talk about the economy and jobs again. And the press must be enabling him. Again.

Last week the President spoke for probably the hundredth time about the economy, this time in Galesburg, Illinois. Interesting place for a lecture about economics given the state of the economy in Illinois and in Chicago. The money quote from his hour-long lecture was this:

But with this endless parade of distractions and political posturing and phony scandals, Washington has taken its eye off the ball. And I am here to say this needs to stop. (Applause.) This needs to stop.
This moment does not require short-term thinking. It does not require having the same old stale debates. Our focus has to be on the basic economic issues that matter most to you, the people we represent.

I’m not going to bother with deconstructing that comment, given that Chuck Todd of the DNC MSNBC noted this:

They have nothing new to say.

Let’s take a look at some fundamentals. The job market.

Here’s the latest DNC Press Release printed by the Associated Press without attribution.

Employers have added an average 202,000 new jobs a month this year, up from an average 183,000 in 2012.
In June, employers added 195,000 jobs. …
Job growth has been solid despite lackluster economic growth.

We took this argument apart back on the 5th of July:

As a reminder: jobs have quantity and quality components. The quantity component was good enough to convince the 10 Year the taper is imminent (if not stocks, which continue to trade dislocated from any and all fundamentals). But how about the quality? In a word: not good. In June, the household survey reported that part-time jobs soared by 360,000 to 28,059,000 – an all time record high. Full time jobs? Down 240,000. And looking back at the entire year, so far in 2013, just 130K Full-Time Jobs have been added, offset by a whopping 557K Part-Time jobs. And there is your jobs “quality” leading to today’s market euphoria (if only for now).

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