Our Booming Economy

Our economy is recovering so much, payrolls shrank by 36,000 in February.

Obama is going to wind up being a one-term president if he doesn't do a damned thing about it besides giving handouts to Wall Street.

The Labor Department’s employment report for February, released Friday, showed that the US economy is continuing to shed jobs, wages are continuing to decline, and the so-called economic “recovery” is based on an accelerating fall in the living standards of the working class.


The Obama administration hailed the report, which showed a less-than-expected net job loss of 36,000 and no rise from January’s official jobless rate of 9.7 percent, as a positive sign of a “stabilizing” labor market and a vindication of its economic policies. For the most part, the media similarly cast the report as a confirmation that the economy is improving.

This only highlights the chasm separating the political and corporate establishment from the vast majority of the American people. The report not only registered the 25th monthly decline in net jobs in the last 26 months, it showed an overall increase in the number of people counted officially as unemployed to 14.9 million, including 6.1 million who have been without a job for more than six months.