A sharp 0.3% drop in the unemployment rate breathes new life in a presidential campaign that tripped over its own feet a couple of nights ago with an absentee presidential debater and a milquetoast debate moderator.
The September unemployment report reveals that the jobless rate fell to 7.8%, which is under 8% for the first time since the Bush-Inspired Great Recession of 2008.
Eight percent has been used as a mile marker since the Obama stimulus package was passed.
This is good news for America and good news for business that has doubted a full recovery that will bring customers back to the markets. And that is why, I guess, Mitt Romney is dismissing the whole thing as being much worse than it appears. It is bad for his campaign that has touted Romney’s business acumen with the notion that only Romney knows how to change the unemployment numbers.
Obama, the community organizer, couldn’t have a clue on how to create jobs. That’s what business leaders do.
And in a sense, Romney is correct. In a sense. As the CEO of Bain Capital Mitt Romney is responsible for amazing changes in employment numbers as corporation after corporation that his company took over either went belly up and sold off for scrap or went overseas. Both of which changed the unemployment numbers.
Mitt Romney says that the unemployment numbers are down because an increasing number of people are simply not looking for work anymore. That’s an amazing way to self-promote and at the same time deflate the news – the good news of lower jobless rates is actually really, really bad news.
But who knows. Maybe Romney is right. He is, after all an expert in unemployment.