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Good news and bad news in the August jobs report

Some Democratic-leaning groups are e-mailing around this clip of Erin Burnett and Andrew Ross Sorkin hailing August's jobs report as good news indeed.

I'd say this is the soft bigotry of low economic expectations, which isn't the same as saying it's wrong. As Sorkin says, if your measure was "is American entering a double-dip," today's jobs report is pretty good! We're not entering a double dip! At least, we weren't in August. But from the perspective of recovery, we need to be creating 200,000 jobs a month if we're going to get unemployment back to a normal level in the next five years. Even if you ignore the Census jobs -- and I don't think you should, as those are real people out of work -- gaining 60,000 or so jobs isn't going to cut it.

By Ezra Klein  |  September 3, 2010; 3:14 PM ET
 
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Comments

That isn't Maria Bartiromo.

Posted by: Bob65 | September 3, 2010 5:07 PM | Report abuse

"As Sorkin says, if your measure was "is American entering a double-dip," today's jobs report is pretty good!"

Go check on job creation figures in late 2007. Job creation is a coincident indicator, not a leading one. It says little about the risk of a double dip.

By the way, full-time jobs are down nearly 900,000 since May.

Posted by: justin84 | September 3, 2010 6:10 PM | Report abuse

I think at some point, Democrats are just going to have to admit that they messed up, and that the Obama Administration has failed to enact policies that will restore the fundamentals of the economy. That doesn't mean that Republicans will do any better. But taking responsibility for your screw ups goes over surprisingly well with voters. Americans love to forgive, but Democrats browbeating voters with stats like this just makes voters want to elect the most rabid right-wingers simply to put a check on Obama.

The American economy has been gutted. We've lost all of our industries because we've given them away, and we're left with a debt-based economy that, surprise, collapsed under its own weight. The average college graduate now comes out of school with five figures of student loan debt and lands a job at Starbucks or Borders. This is a recipe for a decade of stagnation.

Posted by: DR721 | September 3, 2010 7:39 PM | Report abuse

Link to Annie Lowrey, please.

Posted by: truck1 | September 5, 2010 2:20 PM | Report abuse

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