Friday’s disappointing employment report showed slowing momentum in the labor market since the start of the year. But President Barack Obama, who officially launches his reelection campaign Saturday, overcame one threshold: the number of private-sector jobs in the U.S. economy is now higher than the month he took office
To be honest, I have no idea why the addition of 115,000 jobs to the economy is considered "disappointing." Those who feel this way, feel it is not enough, have a poor grasp of (or are unwilling to grasp) the economic damage caused by Bush and his kind. It is nothing but amazing that there is any recovery at all. And trust me, what ever is recovered from the pre-Obama wreckage, those same people want it all to themselves.
You have to see the bailout in 2008 as a kind of Polaroid camera. What it captured was the economy for the rich in 2007. They now move through time in this moment. And so the economy is not one moment but three or four, with most us living in the realtime economy. We see in all of this a resemblance to the IMF's preoccupation with controlling inflation, keeping it low. As with the bailout and the continuation of the tax breaks, the policy on inflation is concerned with time and change. The few who live in the huge floating bubble of 2007 have only one political project: use all of the available resources to maintain their unreal and overvalued moment in time. This is America right now.