One thing that's getting people's attention is the disconnect between the U-3 unemployment rate and the number of jobs created. Here's part of the discussion Megyn Kelly had with Melissa Francis of the Fox Business Channel:
MEGYN KELLY: The December jobs numbers were bad. They were bad from almost any standard but the most significant that came out is the number of people who gave up. Put that in perspective.
MELISSA FRANCIS: It's an enormous number. These are people who have just gone to the sidelines and have just totally given up. They've said "I can't find a job. I might just as well not even look anymore." The administration likes to say that these are just baby boomers retiring but they're just a fraction of these folks.
In short, the Obama administration a) knows that the economy stinks and b) won't hesitate to lie about the economy to hide the truth about the economy. Wall Street is doing well because it's being artificially propped up by the Federal Reserve pumping $1,000,000,000,000 a year into the money supply. Main Street isn't that lucky. That's why a recent poll showed that 79% of people don't think the recession ever ended.
For small businesses, it hasn't ended. They're still struggling. The new terms of 49ers and 29ers weren't created for big businesses. They describe small businesses. 49ers refer to companies that refuse to hire a 50th employee so they aren't subject to the Affordable Care Act's provisions. 29ers refer to employees whose hours have been set at 29 hours a week so small businesses don't have to pay fines on them once the employer mandate kicks in.
This stagnation will continue until tax and regulatory policies change dramatically. Marc Thiessen hit on what's needed to break from the new normal:
MARC THIESSEN: I disagree that the new normal should be 92,000,000 people out of the work force. We have to find a way to create training and jobs and opportunity for the American people and not blame people -- what we need to be worried about -- Republicans can't fall into the trap of Mitt Romney and the 47%, that we've become a nation of moochers and we can't take care of ourselves. Nobody grows up saying 'I want to be dependent on government.' People say 'I want to be a policeman, I want to be a firefighter, I want to be a doctor, I want to be a computer programmer.' We need to restore the American dream and focus on upward mobility so people can get a shot at the American dream again.
That's the right Rx for the economy. The reality is that this president's economic policies have been counterproductive. The economy is growing, albeit feebly, in spite of President Obama's policies, not because of his policies.
President Obama's policies have focused on fairness. His latest push against income inequality is really just an attempt to redistribute money, taking from people who've innovated and created things of value, then giving it to people who haven't innovated or created things of value.
In the end, President Obama's policies will fail because he's betting against capitalism. The best definition of capitalism is betting on human nature.
The fact that President Obama is still selling his lackluster economic policies and the disaster known as the Affordable Care Act indicates that people have rightly rejected his biggest policies. In short, he's fighting against the will of the American people.
In the end, President Obama's policies will fail because people strongly disagree with him. This jobs report is proof that President Obama isn't in touch with the American people.