The Other McCain has the latest bad news for Obama
Mitt Romney spoke to a crowd of nearly 4,000 people here in a midday rally, where he emphasized for the coal industry, a vital part of the economy in southwest Virginia. There was a strong representation at the rally from the American Coalition for Clean Coal Electricity (ACCCE).
While at the rally, I got a chance to talk with an award-winning local reporter, Debra McCown, who explained that some 1,200 coal workers in the area had been laid off recently because of EPA regulations that have curbed the use of coal in electrical power plants. McCown explained that during the 2008 campaign, Obama made two trips to the area, as did his running mate Joe Biden, while John McCain’s only visit to the area was an airport stop at the Tri-Cities Airport in Sullivan County, Tennessee — just south of the Virginia border — the day before Election Day.
During his speech, Mitt got a cheer from the crowd when he mentioned the debate, and said that Obama’s statements during Wednesday’s debates were essentially “a reiteration of the status quo.” The biggest cheer during the entire rally was when Romney promised to repeal ObamaCare. Citing the latest employment report, Romney said, “We can do better.”
As always with these kinds of jobs reports… the devil is in the details.
Pretty soon we will have only a few million people employed and “full employment” in this country. Well, not quite. But you get the point. The economy is creating so few jobs that millions are staying out of the labor market, thereby prevent the unemployment rate from soaring. In September we created a measly 114,000 jobs, but the rate declined to 7.8 percent.
Consider that if labor force participation had held even since January (when it was 8.3 percent), the jobless rate would be 8.4 percent. If the job participation rate were the same as when Barack Obama took office, the rate would be 10.7 percent. The broader U-6 rate (unemployed plus total employed part time for economic reasons) held steady at 14.7 percent. Obama can spin the numbers anyway he likes, but this is not an economic “recovery” in a meaningful sense. We are adding fewer jobs on average per month than we did last year (143,00 vs. 153,000).
Yes, we can do far better!