The August employment figures are dismal. Only 71,000 new jobs were created in the private sector in this, the beginning of the second year of economic recovery. At this rate, economists tell us, the unemployment rate will continue to rise indefinitely, and that is just what's happening. It is now 9.6%, up from 9.5 the previous month.
Not to worry-President Obama has detected a "silver lining" in these numbers. The private sector, he noted on Friday, "is creating jobs... just not enough." That's like saying the Cubs are getting hits, just not enough. Someday, though, they will get enough to win the pennant and even the World Series. As for the economy, at 71,000 jobs per month it will take 118 months, or almost 10 years, to win back the 8.4 million jobs that have been lost since the Obama recession began. Where exactly is the silver lining?