The 8.3 percent unemployment figure is not merely unacceptable, it is misleading. Things are worse than that number would have one believe. If “labor force participation” had remained as high as it had been when President Obama took office, then the unemployment rate would be 11 percent. The lower figure conceals a magnitude of demoralization and the prospects are for things to get worse.
Washington either can or cannot do something about the economy and the pall of unemployment. If it can’t, then it needs to say so and let things work themselves out according the laws of laisez faire economics. If it can, then it is clear that the current plan – whatever it might be – has failed. And for voters to draw the appropriate conclusions.
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