Drop in unemployment doesn't mesh with Republicans' script
My biggest concern is the 'new normal' for unemployment in the USA will be 6-7% instead of an historical (hysterical?) 4-5%. High growth areas may return to the 5% range but much of the country will struggle with 9-10% (or higher as exists today) unemployment.
The news that unemployment dropped again amid signs that the economy is gaining steam arrives at a perilous moment for the GOP, which has fashioned much of its political message around the argument that President Obama's policies suppress job growth.
According to the Labor Department, the jobless rate has dropped a full percentage point — to 8.8% — since November 2010, coincidentally when the GOP made its major gains in Congress and seized control of the House.
Key Republicans reacted Friday by saying the numbers were good, but not good enough. But given the state of play on Capitol Hill, with a government shutdown looming and a Republican bloodthirst for more spending cuts, there was little more to say beyond that.
My biggest concern is the 'new normal' for unemployment in the USA will be 6-7% instead of an historical (hysterical?) 4-5%. High growth areas may return to the 5% range but much of the country will struggle with 9-10% (or higher as exists today) unemployment.