corrente

As always, the numbers tell the tale.

The establishment survey, which asks businesses how many workers they employ, says that 2.4 million jobs have vanished in the last three years. The household survey, which asks individuals whether they have jobs, says that employment has actually risen by 450,000. The administration's supporters, understandably, prefer the second number.

But the experts disagree. According to Alan Greenspan: "I wish I could say the household survey were the more accurate. Everything we've looked at suggests that it's the payroll data which are the series which you have to follow." You may have heard that the establishment survey doesn't count jobs created by new businesses; not so. The bureau knows what it's doing — conservative commentators are raising objections only because they don't like the facts.

But wait — hasn't the unemployment rate fallen since last summer? Yes, but that's entirely the result of people dropping out of the labor force. Even if you're out of work, you're not counted as unemployed unless you're actively looking for a job.

We don't know why so many people have stopped looking for jobs, but it probably has something to do with the fact that jobs are so hard to find: 40 percent of the unemployed have been out of work more than 15 weeks, a 20-year record. In any case, the administration should feel grateful that so many people have dropped out. As the Economic Policy Institute points out, if they hadn't dropped out, the official unemployment rate would be an eye-popping 7.4 percent, not a politically spinnable 5.6 percent.

In short, things aren't as bad as they seem; they're worse. But should we blame the Bush administration? Yes — because it refuses to learn from experience.

Franklin Roosevelt, in his efforts to combat economic woes, was famously willing to try anything until he found something that worked. George Bush, by contrast, seems determined to try the same thing, over and over again.

No sensible person blames Mr. Bush for the onset of the recession in 2001. But he does deserve blame for the fact that all he has to show for three years of supposed job-creation policies is a mountain of debt.
(via The Times)

That is, he's "stubborn." And we're all paying the price.