The economy still stinks

Mort Zuckerman has the numbers and a good line: “What the administration gives us is politics. What the country needs are constructive strategies free of ideology.”

February’s unemployment rate was reported as 7.7%, but that is misleading:

  • the number unemployed for six months or longer went up by 89,000
  • the average duration of unemployment increased by 1.6 weeks
  • the percentage of people in the workforce dropped to its lowest in 30 years

The economy grew by only 1.5% in 2012. The total growth for the last three years is the slowest recovery in 70 years.

Obama’s 2% increase in payroll taxes will take about $110 billion out of worker’s pockets. His health care taxes will take another $30 billion.