In an editorial entitled "A Poison Pill for the Recovery," The New York Times attacks Donald Trump's order yesterday to roll back Dodd-Frank. Don't misunderstand me: Trump's directive is a disaster in the making, but let's take a closer look at the Times editorial, which continues to pay homage to Obama:
"[Donald Trump] has been lucky enough to inherit an economy that added 11.5 million jobs during President Obama’s tenure, the fourth-highest tally of the 12 administrations in the post-World War II era. There is, of course, much work still to be done: Growth in wages is not yet strong, and too many people are able to find only part-time work. But the foundation on which to build — economic growth, financial stability, monthly job tallies and low unemployment — is firm."
Ah yes, "the foundation on which to build" ...
But now consider what Andrew Soergel had to say in a July 16, 2015 U.S. News & World Report article entitled "Where Are All the Workers?":
"Americans are actually trickling out of work at an alarming rate. The country's labor force participation rate – which measures the share of Americans at least 16 years old who are either employed or actively looking for work – dipped last month to a 38-year low, clocking in at an underwhelming 62.6 percent.
Unemployed individuals who haven't actively looked for a job in the last four weeks, for any number of reasons, actually slip away from the Labor Department's unemployment calculations. So although the unemployment rate ticked down to a seven-year low of 5.3 percent in June, that number didn't do justice to the 640,000 individuals who exited the labor market last month and the nearly 94 million people who were neither employed nor looking for work."
Also consider that Obama left the United States with a crippling national debt of $20 trillion, or some $800,000 per family. Moreover, seven percent of that debt is held by China, a country with respect to which Trump's chief strategist Steve Bannon declared in March 2016:
"We’re going to war in the South China Sea in five to 10 years, aren't we. There’s no doubt about that."
Do you laugh or cry? Me? I'm headed back to my dogs and vegetable garden.