To the Editor:
When the job gains were posted for March, it was yet another reminder that the reported drop in the unemployment rate from 7.7 percent to 7.6 percent was misleading.
The real unemployment rate is closer to 14 percent. A paltry 88,000 jobs were created, with most of those jobs being part time, temporary or low-paying jobs. Economists predicted a gain of 190,000 jobs. More than half a million people stopped looking for work.
The labor participation rate fell again to 63.3 percent, the lowest level since December 2007. Over 90 million people are out of work. There are 7 million fewer people working now than when President Obama took office. An informed electorate knows the job market has not improved.
Was there any real expectation that a president with no business, economic or management experience would have the knowledge and expertise to understand the fundamentals of job creation? His policies of onerous regulations and burdensome taxation reduce the prospects of meaningful job formation.
The sequester was created by the President. The anemic cut of 2.4 percent in spending has absolutely no effect on job creation. The sequester does not cut spending. It merely slows the rate of increase in government spending.
Until voters demand government get out of the way of business, we will continue to see an inexorable decline in the U.S. job market. The pathetic jobs gain in March was just another another reality check.