Job creation has plunged to nearly negligible levels in recent months, from sub-par levels in the past three years. A mediocre 69,000 jobs were created last month when we have ad hundreds of thousands of jobs created month by month in previous recoveries.
Unemployment is particularly severe among middle-age Americans between the ages of 45-to-64-year-olds. The jobless level among this group "remains near its highest rate in 70 years," The Wall Street Journal reported last weekend.
"More than 3.5 million Americans" in this vulnerable age group "were unemployed as of May, 39 percent of them for a year or more -- a rate of long-term unemployment that is unprecedented in modern U.S. history, and far higher than among younger workers," the Journal reported.
The long stalled economy barely grew by 1.9 percent in the first three months of this year, the economic equivalent of barely breathing. It grew by only 1.7 percent in 2011.
The Federal Reserve Board projected last week that our economy will grow this year by between 1.9 percent and 2.4 percent - half a point slower than they forecast in April.
The Fed also projected that high unemployment levels will persist at 7 percent or higher by the end of 2014.
The story of the Obama economy has been a litany of one bad report after another. In a story about the further downgrading of U.S. and global banks by the financial ratings agency Moody's, the Washington Post flatly said that economic conditions in the U.S. were "stagnating."
Yet in a breathtaking remark that revealed how deeply uninformed and disconnected he is from all of this, Obama said "the private sector is doing fine." The public sector is the one that needs financial assistance, he said.
Knowing this was patently false, the Heritage Foundation rechecked the employment numbers at the U.S. Bureau of Labor Statistics for the last five years and here's what they found:
"Private-sector employment is nearly 4 percent lower than it was when the recession began -- worse than the declines in state and local government employment, and far worse than federal employment."
Nevertheless, Obama is out on the hustings telling the base of his party what they want to hear but isn't true: That the economy is improving, that jobs are being created, that things are getting better, that the recovery is on track.
Democrats who know better want him to stop talking like that and start dealing honestly with the American people.
"I'm worried that when the White House or the campaign talks about the progress that's being made, people take that as a signal that they think that things are fine and people don't feel they ought to believe that," Democratic strategist James Carville said on ABC's Good Morning American earlier this month.
Meantime, don't look for any major changes in Obama's tricky campaign rhetoric. He wants Democrats to believe things are better when they're not, and his party's base wants to believe it, too.
But when the economic numbers worsen over the next four months, as they will, even some of the most die-hard, jobless Democrats are going to say enough is enough.
In Honor of His 103rd Birthday, Here Are The 20 Best Quotes From The Late, Great Milton Friedman | John Hawkins