The number of people employed in the United States dropped by 496,000 in March, according to the Bureau of Labor Statistics, yet somehow, miraculously, the unemployment rate dropped a full basis point from 7.7 percent to 7.6 percent.
That’s because while the White House, the media and assorted economists kept saying “Hooray! Things are FINALLY getting better- and this time we MEAN it,” another 663,000 people dropped out of the workforce.
It’s amazing how discouraged people are during the Greatest Recovery Ever, led by the Greatest Chief Executive since Jon Corzine took over MF Global.
“Consumer confidence tumbled in March,”...