The President wants us to believe that the private sector economy is "doing fine" but the economic numbers from his own Labor Department tell a different story.
As the following chart courtesy of the Wall Street Journal indicates, new hires in the private sector are still woefully short of pre-recession levels. Far from "fine" and a healthy recovery, the data increasing raises concern about falling backward into a double dip recession.
As the WSJ reports:
"When the U.S. economy began to strengthen earlier this year, companies cut back on layoffs and posted more job openings. What they didn't do was actually step up their hiring."
"Now the recovery appears to be faltering again, giving companies even less incentive to hire. That could spell further trouble for job growth in months ahead, especially if companies go back to slashing payrolls." Read more here.
New hires dropped 8% in April, and 23 million Americans are unemployed, underemployed, or have given up even finding a job.
According to the WSJ, "the recovery's repeated starts and stops have left even growing companies nervous about hiring too quickly." Anxiety and uncertainty – a lack of confidence in the economic policies of the Obama Administration – understandably cause businesses to be enormously cautious.