The other scandal is our lack of job creation
We got a new unemployment rate. However, don't spend a lot of time looking at that number It does not really tell you the truth about the US economy.
The scandal is that we've just celebrated the 4th anniversary of a stimulus that did not stimulate.
Didn't the White House call it the "Recovery and Reinvestment" act? Isn't this the same White House that called it "The Affordable Health Care Act"?
Edward Lazear posted a great analysis in The Wall Street Journal:
"While the unemployment rate has fallen over the past 3½ years, the employment-to-population ratio has stayed almost constant at about 58.5%, well below the prerecession peak.
Jobs are always being created and destroyed, and the net number of jobs over the last 3½ years has increased. But so too has the size of the working-age population.
Job growth has been just slightly better than what it takes to keep the employed proportion of the working-age population constant. That's why jobs still seem so scarce.
The U.S. is not getting back many of the jobs that were lost during the recession. At the present slow pace of job growth, it will require more than a decade to get back to full employment defined by prerecession standards."
Yes, that's the other scandal, i.e. no jobs!
By the way, manufacturing "unexpectedly" declined! Please read this:
"The nation's manufacturing output unexpectedly shrank to its lowest level in four years in May, according to a new report, as slowing export growth and tight fiscal policy caused factories to slow production."
So let's look at the economy's box score: On the 4th anniversary of the "stimulus," we have an unexpected decline in manufacturing and job creation is still a disappointment.
Yes, that's the other scandal - especially the way that this economic downturn has hurt young people, blacks and Hispanics.