James Pethokoukis

Just how badly broken is the U.S. economy?

February 4, 2011

This bit on the January jobs report from Bankofamericamerrilllynch worries me:

In the Household Survey, the unemployment rate plunged 0.4ppt for the second month in a row bringing it to 9.0% – the lowest since April 2009. The unemployment rate has not dropped this far, this fast since the 1950s. So, we question whether this decline will be sustained. The household measure of employment rose just 117,000 while the labor force participation rate dropped 0.1 ppt to a fresh cycle low of 64.2%. Never before has such a sharp decline in the unemployment rate been predicated on an ongoing drop in the labor force. The participation rate has crumbled 1.5ppts since the recovery began.

Gen. Paul Ryan launches his war on Big Government

February 4, 2011

In the context of World War II, this was the Doolittle Raid. D-Day still awaits in the future.

Reagan at 100, Reaganomics at 30

February 4, 2011

President Ronald Reagan, Feb. 5, 1981:

Good evening.

I’m speaking to you tonight to give you a report on the state of our Nation’s economy. I regret to say that we’re in the worst economic mess since the Great Depression.