‘Obama’s Road to Nowhere’
The inestimable Mark Steyn writing at
“I’m not concerned about a double-dip
recession,” Obama said last week. Nor would I be if I had government housing, a
car and driver, and a social secretary for the missus. But I wonder if it’s such
a smart idea to let one’s breezy insouciance out of the bag when you’re giving a
press conference. In May the U.S. economy added just 54,000 jobs. For the
purposes of comparison, that same month over 100,000 new immigrants arrived in
So what kind of jobs were those
54,000? Economics professorships at the University of Berkeley? Non-executive
directorships at Goldman Sachs? That sort of thing? No, according to an analysis
by Morgan Stanley, half the new jobs created were at McDonald’s. That’s amazing.
Not the Mickey D supersized hiring spree, but the fact that there’s fellows at
Morgan Stanley making a bazillion dollars a year analyzing fluctuations in
minimal-skill fast-food service-job hiring trends. What a great country! For as
long as it lasts. Which is probably until some new regulatory agency starts
enforcing Michelle Obama’s dietary admonitions.
A couple of days later, Chet’s
announced it was closing after nine decades. “It was the economy and the smoking
ban that hurt us more than anything,” said the owner. But maybe he can retrain
and re-open it as a community-organizer grantwriting-application center. The
Bureau of Labor Statistics reports that the median period of unemployment is now
nine months – the longest it’s been since they’ve been tracking the numbers.
Long-term unemployment is worse than in the Depression. Life goes slowly waiting
for a fast-food job to open up.
Indeed. Read the whole