Friday, the Labor Department reports jobs creation for September, and forecasters are predicting the U.S. economy neither added nor lost jobs. This indicates the economic recovery is near grinding to a halt.
Over the horizon, most predict substandard growth, below 3 percent, for the next several years and chronically high unemployment much like Britain after the mindless fits of Labor Governments before Thatcher.
President Obama will point to some 75,000 private sector jobs that were created but more than 300,000 are needed each month to pull down unemployment to prerecession levels, and pay the taxes needed to finance the President’s ambitious social agenda and industrial policies.
More troubling is core private sector jobs growth—private sector jobs creation less government subsidized health care and social services, and temporary services. That is likely to come in at about 35,000 for September.