The Jobs Report and the Election
robertreich.org — President Obama’s speech to the Democratic National Convention was long on uplifting rhetoric but short on specifics for what he’ll do if reelected to reignite the American economy. Yet today’s jobs report provides a troubling reminder that the economy is still in bad shape. Employers added only 96,000 nonfarm jobs in August. True, the unemployment rate fell to 8.1% from July’s 8.3%, But the size of the workforce continued to drop, according to a Labor Department report Friday. Look, I desperately want Obama to win. But the one thing his speech last night lacked was the one thing that was the most important for him to offer — a plan for how to get the economy out of the doldrums.