The new birtherism comes from Jack Welch, who claims that the administration has falsified the numbers to create today’s jobs report, showing the lowest unemployment rate in three years. “Unbelievable jobs numbers,” he tweeted, “these Chicago guys will do anything..can’t debate so change numbers.” With all due respect, the retired chief executive of General Electric is an expert in unemployment: causing it. But no serious economist believes these numbers are cooked — and if they are, why aren’t they better? Matt O’Brien of the Atlantic tweeted: “BREAKING: Jack Welch on the phone with Jeff Imelt, telling him to fire 115,000 people ASAP.”
Now to the serious stuff: September unemployment fell to 7.8 percent as 114,000 new jobs were created. It’s still slow, but definitely better. Two sets of charts help explain, from Ezra Klein and the Center on Budget and Policy Priorities.
How are you personally doing? (Be honest).
Read on for the best links of the week and the haiku:
This Week’s Links:
- Graph No. 5 is the best argument you’ll see for infrastructure investment || Ezra Klein
- Money, power and the rule of law || Simon Johnson/NYT Economix
- Fact-checking financial recessions || Vox
- Romney tax plan as budget busting as ever || Middle Class Political Economist
- Trends in small-business lending || Macroblog
- Who has the most debt in the U.S. || The Wilder View
- Let’s get real clawback from the banks || Bloomberg
- Starbucks gets square — will you change the way you pay? || Wired
- After Steve Jobs, does Apple innovate like it used to? || The New Yorker
Today’s Econ Haiku:
To fix J.P. Morgan’s woes
Will they chase him out?