Apparently, there are two Americas.
In one, corporate profits are soaring, the economy is booming and jobs are available for the asking.
In the other, corporate profits are dismal, America is in or close to a recession and more than 100 million Americans have left the labor force.
In one America, more people approve than disapprove of the job President Obama is doing (49.2% approve, 46.8% disapprove, according to Real Clear Politics). In the other America, more than two thirds of the country believe the country is on the wrong track. Real Clear Politics found that 69.3% of Americans believe the country is on the wrong track, while only 22.5% believe it is on the right track.
While media are increasingly reporting that the economy is at or near full employment, that America is at odds with reality. As we’ve written, participation in the labor force has dropped to 62.6%, which is near a four-decade low.
The America where the economy is booming is even more delusional. Some may say that it’s all relative. They may concede that U.S. growth in gross domestic product (GDP) is sluggish at best, but typically add that it’s better than GDP growth in the rest of the world. (more…)