When Nancy Pelosi asked that question in 2003, the unemployment rate was 6.1 percent. The unemployment rate for blacks was 11 percent. GDP, however, was growing at a 7.2 percent clip, and barely more than a year later the unemployment rate had fallen to 4.9 percent. That didn’t stop Pelosi and her allies, including many in the news media, from repeatedly asking the above question and proclaiming the jobs picture to be the worst since Herbert Hoover.
Today’s jobs report for December marks 48 consecutive months with unemployment at 7.8 percent or higher. Black unemployment is at 14 percent, up from 13.2 percent in November. And the labor-force-participation rate remains at historic lows as waves of people continue to drop out of the job market.
But Nancy Pelosi has lost her curiosity about the location of the nation’s jobs.
Welcome to Obama Normal.