More than 13 million individuals are out of work—and millions more are stuck in part-time jobs—as the unemployment rate remains high at 8.5 percent. In 2011, wages didn’t keep up with inflation, prompting many consumers to dip into savings and, more recently, to step up borrowing. The housing market, which has weighed on the economic recovery, has much ground to regain. A Commerce Department report Thursday showed that home construction fell 4.1 percent in December, capping what one forecaster called one of the “worst years on record” for the home-building industry.
But cheer up, America. After visiting Disneyworld, Obama sang last night!
As Glenn Reynolds used to say, “we’re in the very best of hands.”