Provoked by the Vice President’s comment on Sunday that the Administration “misread the economy,” the Obama Administration is partway through an unplanned shift in their topline economic message. It is painful to see this transition play out in public as the Obama Administration and its allies try to find their footing on the most basic questions about the U.S. economy and their macroeconomic policy.
Last Thursday the President spoke in the Rose Garden after meeting with some alternative energy CEOs. His statement included only a placeholder about the jobs report:
And obviously, this is a timely discussion, on a day of sobering news. The job figures released this morning show that we lost 467,000 jobs last month. And while the average loss of about 400,000 jobs per month this quarter is less devastating than the 700,000 per month that we lost in the previous quarter, and while there are continuing signs that the recession is slowing, obviously this is little comfort to all those Americans who’ve lost their jobs.
There’s no real substance there, so last Thursday the Administration’s basic economic message appeared unchanged by the new jobs data.
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